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Wednesday, February 24, 2010
Aveo bumps IPO filing up to possible $105M
By Mass High Tech staff
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Aveo Pharmaceuticals Inc., an oncology-focused biotechnology firm in Cambridge, has updated its initial public offering with an increase that could bring in between $91 million and $105 million, according to an amendment filing with the U.S. Securities and Exchange Commission. The company originally filed a registration statement in December for an $86.3 million IPO.
The IPO calls for the sale of 7 million shares of common stock, expected to be priced between $13 and $15 per share. The company has filed for a Nasdaq Global Market listing under the stock symbol AVEO.
Aveo is a late-stage biopharmaceutical company that has collaborated with Eli Lilly, Merck, OSI Pharmaceuticals and Schering-Plough. The company’s lead product is Tivozanib (AV-951), a triple VEGF receptor inhibitor. It also develops the AV-299 antibody, intended to bind to and block the hepatocyte growth factor, according to the Aveo website.
Aveo was founded in 2002 as GenPath Pharmaceuticals Inc. and has since raised more than $100 million in venture funding.
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