ARTICLE | Company News

Aveo Pharmaceuticals cancer news

January 19, 2015 8:00 AM UTC

Aveo eliminated its internal research function and reduced headcount by 40 (67%) to 20 to focus resources on advancing its clinical pipeline. The cuts include CSO Jeno Gyuris and are expected to reduce compensation expenses annually by about $6 million. Aveo also transitioned Michael Bailey to president, CEO and a director from CBO. Bailey succeeds Tuan Ha-Ngoc, who became chairman. Ha-Ngoc succeeds Henri Termeer, who became lead outside director.

Additionally, Aveo said it received written confirmation from EMA that tivozanib is eligible for an MAA submission to treat renal cell carcinoma (RCC). The company said it will work with EMA to evaluate the potential for an MAA submission. Last year, Astellas Pharma Inc. (Tokyo:4503, Tokyo, Japan) terminated a 2011 deal with Aveo to co-develop and commercialize tivozanib outside of Asia. Aveo has exclusive ex-Asian rights to the inhibitor of VEGF receptors 1, 2 and 3 from Kyowa Hakko Kirin Co. Ltd. (Tokyo:4151, Tokyo, Japan) (see BioCentury, Feb. 21, 2011 & Feb. 17, 2014). ...