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News Breaks | | | | October 30, 2012 | | 07:47 EDT |  | AVEO | Aveo Oncology announces strategic restructuring to save approximately $100M
The company announced a strategic restructuring designed to optimize resources and reduce expenses to ensure Aveo is well positioned for a successful launch of tivozanib in renal cell carcinoma and continued development in other cancer types. The company plans to explore further development of ficlatuzumab and certain discovery assets through external collaborations, including with academic partnerships and cooperative groups. Aveo's strategic restructuring and projected cost savings are being achieved through a combination of reduced spending on early stage research programs and a reduction in force of approximately 45 positions, or 17% of Aveo's workforce, as well as elimination of 30 open positions. This refocusing of resources and reduction of expenses is expected to provide Aveo approximately $100M in cost savings over the next three years compared with prior projections, with approximately $37M in 2013, and is expected to extend its cash runway through 2013. | |
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