CAMBRIDGE, Mass.--(BUSINESS WIRE)--Nov. 11, 2014--
AVEO Oncology (NASDAQ:AVEO) today announced that it has entered into a
research and exclusive option agreement with Ophthotech Corporation,
under which it has provided Ophthotech an exclusive license to
investigate the potential of AVEO’s small molecule vascular endothelial
growth factor (VEGF) tyrosine kinase inhibitor, tivozanib, outside of
Asia for the potential treatment of non-oncologic diseases of the eye.
Under the terms of the agreement, Ophthotech is obligated to pay AVEO an
upfront option fee of $500,000 to investigate tivozanib as a potential
treatment for non-oncologic diseases of the eye. During the option term,
if Ophthotech elects to continue development of the ocular formulation
of tivozanib after its initial analysis, AVEO is eligible to receive up
to $8 million in milestone payments based upon the achievement of
specified research, development and business goals. Ophthotech has the
exclusive option, exercisable at its sole discretion, to obtain
additional development and commercialization rights to tivozanib and
products containing tivozanib for non-oncologic eye indications in
territories outside Asia, subject to certain conditions, including
outcomes of a proof of concept clinical trial and the negotiation of a
definitive license agreement.
If Ophthotech exercises its option, AVEO would receive an option
exercise fee of $2 million and could also receive clinical and
regulatory-based milestone payments, of up to $50 million, sales based
milestone payments of up to $45 million and royalties on product sales.
Ophthotech is responsible for all research and development activities
and costs, and upon exercise of its option, further development and
commercialization activities and costs for tivozanib ocular indications.
A percentage of all upfront, milestone and royalty payments received by
AVEO are due to Kyowa Hakko Kirin as a sublicensing fee.
"This agreement is another example of our execution against AVEO’s key
strategic objective of advancing our pipeline assets through external
resources and expertise," stated Tuan Ha-Ngoc, president and chief
executive officer of AVEO. “We believe the unique properties of
tivozanib make it an ideal VEGF inhibitor for potential ocular use, and
we are encouraged by Ophthotech’s interest in exploring this potential.
This agreement could enable us to realize value for tivozanib in an
indication outside of cancer, while retaining oncology rights for
further development through additional potential partnerships.”
About AVEO
AVEO Oncology (NASDAQ:AVEO) is a biopharmaceutical company committed to
discovering and developing targeted therapies designed to provide
substantial impact in the lives of people with cancer by addressing
unmet medical needs. AVEO’s proprietary Human Response Platform™
provides the company unique insights into cancer and related disease
biology and is being leveraged in the discovery and clinical development
of its therapeutic candidates. For more information, please visit the
company’s website at www.aveooncology.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements of AVEO within
the meaning of The Private Securities Litigation Reform Act of 1995 that
involve substantial risks and uncertainties. All statements, other than
statements of historical facts, contained in this press release are
forward-looking statements. The words “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “may,” “plan,” “target,” “potential,”
“could,” “should,” “seek,” or the negative of these terms or other
similar expressions, are intended to identify forward-looking
statements, although not all forward-looking statements contain these
identifying words. These forward-looking statements include, among
others, statements about payments that may be received by AVEO under
both the option agreement and any future license agreement with
Ophthotech, the potential development of tivozanib in ocular diseases,
the potential for AVEO to realize value for tivozanib in an indication
outside of cancer and to further develop tivozanib in cancer indications
through additional partnerships. Actual results or events could differ
materially from the plans, intentions and expectations disclosed in the
forward-looking statements that AVEO makes due to a number of important
factors, including risks relating to: Ophthotech’s ability and
willingness to successfully develop tivozanib in non-oncologic diseases
of the eye, including the risk that Ophthotech does not elect to
exercise its option to enter into a license agreement with AVEO to
further develop tivozanib in this indication; AVEO’s ability to execute
on its business strategy and enter into and maintain new strategic
partnerships and collaboration agreements; AVEO’s ability to
successfully enroll and complete clinical trials and preclinical studies
of its product candidates; AVEO’s ability to demonstrate to the
satisfaction of the FDA, or equivalent foreign regulatory agencies, the
safety, efficacy and clinically meaningful benefit of its product
candidates; AVEO’s ability to achieve and maintain compliance with all
regulatory requirements applicable to its product candidates; AVEO’s
ability to obtain and maintain adequate protection for intellectual
property rights relating to its product candidates and technologies;
developments and expenses related to AVEO’s ongoing shareholder
litigation and SEC inquiry; AVEO’s ability to raise the substantial
additional funds required to achieve its goals; unplanned capital
requirements; adverse general economic and industry conditions;
competitive factors; and those risks discussed in the section titled
“Risk Factors” included in AVEO’s most recent Quarterly Report on Form
10-Q and in its other filings with the SEC. The forward-looking
statements in this press release represent AVEO’s views as of the date
of this press release. AVEO anticipates that subsequent events and
developments will cause its views to change. However, while AVEO may
elect to update these forward-looking statements at some point in the
future, it specifically disclaims any obligation to do so. You should,
therefore, not rely on these forward-looking statements as representing
AVEO’s views as of any date subsequent to the date of this press release.
Source: AVEO Oncology
Company, Media and Investor Contact:
Argot Partners
David
Pitts, 212-600-1902
aveo@argotpartners.com
