AVEO Announces Exercise Of Over-Allotment Option For Recent Public Offering

AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) today announced that the underwriters of its recent public offering of common stock have exercised their option to purchase an additional 1,000,050 shares, the full amount of the option granted to the underwriters, at the public offering price of $7.50 per share. All of the shares are being sold by AVEO. As a result, the company expects to issue a total of 7,667,050 shares upon the closing of the offering and to receive aggregate net proceeds, after underwriting discounts and commissions and other estimated offering expenses, of approximately $53.8 million. The offering is expected to close on or about January 23, 2013, subject to the satisfaction of customary closing conditions.

J.P. Morgan Securities LLC is acting as sole book-running manager for the offering, with RBC Capital Markets, LLC and Canaccord Genuity Inc. acting as co-lead managers.

A shelf registration statement on Form S-3 relating to the public offering of the shares of common stock described above was filed with the Securities and Exchange Commission (the "SEC") and is effective. The offering is being made by means of a prospectus and related prospectus supplement. Copies of the prospectus supplement may be obtained, when available, from the offices of J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Telephone number 866-803-9204).

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

About AVEO

AVEO (NASDAQ: AVEO) is a cancer therapeutics company committed to discovering, developing and commercializing targeted therapies to impact patients' lives. AVEO Pharmaceuticals, Inc. conducts business as AVEO Oncology.

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