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Aveo Pharmaceuticals Inc (AVEO) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Aveo Pharmaceuticals Inc

CIK: 1325879 Ticker: AVEO

Exhibit 99.1

 

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AVEO Oncology Reports Full Year 2014 Financial Results

CAMBRIDGE, Mass. – March 6, 2015 –

AVEO Oncology (NASDAQ:AVEO) today reported financial results for the full year ended December 31, 2014.

“At the beginning of 2015, AVEO implemented several important changes designed to maximize the value of our portfolio of clinical stage products,” said Michael Bailey, president and chief executive officer. “Our approach to realizing this value is to leverage biomarker insights, including the promising new NRP-1 findings for tivozanib in metastatic colorectal cancer, and our demonstrated ability to advance our assets through partnerships. In support of these efforts, we have streamlined our organization to better align it with our clinically focused strategic needs going forward, extending our financial runway into the third quarter of 2016. We look forward to a productive 2015 as we work toward making progress in executing our strategy.”

Recent Highlights

 

    Announced Presentation of Phase 2 Study Analysis Showing Longer PFS with Tivozanib versus Bevacizumab in Low Serum NRP-1 Patients with Advanced CRC – Today, AVEO announced the presentation of final results, including a predefined biomarker analysis, from the BATON-CRC study, a randomized Phase 2 clinical trial of modified FOLFOX6 combined with tivozanib or bevacizumab in metastatic colorectal cancer (CRC). The presentation, titled “Neuropilin-1 as a potential biomarker of progression-free survival benefit for tivozanib + mFOLFOX6 versus bevacizumab + mFOLFOX6 in metastatic colorectal cancer: post-hoc biomarker analysis of BATON-CRC Phase 2 trial,” will be presented in a poster session today at the American Association for Cancer Research (AACR) Tumor Angiogenesis and Vascular Normalization Conference, taking place March 5-8, 2015, in Orlando, FL.

 

    Named Michael P. Bailey as President and Chief Executive Officer – In January 2015, AVEO announced that its board of directors appointed Michael P. Bailey as the Company’s president and chief executive officer and has elected Mr. Bailey as a director. Mr. Bailey succeeds Tuan Ha-Ngoc, who was named chairman of AVEO’s board of directors.

 

    Announced Corporate Restructuring – In January 2015, AVEO announced the elimination of its internal research function, as well as certain corporate support positions, to align resources with the Company’s future strategic plans, focusing on advancement of its pipeline in the clinical setting and reducing corporate expenses. AVEO expects that the related severance and outplacement charges of approximately $4.5 million incurred in connection with the restructuring will be included in its results of operations for the first quarter of 2015. The reduction in force is expected to reduce compensation expenses annually by approximately $6 million and will further reduce AVEO’s facilities requirements, by more than 80% of its current space, including the elimination of lab and vivarium needs. The Company announced today that it will exit its current facility by the end of May 2015.

 

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The following information was filed by Aveo Pharmaceuticals Inc (AVEO) on Friday, March 6, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (parenthetical)
Accrued Expenses
Accrued Expenses (detail)
Accrued Expenses (tables)
Assumptions Used In Black Scholes Pricing Model For New Grants (detail)
Available For Sale Securities (detail)
Collaboration And License Agreements
Collaborations And License Agreements - Additional Information (detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (detail)
Common Stock And Warrants
Common Stock And Warrants - Additional Information (detail)
Company Net Deferred Tax Assets (detail)
Components Of Lease Exit Activity Recorded In Current Liabilities (detail)
Employee Benefit Plan
Employee Benefit Plan - Additional Information (detail)
Facility Lease Exit
Facility Lease Exit (tables)
Facility Lease Exit - Additional Information (detail)
Future Minimum Payments Under Loans Payable (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Legal Actions
Legal Proceedings -additional Information (detail)
Loans Payable
Loans Payable (tables)
Loans Payable - Additional Information (detail)
Loss Per Common Share
Loss Per Common Share (tables)
Marketable Securities In Unrealized Loss Position (detail)
Nature Of Business And Organization
Nature Of Business And Organization - Additional Information (detail)
Potential Common Shares Excluded From Calculation Of Net Loss Per Common Share (detail)
Property And Equipment
Property And Equipment (detail)
Property And Equipment (tables)
Property And Equipment - Additional Information (detail)
Quarterly Results (unaudited)
Quarterly Results (unaudited) (tables)
Reconciliation Of Expected Income Tax Benefit (detail)
Reconciliation Of Gross Uncertain Tax Positions (detail)
Restricted Stock Activity (detail)
Restructuring Activity Recorded In Operating Expenses And Accrued Expenses (detail)
Significant Accounting Policies
Significant Accounting Policies (policies)
Significant Accounting Policies (tables)
Significant Accounting Policies - Additional Information (detail)
Stock Based Compensation Expense For Equity-classified Awards (detail)
Stock Option Activity (detail)
Stock-based Compensation
Stock-based Compensation (tables)
Stock-based Compensation - Additional Information (detail)
Strategic Restructuring
Strategic Restructuring (tables)
Strategic Restructuring - Additional Information (detail)
Subsequent Events
Subsequent Events - Additional Information (detail)
Summary Of Cash Equivalents And Marketable Securities Measured At Fair Value On Recurring Basis (detail)
Summary Of Quarterly Results (detail)
Ticker: AVEO
CIK: 1325879
Form Type: 10-K Annual Report
Accession Number: 0001193125-15-079651
Submitted to the SEC: Fri Mar 06 2015 6:19:10 AM EST
Accepted by the SEC: Fri Mar 06 2015
Period: Wednesday, December 31, 2014
Industry: Pharmaceutical Preparations

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