BioCentury
ARTICLE | Company News

Aveo to reduce headcount

October 31, 2012 12:35 AM UTC

Aveo Pharmaceuticals Inc. (NASDAQ:AVEO) said it will reduce headcount by about 45 (17%) to about 235 and will reduce spending on undisclosed early stage research programs ahead of the potential U.S. launch of tivozanib for renal cell carcinoma (RCC). Aveo said the cuts will come from across the company but will primarily affect research. The company said it does not plan to discuss any programs and will instead look to partner some. Aveo expects the moves will generate about $100 million in cost savings over the next three years.

At Sept. 30, Aveo had $189.7 million in cash and cash equivalents, with a nine-month operating loss of $91 million. Aveo said it now expects to have enough cash to fund operations through the end of 2013. ...