Cambridge, MA-based Aveo Pharmaceuticals (NASDAQ: [[ticker: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.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
View all posts by Luke Timmerman
