Aveo cancer treatment lands orphan drug status in EU
Aveo Pharmaceuticals Inc. has won orphan medicinal product designation from the European Medicines Agency (EMA) for its renal cell carcinoma treatment, tivozanib, a triple VEGF receptor inhibitor.
A press release from the company today noted that the EMA cited high rates of renal cell carcinoma, a type of kidney cancer, in people in the European Union as a major factor in approving the drug for orphan status.
Aveo returned positive results from its Phase 2 clinical trial and enrolled patients in its Phase 3 clinical trial in February. The trial, called TIVO-1, compares tivozanib to sorafenib, an EMA-approved and FDA-approved drug to treat renal cell carcinoma, to measure progression-free survival.
Cambridge-based Aveo announced in March that it had priced its initial public offering to bring in up to $81 million – falling short of its February registration statement update, calling for an expected $91 million to $105 million.
Aveo is a late-stage biopharmaceutical company that has collaborated with Eli Lilly, Merck, OSI Pharmaceuticals and Schering-Plough. The company was founded in 2002 as GenPath Pharmaceuticals Inc. and has since raised more than $100 million in venture funding.