This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

AVEO Reports Second Quarter 2012 Financial Results

Stocks in this article: AVEO

AVEO Oncology (NASDAQ: AVEO) today reported consolidated financial results for the second quarter of 2012, and highlighted recent developments and key second quarter accomplishments.

“The last six months have been very productive for AVEO Oncology, as highlighted by the presentation of the positive results from the TIVO-1 trial of tivozanib in kidney cancer at the ASCO Annual Meeting and the announcement of plans to initiate TAURUS, a new clinical study evaluating patient preference for tivozanib compared to sunitinib,” said Tuan Ha-Ngoc, president and chief executive officer of AVEO. “Over the next several months, we and our partner Astellas are focused on submitting our new drug application for tivozanib to the U.S. Food & Drug Administration, as well as on the operational and pre-commercial activities necessary to bring tivozanib to patients with advanced kidney cancer.”

Second Quarter 2012 Financial Results

• Total collaboration revenues for the second quarter of 2012 were approximately $1.9 million compared with $26.6 million for the second quarter of 2011. The decrease was due to the revenue recognized during the second quarter of 2011 under AVEO’s collaboration agreements with OSI, Centocor and Biogen that did not recur during the second quarter of 2012.

• Research and development (R&D) expense for the second quarter of 2012 was $21.5 million compared with $25.1 million for the second quarter of 2011. The decrease in R&D expense was primarily due to a decrease in manufacturing costs largely related to ficlatuzumab inventory received and expensed during the second quarter of 2011, as well as a decrease in clinical trials costs primarily related to ficlatuzumab. These decreases were partially offset by an increase in personnel-related expenses and development costs related to tivozanib.

• General and administrative (G&A) expense for the second quarter of 2012 was $9.2 million compared with $6.4 million for the second quarter of 2011. The increase in G&A expense was primarily driven by an increase in expenses related to pre-commercialization activities for tivozanib.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 16,737.54 +59.64 0.36%
S&P 500 1,955.26 +4.44 0.23%
NASDAQ 4,465.8890 +13.0970 0.29%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs