AVEO Oncology Appoints Robert Epstein, M.D., M.S. to its Board of Directors

  AVEO Oncology Appoints Robert Epstein, M.D., M.S. to its Board of Directors

         Ronald A. DePinho, M.D. Retires from AVEO Board of Directors

Business Wire

CAMBRIDGE, Mass. -- December 20, 2012

AVEO Oncology (NASDAQ: AVEO) today announced the appointment of Robert
Epstein, M.D., M.S. to its Board of Directors, and that Ronald A. DePinho,
M.D. will retire from the AVEO Board effective December 31, 2012. Dr. DePinho
co-founded AVEO and has served as a member of the Board for more than 11
years. In September 2011, he was appointed as the fourth full-time president
of the University of Texas MD Anderson Cancer Center.

“On behalf of the AVEO team, I want to express our deep gratitude and
appreciation to Dr. DePinho for his role in founding the company which was
based on his scientific concept of tumor maintenance, a paradigm which fueled
our internal drug discovery pipeline and formed the basis for our Human
Response Platform™ designed to enable more accurate clinical testing of cancer
drugs,” said Tuan Ha-Ngoc, president and chief executive officer of AVEO
Oncology. “His profound focus on improving the lives of cancer patients, as
well as his years of dedication and counsel as a Board member, will continue
to inspire us at AVEO.”

Mr. Ha-Ngoc continued, “Based on his years of experience at Medco, Dr. Epstein
brings important insights into the payor perspective and deep expertise in
health economics to our Board as we prepare for the potential launch of
tivozanib. In addition, Dr. Epstein’s experience leading personalized medicine
initiatives at Medco will add value as we continue to expand tivozanib
clinical development beyond RCC through biomarker trials in colorectal and
breast cancers.”

Dr. Epstein was most recently president of the Medco-UBC Division and chief
R&D officer of Medco Health Solutions, Inc. In this role, Dr. Epstein was
responsible for launching Medco’s personalized medicine research and programs
as well as the Medco Research Consortium, and oversaw all of Medco's research
initiatives in personalized medicine, drug safety, health economics, outcomes,
and comparative effectiveness conducted by more than 1,800 researchers
worldwide. Dr. Epstein previously served as Medco’s senior vice president and
chief medical officer for 13 years. Before joining the private sector, Dr.
Epstein was an epidemiologist and held various positions in public health and
academia. He is the former president of the International Society of
Pharmacoeconomics and Outcomes Research, and has served on the Board of
Directors of the Drug Information Association. In 2008, he was elected to the
CDC EGAPP Stakeholder Committee and the AHRQ CERT Steering Committee. He has
published more than 50 peer-reviewed medical articles and book chapters, and
serves as a reviewer for several influential medical journals.

Dr. Epstein commented, “I am excited to join the Board at this pivotal
juncture in AVEO’s evolution as it approaches the anticipated
commercialization of its first oncology product. I look forward to working
closely with the AVEO management team and my fellow Board members to continue
to advance the company’s efforts to bring tivozanib to patients with kidney
cancer as well as other forms of cancer.”

About Tivozanib

Tivozanib is a potent, selective and long half-life inhibitor of all three
vascular endothelial growth factor (VEGF) receptors that is designed to
optimize VEGF blockade while minimizing off-target toxicities, potentially
resulting in improved efficacy and minimal dose modifications. Tivozanib is an
oral, once-daily, investigational tyrosine kinase inhibitor for which positive
results from a Phase 3 clinical study in advanced RCC have been reported, and
is being evaluated in other tumors.

About AVEO

AVEO Oncology (NASDAQ: AVEO) is a cancer therapeutics company committed to
discovering, developing and commercializing targeted therapies to impact
patients’ lives. AVEO's proprietary Human Response Platform^TM provides the
company unique insights into cancer biology and is being leveraged in the
discovery and clinical development of its cancer therapeutics. For more
information, please visit the company’s website at www.aveooncology.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements of AVEO within the
meaning of The Private Securities Litigation Reform Act of 1995 that involve
substantial risks and uncertainties. All statements, other than statements of
historical facts, contained in this press release are forward-looking
statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,”
“may,” “plan,” “target,” “potential,” “could,” “should,” “seek,” 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 about: the planned launch and commercialization of
tivozanib; the expansion of tivozanib clinical development through biomarker
trials; AVEO’s ability to deliver tivozanib to cancer patients in the future;
and AVEO’s plans to leverage its Human Response Platform. Actual results or
events could differ materially from the plans, intentions and expectations
disclosed in the forward-looking statements that AVEO makes due to a number of
important factors, including risks relating to: difficulties, delays or
failures in AVEO’s ability to successfully research, develop or obtain and
maintain regulatory approvals for tivozanib and AVEO’s other product
candidates; whether the results of AVEO’s Phase 3 TIVO-1 (TIvozanib Versus
sOrafenib in 1^st line advanced RCC) trial are sufficient to obtain marketing
approval for tivozanib in the U.S. and abroad, which turns on the ability of
AVEO to demonstrate to the satisfaction of the FDA or comparable foreign
regulatory authorities the safety and efficacy of tivozanib based upon the
findings of TIVO-1, including its data with respect to progression-free
survival, the rate of adverse events, overall survival and other information
that the FDA may determine to be relevant to approvability; AVEO’s ability to
demonstrate in subsequent trials any safety and efficacy it demonstrated in
earlier trials of tivozanib; ongoing regulatory requirements with respect to
the approval of tivozanib, including the risk that the FDA or any comparable
foreign regulatory agency could require additional positive clinical trials as
the basis for product approval; AVEO’s ability to obtain and maintain adequate
protection for intellectual property rights relating to AVEO’s product
candidates and technologies; unplanned operating expenses; AVEO’s ability to
raise substantial additional funds to achieve its goals; adverse general
economic and industry conditions; competitive factors; AVEO’s ability to
successfully implement its strategic plans; AVEO’s ability to maintain its
collaboration with Astellas; AVEO’s and Astellas’ ability to successfully
launch and commercialize tivozanib if and when it may be approved for
commercialization by the FDA and/or foreign regulatory authorities; and those
risks discussed in the section titled “Risk Factors” and elsewhere in AVEO’s
most recent Quarterly Report on Form 10-Q and in its other filings with the
Securities and Exchange Commission. The forward-looking statements in this
press release represent AVEO’s views as of the date of this press release.
AVEO anticipates that subsequent events and developments will cause its views
to change. However, while AVEO may elect to update these forward-looking
statements at some point in the future, it specifically disclaims any
obligation to do so. You should, therefore, not rely on these forward-looking
statements as representing AVEO’s views as of any date subsequent to the date
of this press release.

Contact:

AVEO Oncology
Investor Contact:
Monique Allaire, 617-299-5810
or
Media Contact:
Rob Kloppenburg, 617-930-5595
or
Pure Communications
Dan Budwick, 973-271-6085
 
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