AVEO Pharmaceuticals Soars On Phase II Results Vs. Avastin

Aveo Pharmaceuticals, Inc. AVEO shares soared Friday after the company said its tivozanib cancer drug obtained superior results compared with Roche Holding Ltd.'s RHHBY Avastin in a subgroup of patients in a Phase II trial.

Aveo changed hands recently at $1.72, up 21 percent.

The study of 265 colorectal cancer patients, compared the two treatments in combination with standard chemotherapy.

The increase in progress-free survival among certain patients treated with the Aveo drug compared with bevacizumab "is both interesting and encouraging," Principal Investigator Al B. Benson III said.

Benson added that the findings "warrant further study " in a trial involving patients suffering from what he called low serum NRP-1 metastatic colorectal cancer.

Roche's Avastin, or bevacizumab, had estimated sales last year of more than $6.9 billion was approved for marketing in 2004. A number of companies are seeking to develop comparable drugs.