NEW YORK (AP) — Shares of Aveo Pharmaceuticals are falling in their market debut, after its initial public offering raised $81 million.
The cancer therapy developer sold 9 million shares for $9 apiece. It wanted to raise about $98 million by selling 7 million shares at between $13 and $15 each.
The Cambridge, Mass., biotechnology company's lead product candidate is now in last-stage development as a renal cell cancer treatment.
Aveo Pharmaceuticals Inc.'s shares fell 43 cents, or 4.8 percent, to $8.57 in afternoon trading.
