Aveo Gets $100M in Stock Offering
Cambridge, MA-based Aveo Pharmaceuticals (NASDAQ: AVEO) said today it has raised another $100 million. The company sold 5.75 million shares at $17.50 apiece in an underwritten offering managed by JP Morgan Securities, Jefferies & Co., and Canaccord Genuity. Aveo, the developer of cancer drugs, said in its most recent quarterly report that it had about $233 million in cash and investments as of March 31, and enough money to operate through 2012. Aveo sold the new shares at about an 8.3 percent discount to yesterday’s closing stock price of $19.09.