10/30/2012 7:40:18 AM
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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