aveo pharmaceuticals inc (AVEO) Key Developments
AVEO Oncology Announces New Corporate Headquarters in Cambridge, Massachusetts
May 26 15
AVEO Oncology announced the relocation of its corporate headquarters to One Broadway in Cambridge, Massachusetts, effective on May 26, 2015. The new facility consists of approximately 5,000 square feet of office space under flexible lease terms, with no laboratory or vivarium space. The new headquarters represents a reduction of approximately 90% in facilities from its prior Cambridge location at 650 E. Kendall Square.
AVEO Oncology Announces Presentation of Final Results of Extension Study 902 and FDA Regulatory Feedback for Advancing Tivozanib in Renal Cell Carcinoma
May 20 15
AVEO Oncology announced that final results from the TIVO-1 extension study, known as Study 902, in which patients with advanced renal cell carcinoma (RCC) received
tivozanib as second-line treatment subsequent to disease progression on sorafenib in the company’s Phase 3 TIVO-1 first-line RCC study, will be presented at the 2015 American Society of Clinical Oncology (ASCO) Annual Meeting. The Company previously reported interim median progression free survival (PFS) results of 8.4 months
among the 163 patients enrolled in Study 902. Final results now show a median PFS in this setting of 11.0 months and median overall survival (OS) of 21.6 months, demonstrating the efficacy of tivozanib in a VEGF treatment refractory population. AVEO also announced that it has received a written response from the U.S. Food and Drug Administration (FDA) stating that a phase 3 study outlined by the Company, in patients with RCC who have failed at least two prior regimens, including VEGF therapy, “may support AVEO’s proposed indication for tivozanib in the 3rd line setting.” In response to whether the study, together with the TIVO-1 study, would be sufficient to support licensure of tivozanib as a treatment for advanced RCC, the FDA indicated: “whether the results from this study can support AVEO’s proposal for tivozanib in the first line setting is a review issue. The study design shared with the FDA is a randomized, controlled, multi-center, open-label Phase 3 study of approximately 314 subjects randomized 1:1 to receive either tivozanib or sorafenib. Subjects enrolled in the study may include those who have received prior immunotherapy, including immune checkpoint (PD-1) inhibitors, reflecting a potentially evolving treatment landscape. The primary objective of the study would be PFS. Secondary objectives would include OS and objective response rate (ORR) as well as safety and pharmacokinetic endpoints.
AVEO Oncology Announces Unaudited Consolidated Earnings Results for the First Quarter of 2015; Provides Earnings Guidance for the Third Quarter of 2016
May 7 15
AVEO Oncology announced unaudited consolidated earnings results for the first quarter of 2015. The company reported a wider-than-expected loss for the first quarter of 2015, but beat the analyst estimate by $0.04 per share. The company reported a net loss of $10.9 million, or $0.21 per share compared to for the same quarter last year, reported a loss of $6.4 million, or $0.12 per share. As a result of an additional one-time recognition of $14.1 million of previously deferred revenue as a result of the modification of Aveo's arrangement with Biogen Idec (BIIB), revenue was only $134,000 versus $15.3 million for first quarter of 2014. Total revenue was $10.283 million against $21.181 million a year ago. Loss from operations was $10.149 million against $5.892 million a year ago. The increase in the net loss is primarily driven by the additional one-time recognition of previously deferred revenue during first quarter of 2014, partially offset by the decrease in R&D and G&A expense.
Based on its current operating plan, the company expects its $39.1 million in cash resources as of March 31, 2015 will be sufficient to fund operations into the third quarter of 2016.
AVEO Pharmaceuticals Seeks Acquisitions
May 7 15
AVEO Pharmaceuticals, Inc. (NasdaqGS:AVEO) is looking for acquisition opportunities. AVEO Pharmaceuticals, Inc. has filed a shelf registration in the amount of $100 million and intend to use the net proceeds from the sale of any securities offered under this prospectus for general corporate purposes unless otherwise indicated in the applicable prospectus supplement. General corporate purposes may include repayment and refinancing of debt, working capital and capital expenditures, research and development expenses, including clinical trial costs, general and administrative expenses, and potential acquisition of, or investment in, companies, technologies, products or assets that complement our business.
AVEO Oncology Names Keith S. Ehrlich as Chief Financial Officer
Apr 22 15
AVEO Oncology announced the appointment of Keith S. Ehrlich to the position of chief financial officer. In this role, Mr. Ehrlich will be responsible for the company’s financial and administrative strategy and management, and will serve on the executive leadership team which governs corporate strategy. He will report to Michael Bailey, AVEO’s president and chief executive officer. Mr. Ehrlich has most recently served as Chief Financial Officer of Synta Pharmaceuticals.