AVEO Oncology (AVEO) saw its loss widen to $8.84 million, or $0.12 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $7.71 million, or $0.13 a share. Revenue during the quarter surged 110.47 percent to $2.53 million from $1.20 million in the previous year period.
Operating loss for the quarter was $7.76 million, compared with an operating loss of $7.23 million in the previous year period.
“We strengthened our balance sheet in the first quarter through an underwritten public offering, giving us the resources to potentially fund operations through the readout of our pivotal, Phase 3 TIVO-3 study of tivozanib in renal cell cancer (RCC), expected in the first quarter of 2018,” said Michael Bailey, president and chief executive officer of AVEO. “TIVO-3, which is designed to serve as the basis for a potential U.S. registration of tivozanib as a first- and third-line treatment for RCC, remains on track to complete enrollment and a pre-planned interim futility analysis in June of this year. We also look forward to several other potential key milestones this year, including completion of the Phase 1 portion of the Phase 1/2 TiNivo trial a tivozanib-nivolumab combination study in RCC, a regulatory decision in Europe for marketing approval of tivozanib as a first line treatment for RCC, and notable progress in our pipeline programs.”
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