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AVEO Reports Second Quarter 2012 Financial Results

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.

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