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AVEO Announces Acceptance of CANbridge Investigational New Drug Application for CAN017 (AV-203) Trial in Esophageal Squamous Cell Cancer (ESCC) in China

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- IND acceptance triggers $2M milestone payment from CANbridge to
AVEO -

AVEO Oncology (NASDAQ:AVEO) today announced that the China National
Drug Administration (CNDA) has accepted CANbridge Life Sciences'
Investigational New Drug (IND) Application for a Phase Ib/III clinical
trial of CAN017 (AV-203), AVEO's clinical-stage ErbB3 (HER3) inhibitory
antibody candidate, in esophageal squamous cell cancer (ESCC).

Under the terms of a March 2016 agreement, the acceptance of this IND
triggers a $2 million milestone payment to AVEO from CANbridge Life
Sciences. CANbridge licensed worldwide rights, excluding the United
States, Canada, and Mexico, to AV-203 from AVEO and AVEO is eligible to
receive up to $40 million in potential additional development and
regulatory milestone payments and up to $90 million in potential
commercial milestone payments, assuming the successful achievement of
specified development, regulatory and commercialization objectives.

"CANbridge continues to make progress in advancing CAN017, and we look
forward to the initiation of a Phase Ib/extension clinical trial in
ESCC, a large unmet medical need globally with a particularly acute need
in Asia," said Michael Bailey, president and chief executive officer of
AVEO. "Together with ficlatuzumab, our partnered oncology programs allow
us to retain meaningful rights to a promising pipeline and advance it at
little or no cost to AVEO, allowing us to focus resources on our
tivozanib strategy, including U.S. registration for kidney cancer as
well as combinations with immunotherapy."

AVEO previously completed a Phase 1, open-label, dose-escalation study
of AV-203 (CAN017) in patients with advanced solid tumors. In this
study, AV-203 was found to be generally safe and well-tolerated, with an
early signal of activity consistent with preclinical data showing the
potential for heregulin or neuregulin, the only known ligand for ErbB3,
to serve as a biomarker predictive of AV-203 anti-tumor activity.

AVEO will pay percentage of the milestone payment to Biogen Idec
International GmbH as a sublicensing fee.

About AVEO

AVEO Pharmaceuticals, Inc. (the "Company") is a biopharmaceutical
company dedicated to advancing a broad portfolio of targeted medicines
for oncology and other areas of unmet medical need. The Company's
strategy is to retain North American rights to its oncology portfolio
while securing partners in development and commercialization outside of
North America. The Company is seeking to develop and commercialize its
lead candidate tivozanib in North America as a treatment for advanced
renal cell carcinoma ("aRCC"). The Company has outlicensed tivozanib
(FOTIVDA®) for oncology in Europe and other territories
outside of North America. Tivozanib is approved in the European Union,
as well as Norway and Iceland, for the first-line treatment of adult
patients with aRCC and for adult patients who are vascular endothelial
growth factor receptor and mTOR pathway inhibitor-naïve following
disease progression after one prior treatment with cytokine therapy for
aRCC. The Company has entered into partnerships to fund the development
and commercialization of AV-203 (CAN017) and ficlatuzumab, both clinical
stage assets in oncology. The Company is currently seeking a partner to
develop the AV-353 platform, a preclinical asset, worldwide for the
potential treatment of pulmonary arterial hypertension. The Company
previously partnered with Novartis International Pharmaceutical Ltd.
("Novartis") to develop the AV-380 program in cachexia and other
indications. Effective August 28, 2018, the Company expects to regain
the rights to AV-380 and is considering a variety of options to continue
the program's development.

For more information, please visit the Company's website at www.aveooncology.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements of AVEO that
involve substantial risks and uncertainties. All statements, other than
statements of historical fact, contained in this press release are
forward-looking statements. The words "anticipate," "believe," "expect,"
"intend," "may," "plan," "potential," "could," "should," "would,"
"seek," "look forward," "advance," "goal," "strategy," or the negative
of these terms or other similar expressions, are intended to identify
forward-looking statements, although not all forward-looking statements
contain these identifying words. These forward-looking statements
include, among others, statements about: the progress of future clinical
trials of CAN017; the advancement of AVEO's pipeline and costs
associated with such advancement; the achievement of development,
regulatory and commercialization objectives by CANbridge; AVEO's cash
runway; and AVEO's strategy, prospects, plans and objectives, including
as they pertain specifically to tivozanib and leveraging partnerships.
AVEO has based its expectations and estimates on assumptions that may
prove to be incorrect. As a result, readers are cautioned not to place
undue reliance on these expectations and estimates. Actual results or
events could differ materially from the plans, intentions and
expectations disclosed in the forward-looking statements that AVEO makes
due to a number of important factors, including risks relating to AVEO's
ability to enter into and maintain its third party collaboration and
license agreements, and its ability, and the ability of its
collaborators, licensees and other strategic partners, to achieve
development and commercialization objectives under these arrangements;
and AVEO's ability, and the ability of its licensees, to demonstrate to
the satisfaction of applicable regulatory agencies such as the FDA the
safety, efficacy and clinically meaningful benefit of AVEO's product
candidates, including tivozanib. AVEO faces other risks relating to its
business as well, including risks relating to its and its collaborators'
ability to successfully enroll and complete clinical trials, including
the TIVO-3 and TiNivo studies; AVEO's ability to achieve and maintain
compliance with all regulatory requirements applicable to its product
candidates; AVEO's ability to obtain and maintain adequate protection
for intellectual property rights relating to its product candidates and
technologies; AVEO's ability to successfully implement its strategic
plans; AVEO's ability to raise the substantial additional funds required
to achieve its goals, including those goals pertaining to the
development and commercialization of tivozanib; unplanned capital
requirements; adverse general economic and industry conditions;
competitive factors; and those risks discussed in the section titled
"Risk Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations—Liquidity and Capital Resources"
included in AVEO's quarterly and annual reports on file with the
Securities and Exchange Commission (SEC) and in other filings that AVEO
may make with the SEC in the future. The forward-looking statements in
this press release represent AVEO's views as of the date of this press
release. AVEO anticipates that subsequent events and developments may
cause its views to change. While AVEO may elect to update these
forward-looking statements at some point in the future, it specifically
disclaims any obligation to do so. You should, therefore, not rely on
these forward-looking statements as representing AVEO's views as of any
date other than the date of this press release. Any reference to AVEO's
website address in this press release is intended to be an inactive
textual reference only and not an active hyperlink.

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