Trading of AVEO Common Stock Halted

  Trading of AVEO Common Stock Halted

FDA Advisory Committee To Review Tivozanib for the Treatment of Advanced Renal
                                Cell Carcinoma

                  AVEO Conference Call Today at 4:30 p.m. ET

Business Wire

CAMBRIDGE, Mass. -- May 02, 2013

AVEO Oncology (NASDAQ: AVEO) today announced that NASDAQ halted trading of
AVEO common stock this morning, May 2, 2013. The U.S. Food and Drug
Administration’s (FDA) Oncologic Drugs Advisory Committee (ODAC) meets today
to discuss the New Drug Application (NDA) for tivozanib for the treatment of
patients with advanced renal cell carcinoma (RCC). According to the timelines
established by the Prescription Drug User Fee Act (PDUFA), the review of the
NDA is expected to be complete by July 28, 2013.

Today’s Conference Call and Webcast Reminder

The AVEO management team will host a conference call today at 4:30 p.m. (ET)
to discuss the ODAC panel’s review of the tivozanib NDA. The call can be
accessed by dialing 1-866-730-5771 (domestic) or 1-857-350-1595
(international) five minutes prior to the start of the call and providing the
passcode 79239089. A replay of the call will be available approximately two
hours after the completion of the call and can be accessed by dialing
1-888-286-8010 (domestic) or 1-617-801-6888 (international), providing the
passcode 70099254. The replay will be available for two weeks from the date of
the call.

A webcast of the conference call can also be accessed by visiting the
investors section of the AVEO website atinvestor.aveooncology.com. A replay
of the webcast will be archived on the company’s website for two weeks
following the call.

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.

Contact:

Pure Communications
Investor Contact:
Caton Morris, 910-232-7166
or
Media Contact:
AVEO Oncology
Rob Kloppenburg, 617-930-5595
or
Pure Communications
Dan Budwick, 973-271-6085