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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.
|||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 Companys president and chief executive officer and has elected Mr. Bailey as a director. Mr. Bailey succeeds Tuan Ha-Ngoc, who was named chairman of AVEOs 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 Companys 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 AVEOs 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.|
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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