A webcast of the conference call can also be accessed by visiting the investors section of the AVEO website at investor.aveopharma.com. A replay of the webcast will be archived on the company's website for two weeks following the call.
AVEO Pharmaceuticals (NASDAQ: AVEO) is a cancer therapeutics company committed to discovering, developing and commercializing targeted therapies to impact patients’ lives. AVEO’s proprietary Human Response Platform™ provides the company unique insights into cancer biology and is being leveraged in the discovery and clinical development of its cancer therapeutics. For more information, please visit the company’s website at www.aveopharma.com.
Cautionary Note Regarding Forward-Looking StatementsThis press release contains forward-looking statements of AVEO that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this press release are forward-looking statements, within the meaning of The Private Securities Litigation Reform Act of 1995. 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: AVEO’s plans to file for regulatory approval of tivozanib in the U.S.; AVEO’s transformation into an integrated oncology company, including its ability to achieve value-creating milestones in the future; and AVEO’s estimates for its 2012 financial performance (including its expected year-end cash balance and R&D spending) and AVEO’s estimates regarding its ability to fund its future operations. 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: difficulties, delays or failures in AVEO’s ability to successfully research, develop or obtain and maintain regulatory approvals for tivozanib, ficlatuzumab and AVEO’s other product candidates; the possibility that tivozanib will not achieve the regulatory approvals required for its successful commercialization either in the U.S. or abroad; AVEO’s inability to obtain and maintain adequate protection for intellectual property rights relating to AVEO’s product candidates and technologies; unplanned operating expenses; AVEO’s inability to raise substantial additional funds to achieve its goals; adverse general economic and industry conditions; and those risks discussed in the section titled “Risk Factors” and elsewhere in AVEO’s most recent Annual Report on Form 10-K and in its other filings with the Securities and Exchange Commission. 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.
|AVEO Pharmaceuticals, Inc.|
|Condensed Consolidated Statements of Operations|
|(in thousands, except per share amounts)|
|For the Three Months|
|Ended March 31,|
|Research and development||24,776||38,017|
|General and administrative||8,983||9,228|
|Income (loss) from operations||(32,899)||86,369|
|Other income and expense:|
|Other income (expense), net||299||(56)|
|Other expense, net||(347)||(1,003)|
|Net income (loss)||(33,246)||$||85,366|
|Basic net income (loss) per share|
|Net income (loss)||$||(0.77)||$||2.38|
|Weighted average number of common shares outstanding||43,254||35,781|
|Diluted net income (loss) per share|
|Net income (loss)||$||(0.77)||$||2.28|
|Weighted average number of common shares and dilutive common share equivalents outstanding||43,254||37,483|
|AVEO Pharmaceuticals, Inc.|
|Condensed Consolidated Balance Sheets|
|(in thousands, except par value amounts)|
|March 31,||December 31,|
|Cash and cash equivalents||$||73,065||$||43,506|
|Prepaid expenses and other current assets||3,487||6,057|
|Total current assets||237,303||234,395|
|Property and equipment, net||6,032||5,471|
|Liabilities and stockholders’ equity|
|Loans payable, net of discount||-||8,551|
|Total current liabilities||25,049||34,609|
|Loans payable, net of current portion and discount||25,800||15,619|
|Deferred revenue, net of current portion||19,361||19,684|
|Deferred rent, net of current portion||334||359|
|Preferred Stock, $.001 par value: 5,000 shares authorized; no shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively||-||-|
|Common stock, $.001 par value: 100,000 shares authorized; 43,560 and 43,254 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively||44||43|
|Additional paid-in capital||431,915||429,531|
|Accumulated other comprehensive income (loss)||60||(167||)|
|Total stockholders’ equity||192,907||223,541|
|Total liabilities and stockholders’ equity||$||264,689||$||295,050|
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