AVEO Reports Second Quarter 2010 Accomplishments and Financial Results
Advancement of Innovative Pipeline; Achievement of Collaboration-Driven Milestone
CAMBRIDGE, Mass., Jul 29, 2010 (BUSINESS WIRE) -- AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO), a biopharmaceutical company focused on discovering, developing and commercializing cancer therapeutics, today provided an update on recent research and development (R&D) and business accomplishments, and announced financial results for the quarter ended June 30, 2010.
"AVEO was very productive in the second quarter," said Tuan Ha-Ngoc, president and chief executive officer of AVEO. "In particular, we received orphan drug designation for tivozanib from the European Medicines Agency, we presented promising clinical data from studies of tivozanib and AV-299, presented new insights relating to Notch, one of our discovery-stage targets, and co-authored a paper featured in Nature Reviews Cancer on our novel murine models which are a core element of our proprietary cancer biology platform. The advancement in our AV-299 monoclonal antibody program also triggered a milestone payment from Merck, which we believe further demonstrates our ability to create value from our platform."
Recent R&D and Business Accomplishments
Second Quarter Financial Results and Guidance
AVEO expects to present at the following investor conferences:
AVEO expects to present at the following cancer research meeting:
Today's Conference Call and Webcast Reminder
AVEO will hold a conference call today at 10:00 a.m. (EDT). The call can be accessed by dialing 1-866-788-0543 (domestic) or 1-857-350-1681 (international), five minutes prior to the start of the call and providing the passcode 84967127. The live, listen-only webcast of the conference call can be accessed by visiting the investors section of the AVEO website at http://investor.aveopharma.com.
A replay of the call will be available for two weeks, approximately two hours after the completion of the call and can be accessed by dialing 1-888-286-8010 (domestic) or 1-617-801-6888 (international), providing the passcode 50571817. A replay of the webcast will also be archived on the company's website for two weeks following the call.
AVEO Pharmaceuticals (NASDAQ: AVEO) integrates a proprietary cancer biology platform with drug development and commercial expertise in its efforts to discover and develop targeted cancer therapeutics. The company's lead product, tivozanib, is an oral, triple VEGF receptor inhibitor with a highly differentiated profile. Tivozanib is currently being investigated in a global, randomized Phase 3 clinical trial called TIVO-1 comparing tivozanib to sorafenib in advanced kidney cancer, as well as additional clinical studies in other solid tumor types. AVEO's proprietary, integrated cancer biology platform offers the company a unique advantage in oncology drug development and has provided a discovery engine for high-value targets. This approach has resulted in a promising pipeline of monoclonal antibodies against novel targets including HGF, ErbB3, RON, Notch and FGFR. For more information, please visit the company's website at www.aveopharma.com.
Forward Looking Statements
Statements in this press release about the expected benefits of AVEO's non-germline genetically engineered mouse models, AVEO'sfuture expectations, plans and prospects, AVEO's estimates for its 2010 financial performance (including its expected year-end cash balance),AVEO's belief regarding its ability to create value from its proprietary cancer biology platform, the expected timing of TIVO-1 trial results, the EMA's assumptions about tivozanib potentially providing significant benefit for patients with RCC, and being more potent and specific than existing treatments,AVEO's proprietary, integrated cancer biology platform offering AVEO a unique advantage in oncology drug development,and other statements containing the words "believes," "anticipates," "plans," "expects,""will,"and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks relating to: AVEO's ability to successfully research, develop, obtain and maintain regulatory approvals for tivozanib, AV-299 and its other product candidates, including AV-203; AVEO's inability to obtain and maintain adequate protection for intellectual property rights relating to AVEO's product candidates and technologies; AVEO's ability to maintain its strategic partnerships and risks related to the failure of AVEO's strategic partners to meet their obligations under their agreements with AVEO; AVEO's ability to consummate additional strategic partnerships on favorable terms; unplanned operating expenses and AVEO's inability to raise substantial additional funds to achieve its goals; general economic and industry conditions; and other factors discussed in the "Risk Factors" section of AVEO's most recent Form 10-Q filed with the Securities and Exchange Commission, and in other filings that AVEO periodically makes with the SEC. In addition, the forward-looking statements included 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 AVEO's views to change. However, while AVEO may elect to update these forward-looking statements at some point in the future, AVEO specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing AVEO's views as of any date subsequent to the date of this press release.
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AVEO Pharmaceuticals, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
|For the Three Months||For the Six Months|
|Ended June 30,||Ended June 30,|
|Research and development||25,997||12,071||48,615||21,800|
|General and administrative||3,835||2,424||6,588||4,995|
|Loss from operations||(14,210||)||(9,399||)||(28,700||)||(18,029||)|
|Other income and expense:|
|Other income (expense), net||(582||)||(155||)||130||(217||)|
|Other income (expense), net||(1,279||)||(836||)||(1,167||)||(1,613||)|
|Net loss per share--basic and diluted||$||(0.50||)||$||(6.41||)||$||(1.60||)||$||(12.33||)|
|Weighted-average number of common shares used in net loss per share--basic and diluted||30,822||1,596||18,649||1,593|
AVEO Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets
|June 30,||December 31,|
|Cash and cash equivalents||$||30,017||$||45,290|
|Prepaid expenses and other current assets||5,922||1,306|
|Total current assets||113,173||53,094|
|Property and equipment, net||3,962||4,197|
|Liabilities and stockholders' equity (deficit)|
|Loans payable, net of discount||1,129||7,467|
|Total current liabilities||33,936||34,305|
|Loans payable, net of current portion and discount||21,749||12,278|
|Deferred revenue, net of current portion||18,673||23,320|
|Deferred rent, net of current portion||709||819|
|Warrants to purchase convertible preferred stock||-||1,459|
|Convertible preferred stock, $.001 par value: 80,624 and no shares authorized at December 31, 2009 and June, 2010, respectively; 75,917 shares issued and outstanding at December 31, 2009 and no shares outstanding at June 30, 2010||-||156,705|
|Stockholders' equity (deficit):|
|Preferred Stock, $.001 par value: no shares and 5,000 shares authorized at December 31, 2009 and June 30, 2010, respectively; no shares issued and outstanding at December 31, 2009 and June 30,2010, respectively||-||-|
|Common stock, $.001 par value: 25,500 and 100,000 shares authorized at December 31, 2009 and June 30, 2010, respectively; 1,641 and 30,876 shares issued and outstanding at December 31, 2009 and June 30, 2010, respectively||31||2|
|Additional paid-in capital||248,359||7,432|
|Accumulated other comprehensive income||16||-|
|Total stockholders' equity (deficit)||40,814||(170,291||)|
|Total liabilities and stockholders' equity (deficit)||$||118,368||$||59,844|
SOURCE: AVEO Pharmaceuticals, Inc.
AVEO Pharmaceuticals, Inc.
Monique Allaire, 617-299-5810
Caton Lovett, 910-232-7166