Market Overview

AVEO Announces Pricing of $5.7 Million Public Offering of Common Stock

Share:

AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) today announced that it has
priced an underwritten public offering of 2,500,000 shares of common
stock at a price to the public of $2.26 per share, the closing price as
of yesterday, August 16, 2018, which would result in aggregate gross
proceeds of approximately $5.7 million before underwriting discounts.
All of the shares in the offering are to be sold by AVEO. AVEO has also
granted the underwriter a 30-day option to purchase up to an additional
375,000 shares of common stock on the same terms and conditions. Closing
of the offering is expected to occur on or about August 21, 2018,
subject to customary closing conditions.

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 has been filed with the
SEC and is available on the SEC's web site at www.sec.gov.

Copies of the final prospectus supplement and the accompanying
prospectus relating to this offering, when available, 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.

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 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 filed with
the SEC on August 17, 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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