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AVEO Reports First Quarter 2012 Financial Results And Recent Developments

AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) today reported consolidated financial results for the first quarter of 2012 and reviewed key first quarter accomplishments.

“Since the achievement of the primary endpoint in our TIVO-1 study early in the first quarter, we’ve seen an increase in excitement in the medical oncology community for tivozanib and are looking forward to reporting the detailed data in an oral presentation at ASCO,” said Tuan Ha-Ngoc, president and chief executive officer of AVEO. “In recent months, we have been busy preparing our first new drug application, which we expect to submit in the third quarter, in support of tivozanib for the treatment of advanced RCC, and market development activities are well underway. With the data from our exploratory Phase 2 study of ficlatuzumab in hand and AV-203, our antibody targeting ErbB3, poised to enter the clinic in the very near future, AVEO continues to advance its portfolio of assets across all fronts.”

First Quarter 2012 Financial Results

• Total collaboration revenues for the first quarter ended March 31, 2012 were approximately $0.9 million compared with $133.6 million for the first quarter of 2011. The primary driver for the decrease was revenue recognized in the first quarter of 2011 in conjunction with the upfront payment associated with our collaboration agreement with Astellas, which we entered into in the first quarter of 2011, as well as revenue recognized in the first quarter of 2011 from OSI primarily related to the exercise of its option to acquire certain rights to our technology platform. Revenue for the first quarter of 2012 was primarily related to our collaboration agreement with Centocor, which we entered into in the second quarter of 2011, and amortization of previously deferred revenue associated with our collaboration agreements with Astellas and Biogen.

• Research and development (R&D) expense for the first quarter of 2012 was $24.8 million compared with $38.0 million for the first quarter of 2011. The decrease in R&D expense was primarily due to a sublicense fee of $22.5 million paid to Kyowa Hakko Kirin related to the upfront payment received under the collaboration agreement with Astellas, offset primarily by an increase in development costs related to tivozanib and AV-203, as well as an increase in personnel-related expenses.

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