Yahoo Finance Why AVEO Pharmaceuticals, Inc. (AVEO) Stock Is Soaring Today
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AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) shares skyrocketed early in the day on positive news regarding its cancer drug.
The medication in question is tivozanib, which is being considered for approval in Europe. A scientific committee of the European Medicines Agency recommended the drug for approval and it will be considered by the European Commission.
AVEO Pharmaceuticals is expected to hear back from the Commission in about 67 days. EUSA Pharma Inc. would be selling tivozanib in Europe.
The drug is designed to treat advanced renal cell carcinoma, also known as the most common type of kidney cancer. The illness is expected to be one of the fastest-growing cancers of the coming decade.
The Food and Drug Administration approved the AVEO Pharmaceuticals drug stateside back in 2013. The company is currently running a phase 3 trial in third-line renal cell carcinoma, with results expected to be released in the first quarter of 2018.
AVEO CEO Michael Bailey said “add significant resources to our balance sheet as we work toward the anticipated readout.” This includes a $4 million research and development reimbursement payment, as well as up to $12 million in additional milestone payments from EUSA Pharma.
AVEO stock soared more than 12.7% Friday.
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