Type of information: Private placement
Company: Aveo Pharmaceuticals (USA - MA)
Amount: $15.0 Million
Funding type: private placement
Planned used: The proceeds of the offering are expected to be used for working capital and general corporate purposes, including development and pre-commercial expenses incurred in connection with the TIVO-3 trial, AVEO’s ongoing Phase 3 clinical trial of tivozanib in the third-line treatment of patients with refractory renal cell carcinoma (RCC), for which top line data is anticipated in the first quarter of 2018, and the TiNivo trial, AVEO’s ongoing Phase 1/2 clinical trial of tivozanib in combination with Opdivo® (nivolumab).
- • On March 31, 2017, Aveo Pharmaceuticals announced the closing of its previously announced underwritten public offering of 34,500,000 shares of common stock, including the exercise in full by the underwriter of its option to purchase 4,500,000 shares at the public offering price of $0.50 per share. The exercise of the option increased the amount of net proceeds raised in the offering, after underwriting discounts and estimated offering expenses, to approximately $15.5 million.
- • On March 28, 2017, Aveo Pharmaceuticals announced that it has priced an underwritten public offering of 30,000,000 shares of common stock at a price to the public of $0.50 per share, before underwriting discounts, which would result in aggregate gross proceeds of approximately $15 million. All of the shares in the offering are to be sold by Aveo. Aveo has also granted the underwriter a 30-day option to purchase up to an additional 4,500,000 shares of common stock on the same terms and conditions. Closing of the offering is expected to occur on or about March 31, 2017, subject to customary closing conditions. Piper Jaffray & Co. is acting as the sole bookrunner for the offering.