AVEO Announces Appointment Of John H. Johnson To Board Of Directors

AVEO Oncology (NASDAQ: AVEO) today announced the appointment of John H. Johnson to the Company's Board of Directors. Mr. Johnson brings to AVEO over three decades of experience in the biotechnology and pharmaceuticals industries, having held commercial and executive management roles at leading global corporations that have a focus on oncology, including Johnson & Johnson, Eli Lilly & Company, ImClone Systems, Dendreon and Pfizer.

"It is a pleasure to welcome John as a member of our Board of Directors," said Michael Bailey, president and chief executive officer of AVEO. "His deep experience at numerous leading oncology-focused companies will be invaluable in our effort to unlock the full potential of our lead program, tivozanib, along with our other product candidates. In the near term, we look forward to several key milestones, including top-line results from the TIVO-3 trial of tivozanib in third-line refractory renal cell carcinoma and data from the Phase 2 portion of the TiNivo combination trial of tivozanib with nivolumab."

"Under Michael's leadership, AVEO has moved effectively through the first stages of a turnaround, and I believe is today well positioned to capitalize on a multifaceted strategy for tivozanib and the balance of its pipeline," said Mr. Johnson. "I am delighted to be joining the Board at such an exciting time for the Company, and look forward to offering my insights as AVEO continues to work towards creating long-term shareholder value through the potential commercialization of tivozanib in the U.S. and the advancement of its robust pipeline."

Mr. Johnson currently serves on the boards of Melinta Therapeutics, Inc., Portola Pharmaceuticals, Inc. and Histogenics Corporation, and he is chairman of Strongbridge Biopharma plc. Mr. Johnson is expected to serve as lead independent director at Sucampo Pharmaceuticals, Inc. through the closing of its acquisition by Mallinckrodt plc, as announced December 26, 2017. He previously served as chairman of Tranzyme Pharma, Inc. and on the board of BioNJ. Mr. Johnson also previously served as chairman, president and chief executive officer of Dendreon Corporation and as chief executive officer and on the board of Savient Pharmaceuticals, Inc. Prior to these roles, he served as president of Eli Lilly & Company's Global Oncology Unit following the company's 2008 acquisition of ImClone Systems Incorporated, where he served as chief executive officer and on ImClone's board. Prior to ImClone, Mr. Johnson served as the company group chairman of biopharmaceuticals within Johnson & Johnson, where he was responsible for the Johnson & Johnson Biotechnology, Immunology and Oncology commercial businesses. Prior to that role, he held several executive positions at Johnson & Johnson, Parkstone Medical Information Systems, Inc., Ortho-McNeil Pharmaceutical Corporation and Pfizer Inc.

About AVEO

AVEO Oncology (AVEO) is a biopharmaceutical company dedicated to advancing a broad portfolio of targeted therapeutics for oncology and other areas of unmet medical need. The Company is focused on seeking to develop and commercialize its lead candidate tivozanib, a potent, selective, long half-life inhibitor of vascular endothelial growth factor 1, 2 and 3 receptors, in North America as a treatment for renal cell carcinoma and other cancers. AVEO is leveraging multiple partnerships aimed at developing and commercializing tivozanib in oncology indications outside of North America, and at progressing its pipeline of novel therapeutic candidates in cancer and cachexia (wasting syndrome). Tivozanib (FOTIVDA®) is approved by the European Commission for the treatment of adult patients with advanced renal cell carcinoma (RCC) in the European Union plus Norway and Iceland. For more information, please visit the company's website at www.aveooncology.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 fact, contained in this press release are forward-looking statements. The words "anticipate," "believe," "expect," "intend," "may," "plan," "potential," "could," "should," "would," "seek," "look forward," "advance," "goal," "strategy," 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: the expected timeline for reporting data from TIVO-3 and TiNivo; and AVEO's strategy, prospects, plans and objectives, including as they pertain specifically to tivozanib. AVEO has based its expectations and estimates on assumptions that may prove to be incorrect. As a result, readers are cautioned not to place undue reliance on these expectations and estimates. 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 AVEO's ability to enter into and maintain its third party collaboration agreements, and its ability, and the ability of its licensees and other partners, to achieve development and commercialization objectives under these arrangements; AVEO's ability, and the ability of its licensees, to demonstrate to the satisfaction of applicable regulatory agencies the safety, efficacy and clinically meaningful benefit of AVEO's product candidates, including tivozanib. AVEO faces other risks relating to its business as well, including risks relating to its ability to successfully enroll and complete clinical trials, including the TIVO-3 and TiNivo studies; AVEO's ability to achieve and maintain compliance with all regulatory requirements applicable to its product candidates; AVEO's ability to obtain and maintain adequate protection for intellectual property rights relating to its product candidates and technologies; developments, expenses and outcomes related to AVEO's ongoing shareholder litigation; AVEO's ability to successfully implement its strategic plans; AVEO's ability to raise the substantial additional funds required to achieve its goals, including those goals pertaining to the development and commercialization of tivozanib; unplanned capital requirements; adverse general economic and industry conditions; competitive factors; and those risks discussed in the section titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources" included in AVEO's Annual Report on Form 10-K for the year ended December 31, 2016, its quarterly reports on Form 10-Q and in other filings that AVEO may make with the SEC in the future. 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 may cause its views to change. 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 other than the date of this press release.

View source version on businesswire.com: http://www.businesswire.com/news/home/20180201006348/en/

Copyright Business Wire 2010

More from Press Releases

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

21st Century Fox Scoops Up Local News Stations

21st Century Fox Scoops Up Local News Stations

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Three-Part FREE Webinar Series

Three-Part FREE Webinar Series

March 24 Full-Day Course Offering: Professional Approach to Trading SPX

March 24 Full-Day Course Offering: Professional Approach to Trading SPX