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AVEO Reports First Quarter 2012 Financial Results And Recent Developments

Stocks in this article: AVEO

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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