Aveo Pharmaceuticals cancer news
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 discontinue any programs and will instead look to partner some, including undisclosed early stage research programs and non-small cell lung cancer (NSCLC) candidate ficlatuzumab. 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, 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 next year. ...