Market Overview

AVEO Announces Proposed Offering of Common Stock

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AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) today announced that it intends
to offer and sell shares of its common stock in an underwritten public
offering. The offering is subject to market conditions, and there can be
no assurance as to whether or when the offering may be completed, or as
to the actual size or terms of the offering. All of the shares in the
offering are to be sold by AVEO.

The net proceeds of the offering are expected to be used for working
capital and general corporate purposes, including development and
pre-commercial expenses incurred in connection with the ongoing Phase 3
clinical trial of tivozanib in the third-line treatment of patients with
advanced renal cell carcinoma ("aRCC") as well as the ongoing Phase 1b/2
clinical trial of tivozanib in combination with OPDIVO® (nivolumab).

Piper Jaffray & Co. is acting as sole manager for the offering.

The shares are being offered by AVEO pursuant to a shelf registration
statement on Form S-3 that was filed with the Securities Exchange
Commission ("SEC") on November 30, 2017 and declared effective by the
SEC on December 15, 2017. A preliminary prospectus supplement relating
to, and describing the terms of, the offering will be filed with the SEC
and will be available on the SEC's web site at www.sec.gov.

Copies of the preliminary prospectus supplement and the accompanying
prospectus relating to this offering can be obtained from Piper
Jaffray & Co., Attention: Prospectus Department, 800 Nicollet Mall,
J12S03, Minneapolis, MN 55402, telephone: (800) 747-3924, email: prospectus@pjc.com.
The final terms of the offering will be disclosed in a final prospectus
supplement to be filed with the SEC.

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

About AVEO Pharmaceuticals, Inc.

AVEO Pharmaceuticals, Inc. (the "Company") is a biopharmaceutical
company dedicated to advancing a broad portfolio of targeted medicines
for oncology and other areas of unmet medical need. The Company's
strategy is to retain North American rights to its oncology portfolio
while securing partners in development and commercialization outside of
North America. The Company is seeking to develop and commercialize its
lead candidate tivozanib in North America as a treatment for advanced
renal cell carcinoma ("aRCC"). The Company has outlicensed tivozanib
(FOTIVDA®) for oncology in Europe and other territories
outside of North America. Tivozanib is approved in the European Union,
as well as Norway and Iceland, for the first-line treatment of adult
patients with aRCC and for adult patients who are vascular endothelial
growth factor receptor and mTOR pathway inhibitor-naïve following
disease progression after one prior treatment with cytokine therapy for
aRCC.

Cautionary Note Regarding Forward Looking Statements

This press release contains forward-looking statements that involve
substantial risks and uncertainties. All statements, other than
statements of historical fact, contained in this press release are
forward-looking statements. The words "anticipate," "believe,"
"estimate," "expect," "intend," "may," "plan," "potential," "could,"
"should," "would," "seek," "look forward," "advance," "goal,"
"strategy," or the negative of these terms or other similar expressions,
are intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements include, among others, statements relating to
AVEO's plans to consummate its proposed public offering and the intended
use of proceeds therefrom. Actual results may differ materially from
those projected or implied in these forward-looking statements. Factors
that may cause such a difference include, without limitation, risks and
uncertainties related to whether or not AVEO will be able to raise
capital through the sale of shares of common stock, the final terms of
the proposed offering, market and other conditions, the satisfaction of
customary closing conditions related to the proposed public offering and
the impact of general economic, industry or political conditions in the
United States or internationally. There can be no assurance that AVEO
will be able to complete the proposed public offering on the anticipated
terms, or at all. You should not place undue reliance on these
forward-looking statements. Additional risks and uncertainties relating
to the proposed offering, AVEO and its business can be found under the
caption "Risk Factors" included in AVEO's Quarterly Report on Form 10-Q
for the period ended June 30, 2018, AVEO's preliminary prospectus
supplement to be filed with the SEC on August 16, 2018, and other
filings that AVEO may make with the SEC in the future. Any
forward-looking statements contained in this press release speak only as
of the date hereof, and AVEO expressly disclaims any obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise.

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