Battered by a string of clinical failures, Aveo Oncology is cutting the cord on its internal research operation, ditching two-thirds of its staff and shaking up the C suite.
With former collaborator Astellas Pharma long since out the door, Aveo Oncology has found another partner willing to take a shot on the troubled tivozanib, signing a modest deal with Ophthotech to see how the cancer drug fares in eye diseases.
With the departure of Astellas and now Biogen Idec, Aveo Oncology is fresh out of collaborators, sending the struggling biotech back to the partnering table as it looks to advance an early-stage cancer drug.
Japan's Astellas Pharma has seen enough of tivozanib, washing its hands of the once-promising cancer drug and putting an end to a three-year collaboration with Aveo Oncology.
Aveo Oncology and Astellas Pharma are shutting down a Phase II study of tivozanib in breast cancer after failing to enroll enough patients, the partners announced.
Aveo Oncology's long-troubled tivozanib is unlikely to meet its primary endpoint in a study on colorectal cancer, the company said, sending the biotech back to the drawing board after a high-profile failure in kidney cancer.
In addition to a flurry of investor lawsuits spawned by the FDA's slap-down of its marketing application for the kidney cancer drug tivozanib, Aveo Pharmaceuticals now has an SEC inquiry on its hands. The biotech revealed on Thursday that it had received a subpoena from the SEC 8 days ago demanding "documents and information" on the drug.
Days after the Cambridge, MA-based biotech whacked close to two thirds of its staff as it scrambled to stay afloat in the wake of a scathing regulatory assessment of its lead drug, the developer says that the FDA has handed over the expected rejection notice for tivozanib as a treatment for kidney cancer.
After starting to gut most of its staff this week, Aveo Oncology has started down a longer path to potential approval of its top drug candidate tivozanib, for which the company no longer plans to develop for kidney cancer.
Staring straight at an almost certain FDA rejection for its kidney cancer drug tivozanib, Cambridge, MA-based Aveo Oncology today grabbed the budget ax and hacked deep into its staff. A total of 140 workers are being laid off--62% of its workforce--and the biotech's COO is joining the exodus in July.