Aveo Pharmaceuticals cancer news

Aveo will reduce headcount by 140 (62%) to about 86 to focus resources on clinical development of tivozanib for colorectal and breast cancer. Cuts will come from across the company. Aveo expects the restructuring to save about $190 million over the next two years and extend its cash runway to fund operations for at least two years. Last month, Aveo disclosed in an SEC filing that partner Astellas said it no longer plans to submit an MAA to EMA for tivozanib to treat advanced renal cell carcinoma (RCC) and does not intend to fund future trials in RCC. Aveo said it has no plans to pursue tivozanib development in RCC. The companies, which partnered in 2011 to develop and commercialize tivozanib, will continue the Phase II BATON-CRC trial for colorectal cancer and the BATON-BC trial for triple-negative breast cancer. Aveo expects BATON-CRC data in 2014 and BATON-BC data in late 2014 or early 2015. Aveo will also continue development of AV-203, an epidermal growth factor (EGF) receptor 3 ( HER3; ErbB3) targeted antibody in Phase I testing to treat solid tumors (see BioCentury, May 27).

Separately, Elan Ezickson will resign as EVP and COO of Aveo, effective July 31. Chief Commercial Officer Michael Bailey will transition to CBO, effective Aug. 1. Bailey will assume Ezickson's responsibilities. At March 31, Aveo had about $192 million in cash, with a three-month operating loss of $33.2 million. The company had a 2012 operating loss of $111.6 million. ...