This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,106.10 +68.13 0.38%
S&P 500 2,113.27 +4.35 0.21%
NASDAQ 5,068.2760 +8.03 0.16%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs