AVEO Reports First Quarter 2012 Financial Results And Recent Developments

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.

About AVEO

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 Statements

This 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)
(unaudited)
			For the Three Months
			Ended March 31,
			2012					2011
Collaboration revenue			$	860				$	133,614
Operating expenses:
Research and development				24,776					38,017
General and administrative				8,983					9,228
				33,759					47,245
Income (loss) from operations				(32,899)					86,369
Other income and expense:
Other income (expense), net				299					(56)
Interest expense				(845)					(1,012)
Interest income				199					65
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)
(unaudited)
			March 31,						December 31,
			2012						2011
Assets
Current assets:
Cash and cash equivalents			$	73,065					$	43,506
Marketable securities				151,262						177,622
Accounts receivable				9,489						7,210
Prepaid expenses and other current assets				3,487						6,057
Total current assets				237,303						234,395
Marketable securities				20,505						54,312
Property and equipment, net				6,032						5,471
Other assets				98						121
Restricted cash				751						751
Total assets			$	264,689					$	295,050
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable			$	7,555					$	8,904
Accrued expenses				14,622						14,289
Loans payable, net of discount				-						8,551
Deferred revenue				1,294						1,294
Other liabilities				1,249						1,249
Deferred rent				329						322
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
Other liabilities				1,238						1,238
Stockholders’ equity:
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	)
Accumulated deficit				(239,112	)					(205,866	)
Total stockholders’ equity				192,907						223,541
Total liabilities and stockholders’ equity			$	264,689					$	295,050

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