AVEO Oncology restructuring and job cuts as tivozanib future in RCC in doubt
Following a recent negative opinion on its lead product candidate from a Food and Drug Administration advisory panel in the treatment of renal cell carcinoma (The Pharma Letter May 3), US biotech firm AVEO Oncology (Nasdaq: AVEO) has announced a strategic restructuring that will refocus the company’s efforts and resources on the ongoing clinical development of tivozanib in colorectal and breast cancer, as well as advancing key pipeline and preclinical assets.
The company said it will cut about 140 jobs (around 62% of its workforce) in the restructuring expected to save $190 million in the next two years. This restructuring is expected to extend the company’s cash runway for at least two years, which is beyond anticipated data read-outs from ongoing trials of tivozanib and AV-203.
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