AVEO Regains Worldwide Rights to AV-203

  AVEO Regains Worldwide Rights to AV-203

Agreement with Biogen Idec allows AVEO to seek partner to accelerate clinical

Business Wire

CAMBRIDGE, Mass. -- March 20, 2014

AVEO Oncology (NASDAQ: AVEO) today announced that it has regained worldwide
rights to AV-203, a clinical-stage ErbB3 (HER3) inhibitory antibody candidate,
from Biogen Idec.

“We are pleased to regain rights for AV-203 as we believe in the potential of
this innovative therapy and are looking forward to maximizing its value,” said
Michael Bailey, chief business officer, AVEO Oncology. “As stated in our
recently outlined strategy, this amended agreement enables us to seek a
partner with established oncology capabilities that can accelerate and
financially support the clinical development of AV-203.”

In May 2013, AVEO successfully completed a Phase 1 safety study with AV-203
showing no dose limiting toxicities across the entire dose range up to and
including the maximum administered dose of 20mg/kg. Results from the Phase 1
study are expected be presented at a scientific meeting in 2014. CLIA
(Clinical Laboratory Improvements Amendment) validation has been completed for
a biomarker for potential patient selection.

In March 2009, AVEO entered into an exclusive option and license agreement
with Biogen Idec Inc. regarding the development and commercialization of
AVEO’s discovery-stage ErbB3-targeted antibodies for the potential treatment
and diagnosis of cancer and other diseases outside of North America. AVEO
retained the exclusive right to commercialize ErbB3 antibody products in North
America. Under the terms of the amended agreement, Biogen waives its option to
rights outside of North America to AV-203, thereby providing worldwide rights
to AV-203 to AVEO. In exchange, AVEO will have certain financial obligations
to Biogen with respect to amounts AVEO receives from certain development and
sales milestones and royalties on net sales for AV-203.

About AV-203

AV-203 is a potent and selective ErbB3 (HER3) inhibitory antibody candidate
designed to inhibit both ligand-dependent and ligand-independent ErbB3
signaling. ErbB3 is a receptor that is typically expressed in many human
cancers, and AV-203 has demonstrated preclinical activity in a number of
different tumor models including breast, head and neck, lung, ovarian and
pancreatic cancers.

About AVEO

AVEO Oncology (NASDAQ: AVEO) is a biopharmaceutical company committed to
discovering and developing targeted therapies designed to provide substantial
impact in the lives of people with cancer by addressing unmet medical needs.
AVEO’s proprietary Human Response Platform provides the company unique
insights into cancer and related disease biology and is being leveraged in the
discovery and clinical development of its therapeutic candidates. 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: AVEO’s advancement of its business strategy,
including entering into new strategic partnerships; AVEO’s plans to initiate
further studies of AV-203 and maximize its value; and the presentation of
study results at scientific meetings. 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: AVEO’s ability to execute on its
business strategy and enter into and maintain new strategic partnerships and
collaboration agreements; AVEO’s ability to successfully enroll and complete
clinical trials and preclinical studies of its product candidates; AVEO’s
ability to demonstrate to the satisfaction of the FDA, or equivalent foreign
regulatory agencies, the safety, efficacy and clinically meaningful benefit of
its product candidates; AVEO’s ability to achieve and maintain compliance with
all regulatory requirements applicable to its product candidates; AVEO’s
ability to obtain and maintain adequate protection for intellectual property
rights relating to its product candidates and technologies; developments and
expenses related to AVEO’s ongoing shareholder litigation and SEC inquiry;
AVEO’s ability to raise the substantial additional funds required to achieve
its goals; adverse general economic and industry conditions; competitive
factors; and those risks discussed in the section titled “Risk Factors”
included in AVEO’s Annual Report on Form 10-K filed with the SEC on March 13,
2014 and in its other filings with the SEC. 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.


Investor Contact:
Rob Kloppenburg, AVEO Oncology
Media Contact:
Dan Budwick, Pure Communications
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