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Aveo Pharmaceuticals Inc. is planning a private placement intended to bring in $61 million to the company. The offering consists of 4.5 million shares of common stock offered at a price of $13.50 per share – 7 percent less than Thursday’s closing price of $14.62.
The Cambridge cancer therapeutics developer noted in a press release today that the private placement will help fund the company’s clinical development of its lead drug candidate Tivozanib, aimed at treating renal cell cancer. It will also support the company’s development of anti-HGF antibody, AV-299.
Aveo (Nasdaq: AVEO) is a late-stage biopharmaceutical company that has collaborated with Eli Lilly, Merck, OSI Pharmaceuticals and Schering-Plough. The company was founded in 2002 as GenPath Pharmaceuticals Inc. and has since raised more than $100 million in venture funding.
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