AVEO Sky Rockets Over 100% on News
Aveo Pharmaceuticals (NASDAQ: AVEO) is surging over 100% in today’s trading on high relative volume after the company announced results from its lead product candidate Tivozanib. The studies showed improved, favorable results in patients who suffer from renal cell carcinoma.
Chief Executive Officer and President, Michael Bailey noted, “Based on TIVO-1, where tivozanib led to a longer progression free survival than sorafenib in the first line, combined with the activity tivozanib demonstrated in patients who have progressed on a VEGF therapy, we are optimistic about the probability of a successful clinical outcome in a third line RCC study. We are also encouraged by the FDA’s willingness to consider whether a refractory study can serve as a confirmatory study for TIVO-1 in first line RCC. Prior to committing to a new study, we will continue to evaluate all options, including partnerships, for the clinical and regulatory advancement for tivozanib in RCC as well as colorectal cancer.”
Recent Upgrades: On March 9th, 2015, RBC Capital Markets upgraded Aveo from Underperform to Sector Perform.
Aveo Company Description
AVEO Pharmaceuticals, Inc., a biopharmaceutical company, develops targeted therapies for patients with cancer and related diseases. Its product candidates under development include Tivozanib, an tyrosine kinase inhibitor for various vascular endothelial growth factors; Ficlatuzumab, a hepatocyte growth factor inhibitory antibody, which has completed Phase II trial; and AV-203, an anti-ErbB3 monoclonal antibody that has completed a Phase I dose escalation study. The companys development programs also comprise AV-380 Program, a humanized IgG1 inhibitory monoclonal antibody for the treatment or prevention of cachexia, which is a multi-factorial syndrome of involuntary weight loss associated with various cancers and diseases outside of cancer. It has strategic partnerships with Ophthotech Corporation; Biodesix, Inc.; St. Vincents Hospital Sydney Limited; Biogen Idec Inc.; and Kyowa Hakko Kirin. The company was formerly known as GenPath Pharmaceuticals, Inc. and changed its name to AVEO Pharmaceuticals, Inc. in March 2005. AVEO Pharmaceuticals, Inc. was incorporated in 2001 and is headquartered in Cambridge, Massachusetts. – Yahoo! Finance