Aveo tumbles again as panel rejects tivozanib

Shares of Aveo Pharmaceuticals Inc. (NASDAQ:AVEO) slid $2.61 (50%) to $2.65 on Thursday after FDA's Oncologic Drugs Advisory Committee voted 13-1 that the benefit-risk profile of tivozanib does not support approval to treat renal cell carcinoma (RCC). The company took a 31% haircut on Tuesday, plunging $2.32 to $5.12, after FDA reviewers questioned whether the company's single open-label Phase III TIVO-1 trial was sufficient to support approval (see BioCentury Extra, April 30). ...