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Exhibit 99.1
AVEO Oncology Reports Full Year 2019 Financial Results and Provides Business Update
CAMBRIDGE, Mass.– March 16, 2020 –
AVEO Oncology (NASDAQ: AVEO) today reported financial results for the full year ended December 31, 2019 and provided a business update.
“The coming months will be an important period for AVEO, with filing of a New Drug Application (NDA) for tivozanib as a treatment for relapsed or refractory renal cell carcinoma (RCC) planned for the end of this quarter, and reporting of the final overall survival (OS) update for the TIVO-3 trial expected by June,” said Michael Bailey, president and chief executive officer of AVEO. “As we work toward the potential FDA marketing approval of tivozanib, our attention will turn increasingly to commercialization and potential expanded clinical opportunities, while further advancing the balance of our pipeline. We continue to believe that our tivozanib dataset in RCC, which provides insights into the sequencing of therapies, notably, following immunotherapy, positions tivozanib well within this meaningful and growing relapsed or refractory RCC patient population.”
Mr. Bailey added: “In addition, we look forward to continuing to build on the clinical evaluation of tivozanib-immunotherapy (IO) combinations, such as those studied in the TiNivo trial of tivozanib and OPDIVO® (nivolumab) in RCC, for which we reported encouraging final PFS data at last year’s ESMO Conference, and the DEDUCTIVE trial of tivozanib and IMFINZI® (durvalumab) in hepatocellular carcinoma (HCC). With a favorable tolerability profile and results suggesting additive or synergistic activity in both treatment naïve and previously treated RCC patients, our early data support the potential for tivozanib to serve as a TKI companion in combination with IO therapy. Beyond tivozanib, building on promising results seen to date, we look forward to continued progress in the evaluation of ficlatuzumab in multiple clinical trials, including two ongoing randomized Phase 2 trials, one in acute myeloid leukemia (AML) and one in head and neck cancer, with the goal of identifying a pivotal trial design for registration, assuming favorable trial outcomes.”
Phase 3 TIVO-3 Trial and North America Regulatory Highlights
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Published Data from Phase 3 TIVO-3 Trial in Lancet Oncology. In December 2019, AVEO announced that previously reported data from its positive Phase 3 TIVO-3 trial were published in The Lancet Oncology. The article, titled “Tivozanib versus sorafenib in patients with advanced renal cell carcinoma (TIVO-3): a phase 3, multicentre, randomised, controlled, open-label study”, is available online via this link.” |
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Per the 2017 Loan Agreement, Hercules did not receive any additional warrants to purchase shares of our common stock and no longer has the option, subject to our written consent, to participate in our future equity financings up to $2.0 million through the purchase of our common stock either with cash or through the conversion of outstanding principal under the loan.
There can be no assurance, however, that we will receive cash proceeds from any of these potential resources or to the extent cash proceeds are received such proceeds would be sufficient to support our current operating plan for more than the next twelve months from the date of filing this Quarterly Report on Form 10-Q.
Under the terms of the Winter Street Sublease, we lease 10,158 square feet of office space for $47.00 per square foot, or approximately $0.5 million per year in base rent subject to certain operating expenses, taxes and annual base rent increases of approximately 3%.
Pursuant to the 2016 Amendment, we received additional loan proceeds from Hercules, in an aggregate amount of $10.0 million, received in installments of $5.0 million in each of May 2016 and June 2017, which increased the aggregate outstanding principal balance under the First Loan Agreement to $20.0 million.
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Tivozanib expenses increased by $2.0...Read more
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Aveo Pharmaceuticals Inc provided additional information to their SEC Filing as exhibits
Ticker: AVEO
CIK: 1325879
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-019921
Submitted to the SEC: Thu Apr 30 2020 6:08:58 AM EST
Accepted by the SEC: Thu Apr 30 2020
Period: Tuesday, March 31, 2020
Industry: Pharmaceutical Preparations