Aveo Oncology to restructure, cut workforce 62%
Aveo Oncology, a cancer therapeutics company, is restructuring to refocus its efforts and resources on the ongoing clinical development of tivozanib in colorectal and breast cancer, as well as advance key pipeline and preclinical assets. This restructuring is expected to extend the company's cash runway for at least two years, beyond anticipated data read-outs from ongoing trials of tivozanib and AV-203.
"As a result of the recent ODAC meeting, we believe it is likely that tivozanib will not receive FDA approval for renal cell carcinoma or RCC," said William J. Slichenmyer, M.D., chief medical officer of Aveo. "With the decision of our partner, Astellas, not to proceed with a European filing for tivozanib or financially support future clinical trials in RCC, Aveo has no plans at this time to pursue tivozanib development in RCC."
"The company intends to focus its R&D efforts on areas in oncology where the insights derived from Aveo's proprietary Human Response Platform will allow the development of targeted agents with the potential to provide substantial clinical benefit for specific biomarker-defined patient populations that could enable a clear regulatory pathway to approval," said Tuan Ha-Ngoc, president and CEO of Aveo.
Aveo's restructuring will eliminate approximately 140 positions, or 62% of Aveo's workforce.