Aveo Pharmaceuticals, Inc. (AVEO) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Exhibit 99.1

AVEO Oncology Reports First Quarter 2021 Financial Results
and Provides Business Update

– U.S. Commercial Launch Underway with Fully Deployed Sales Force Following FDA Approval of FOTIVDA^® (tivozanib) on March 10, 2021 –

– FOTIVDA Net Product Revenue of $1.1 Million from Initial Distributor Orders in the Last Week of Q1; All Distributors Have Placed Reorders for Q2 –

– Entered Clinical Trial Collaboration and Supply Agreement with Bristol Myers Squibb for Planned Pivotal Phase 3 TiNivo-2 Study of FOTIVDA in Combination with OPDIVO^® (nivolumab); Study Anticipated to Commence Mid-2021 –

– Phase 2 Open Label Randomized Study Results of Ficlatuzumab in HNSCC to be Presented at ASCO; Phase 3 Decision Anticipated Mid-2021 –

– Company to Host Conference Call Today at 4:30 p.m. ET –

BOSTON, Mass. – May 10, 2021 – AVEO Oncology (Nasdaq: AVEO), a commercial and clinical development stage biopharmaceutical company, today reported financial results for the first quarter ended March 31, 2021 and provided a business update.

“The first quarter of 2021 was a transformational time for AVEO marked by the U.S. Food and Drug Administration (FDA) approval and launch of FOTIVDA, our first commercial product, and the advancement of our pipeline, all of which is supported by a strong balance sheet,” said Michael Bailey, president and chief executive officer of AVEO. “Our sales team is now fully deployed, and we are encouraged by the early commercial activity supporting the FOTIVDA launch. We look forward to continuing to execute on our goal of establishing FOTIVDA as a standard of care within its renal cell carcinoma (RCC) indication.”

“In parallel, we remain focused on the continued advancement of the remainder of our clinical programs. This includes the evaluation of FOTIVDA in the immunotherapy combination setting, with patient enrollment in the pivotal Phase 3 TiNivo-2 study of FOTIVDA in combination with OPDIVO anticipated to commence mid-year and the Phase 2 hepatocellular carcinoma (HCC) DEDUCTIVE trial reporting encouraging Phase 1b results at ASCO GI earlier this year. Beyond FOTIVDA, we continue to expect several key inflection points with the balance of our clinical pipeline later this year, including a go/no go decision on progressing to a pivotal study for ficlatuzumab in head and neck squamous cell carcinoma (HNSCC), the advancement of our Phase 1 study of AV-380 and an update on potential clinical development plans for AV-203.”