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Last $1.50 USD
Change Today +0.08 / 5.63%
Volume 20.2M
As of 5:20 PM 03/6/15 All times are local (Market data is delayed by at least 15 minutes).

aveo pharmaceuticals inc (AVEO) Key Developments

AVEO Pharmaceuticals, Inc. - Special Call

To discuss presentation of final results and biomarker analysis from phase 2 study of tivozanib in patients with advanced colorectal cancer

Matthew Dallas, Vice President, Finance, Treasurer and the Principal Accounting Officer Leaves AVEO Pharmaceuticals, Inc., Effective February 6, 2015

On January 19, 2015, Matthew Dallas, Vice President, Finance, Treasurer and the principal accounting officer of AVEO Pharmaceuticals, Inc. announced that he will be leaving the company on February 6, 2015 to pursue a new career opportunity.

AVEO Oncology Appoints Michael N. Needle as Chief Medical Officer

AVEO Oncology announced the appointment of Michael N. Needle, M.D., to the position of Chief Medical Officer. In this role, Dr. Needle, a board certified hematologist/oncologist, will take a leadership role in evaluating clinical development strategies for advancement of the company’s partnered and proprietary pipeline programs. He will report to Michael Bailey, the company’s president and chief executive officer. He most recently served as the Chief Medical Officer of Array BioPharma.

AVEO Pharmaceuticals, Inc. Receives Confirmation of Eligibility for Submission of a Tivozanib Marketing Authorization Application to the European Medicines Agency

AVEO Pharmaceuticals, Inc. has received written confirmation from the European Medicine Agency (EMA) that tivozanib is eligible for submission of an application for a European Union Marketing Authorization under the Agencyâ s centralized procedure. Confirmation of eligibility was given in response to the submission of a letter of intent enabling the Company to evaluate the opportunity for submitting a Marketing Authorization Application (MAA) for tivozanib with the EMA for the treatment of renal cell carcinoma (RCC). Tivozanib is an oral, potent, selective inhibitor of vascular endothelial growth factor tyrosine kinase inhibitor (VEGF TKI) with a long half-life and activity against all three VEGF receptors. Tivozanib has previously been granted orphan drug designation in Europe for the treatment of RCC. The letter of intent, which must be filed at least seven months prior to submission of a MAA, initiates the process to address a number of pre-submission requirements, including the assignment of a Rapporteur and Co-Rapporteur, who are two appointed members of the Committee for Human Medicinal Products (CHMP). The CHMP is the committee responsible for preparing opinions on questions concerning human medicines. Confirmation of eligibility for submission is not predictive of the EMAâ s approval of a MAA. AVEO remains encouraged by the clinical outcomes from its Phase 2 and Phase 3 studies in RCC and the efficacy and tolerability profile that tivozanib may offer to patients suffering from this challenging disease. AVEO recently entered into an option agreement with Ophthotech to investigate tivozanib for the potential treatment of non-oncologic diseases of the eye, and the Company is actively pursuing partnerships to advance the development of tivozanib in solid tumors.

AVEO Pharmaceuticals, Inc. to Eliminate Approximately Two-Thirds of the Workforce; Announces Management Changes

On January 6, 2015, the Board of Directors of AVEO Pharmaceuticals, Inc. approved a strategic restructuring of the company that will eliminate the company's internal research function and align the company's resources with the company's future strategic plans. As part of this restructuring, the company will eliminate approximately two-thirds of the company's workforce, or 40 positions across the organization.  The company expects the restructuring to be substantially completed by January 15, 2015 and to be fully completed by March 31, 2015.  The company currently expects to incur total restructuring charges of approximately $4.5 million, consisting of severance and benefit costs associated with the targeted staff reductions, which will be included in its results of operations for the first quarter of 2015.  The company is continuing to review the potential impact of the restructuring, and is unable to estimate any additional restructuring costs or charges at this time. The reduction  in  force  is  expected to  reduce  compensation  expenses by approximately $6 million  in 2015  and will reduce  the company's  facilities requirement by  up to  80% of  its current space, including the elimination of lab and vivarium needs. On January 6, 2015, the Board approved a transition of the duties of Tuan Ha-Ngoc, whereby he ceased acting as President and Chief Executive Officer of the company effective as of such date and assumed the role of Executive Advisor until January 31, 2015 (the separation date). On January 6, 2015, he also assumed the role of Chairman of the Board. On January 6, 2015, the Board also appointed Henri Termeer, an independent member of the Board, as lead outside director of the Board. On January 6, 2015, the Board also appointed Michael Bailey, currently Chief Business Officer of the company and a named executive officer, to act as President and Chief Executive Officer of the company and a director of the company, effective as of such date. Upon assumption of the role of President and Chief Executive Officer, Mr. Bailey will also act as the company's principal financial officer. Mr. Bailey, joined the company in September 2010 and served as the Chief Commercial Officer until June 2013 at which time he became the company's Chief Business Officer. Prior to joining the company, Mr. Bailey served as Senior Vice President, Business Development and Chief Commercial Officer at Synta Pharmaceuticals from 2008 to September 2010. On January 7, 2015, the company announced the departure of Jeno Gyuris, Chief Scientific Officer and named executive officer, from the company effective as of January 15, 2015.


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