AVEO Oncology (Formerly known as AVEO Pharmaceuticals, Inc.) to Slash 17 Pct of Workforce in Restructuring

Aveo Pharmaceuticals will cut about 17 percent of its work force and reduce research spending as it prepares for a possible launch of its kidney cancer treatment, tivozanib.

The Cambridge, Mass., company said Tuesday that its third-quarter loss widened to $30.1 million, or 69 cents per share, as collaboration revenue fell. That compares to a loss of $23.8 million, or 55 cents per share, in last year's quarter. Revenue dropped to $1 million from $3.6 million.

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