QUOTE AND NEWS
GenEng News  Mar 30  Comment 
AVEO Oncology has agreed to pay a $4 million penalty to settle fraud allegations by the U.S. Securities and Exchange Commission (SEC) that the company and three former executives misled investors about efforts to obtain FDA approval for its lead...
Mondo Visione  Mar 29  Comment 
The Securities and Exchange Commission today announced fraud charges against a Massachusetts-based biotech company and three former executives for misleading investors about the company’s efforts to obtain Food and Drug Administration (FDA)...




 

AVEO Pharmaceuticals (AVEO) (NASDAQ:AVEO) is a pharmaceutical drug company that specializes on cancer treatments. It has a cancer treatment product, tivozanib, in Phase 3 of the FDA approval process. It also is in collaboration with Merck for a cancer treatment product AV-299, which helps determine cancer biology in patients. This product is in Phase 2. [1]

Along with other pharmaceutical companies, government regulation and the FDA approval process decides whether a pharmaceutical company's drug can enter the commercial market. AVEO is dependent on its cancer treatment product, tivozanib, to pass Phase 3 and enter the commercial market, otherwise it decreases future earnings as the company either scraps the product or reinvest and restart the process. Since it already passed Phase 2, it is expected to have a positive outcome for Phase 3. [1]

The company's initial public offering of stock traded on the NASDAQ exchange on 11 March 2010. The proposed offer price range was $13-$15 and traded below the low end at $9. The company offered 9 million shares and raised $81 million. [1]

At the year end 31 December 2009, the company had $20.72 million in total revenue, up 5.4% from $19.66 million in total revenue in 2008. The company reported a net loss of $44.2 million, down from a net loss of $32.47 million. [1]

References

  1. 1.0 1.1 1.2 1.3 AVEO Pharmaceuticals S-1/A
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