On April 3, 2019 AVEO Pharmaceuticals, Inc. (Nasdaq: AVEO) ("AVEO" or the "Company"), a biopharmaceutical company seeking to advance targeted medicines for oncology and other unmet medical needs, reported the pricing of its previously announced underwritten public offering of 21,739,131 shares of common stock and short-term warrants to purchase up to 21,739,131 shares of common stock at a price to the public of $1.15 per share and accompanying warrant (Press release, AVEO, APR 3, 2019, View Source [SID1234534975]). The Company expects to receive gross proceeds of approximately $25 million from the offering. The offering is expected to close on or about April 8, 2019, subject to customary closing conditions.

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H.C. Wainwright & Co. is acting as sole book-running manager for the offering.

Each warrant has an exercise price of $1.25 per share of common stock, will be immediately exercisable upon issuance, and will expire on the second anniversary of the date of issuance.

The Company has granted the underwriters a 30-day option to purchase up to 3,260,869 additional shares of common stock and/or warrants to purchase 3,260,869 shares of common stock at the public offering price, less underwriting discounts and commissions.

The Company intends to use the net proceeds from the offering for ongoing clinical and preclinical development of its product candidates, as well as for working capital and other general corporate purposes.

The securities described above were offered by the Company pursuant to a "shelf" registration statement on Form S-3 (File No. 333-221837) previously filed with and declared effective by the Securities and Exchange Commission ("SEC") on December 15, 2017. A preliminary prospectus supplement and an accompanying prospectus relating to the offering has been filed with the SEC and is available on the SEC’s website at www.sec.gov. A final prospectus supplement and accompanying prospectus will be filed with the SEC. Electronic copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained, when available, from H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, or by calling (646) 975-6996 or by emailing [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company’s securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.