AVEO Oncology (Formerly known as AVEO Pharmaceuticals, Inc.) Drops as Astellas Pharma Inc. Will Not Seek Nod for Kidney Cancer Drug

Published: May 28, 2013

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Aveo Pharmaceuticals Inc said it was informed by its partner Astellas Pharma Inc that the Japanese company would not be seeking marketing approval for their experimental kidney cancer drug in Europe. Aveo shares fell about 13 percent in extended trade, after closing at $2.70 on the Nasdaq. They have lost about 55 percent of their value since April 30, when FDA reviewers raised questions about the drug. Astellas does not intend to fund any future studies of the drug, tivozanib, in renal cell cancer, Aveo said in a regulatory filing on Thursday. Aveo is also evaluating tivozanib as a therapy for treating metastatic colorectal cancer and breast cancer.

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