AVEO Pharmaceuticals secures $15 million of debt financing

By Elaine Rigoli

Tampa, Fla., March 30 - AVEO Pharmaceuticals, Inc. received $15 million of debt financing from Hercules Technology Growth Capital, Inc. for the development of therapeutics targeting genes that are essential for tumor maintenance.

"AVEO is developing a pipeline of targeted therapies which address major unmet medical needs in the field of oncology," Parag Shah, managing director of Hercules, said in a news release.

"The company utilizes its proprietary in-vivo cancer models for the identification and validation of novel drug targets and to guide the development of its products."

Previous venture capital investors include MPM Capital, Highland Capital, Venrock Associates, Prospect Venture Partners, Flagship Ventures, Oxford BioScience Partners, Greylock and Merck, according to the release.

AVEO, a biopharmaceutical company focused on the discovery of novel cancer therapeutics, is located in Cambridge, Mass.

Hercules Technology, a specialty finance company providing debt and equity growth capital to technology-related companies, is located in Palo Alto, Calif.

Issuer: AVEO Pharmaceuticals, Inc.

Issue: Debt financing

Amount: $15 million

Investor: Hercules Technology Growth Capital, Inc.

Announcement date: March 30

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