CAMBRIDGE, Mass., December 16, 2009—AVEO Pharmaceuticals, Inc. today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to the proposed initial public offering of shares of its common stock. The number of shares to be offered and the price range for the offering have not yet been determined.

The joint book-running managers of the proposed offering will be J.P. Morgan Securities Inc. and Morgan Stanley & Co. Incorporated. Leerink Swann LLC will be the lead co-manager and Canaccord Adams Inc. will be a co-manager.

A registration statement relating to the common stock has been filed with the SEC but has not yet become effective. The common stock may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. 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.

This offering shall be made only by means of a prospectus. Once available, a preliminary prospectus relating to these securities may be obtained from J.P. Morgan Securities Inc., Attention: Broadridge Financial Solutions at 1155 Long Island Avenue, Edgewood, New York 11717, or by telephone at 866-803-9204, or from Morgan Stanley & Co. Incorporated at 180 Varick Street, New York, New York 10014, Attention: Prospectus Department, by calling 866-718-1649 or by emailing prospectus@morganstanley.com. The registration statement may be accessed through the SEC’s website at www.sec.gov.