AVEO Pharmaceuticals, Inc. Completes Initial Public Offering

AVEO Pharmaceuticals, Inc.

AVEO Pharmaceuticals, Inc. Completes Initial Public Offering

March 18, 2010

CAMBRIDGE, Mass., Mar 18, 2010 (BUSINESS WIRE) -- AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO), a biopharmaceutical company focused on discovering, developing and commercializing cancer therapeutics, today announced the completion of its initial public offering of 9,000,000 shares of its common stock. All shares were sold at an initial public offering price of $9.00 per share, resulting in aggregate net proceeds to AVEO of approximately $72,580,000 after deducting underwriting discounts and commissions and estimated offering expenses. In addition, AVEO has granted the underwriters a 30-day option to purchase up to an additional 1,350,000 shares to cover over-allotments, if any.

J.P. Morgan Securities Inc. and Morgan Stanley & Co. Incorporated acted as joint book-running managers for the offering. Leerink Swann LLC acted as lead co-manager and Canaccord Adams Inc. acted as co-manager of the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on March 11, 2010. The public offering was made by means of a written prospectus, copies of which may be obtained from J.P. Morgan Securities Inc. c/o Broadridge Financial Solutions at 1155 Long Island Avenue, Edgewood, NY 11717, or by calling 866-803-9204; or from Morgan Stanley & Co. Incorporated at 180 Varick Street, New York, NY 10014, Attention: Prospectus Department, by calling 866-718-1649 or by emailing prospectus@morganstanley.com.

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

About AVEO

AVEO is a biopharmaceutical company focused on discovering, developing and commercializing cancer therapeutics. Its product candidates are targeted against important mechanisms known or believed to be involved in cancer.

Contacts:

AVEO Pharmaceuticals, Inc.
David Johnston,Chief Financial Officer, 617-299-5810

or

Pure Communications
Caton Lovett, 910-232-716