|
 Aveo, which was developing the drug with Japan's
Astellas Pharma Inc, said enrollment in the study had been slower
than expected and did not improve despite efforts to recruit more
patients.
The company, which cut 62 percent of its workforce last year to
focus on developing the drug as a treatment for breast and colon
cancers, said in December that it was not likely to succeed in a
mid-stage colon cancer study.
The U.S. Food and Drug Administration rejected the drug, tivozanib,
as a treatment for kidney cancer in June, saying that study results
were inconsistent.
The breast cancer study, which began in December 2012, was testing
the efficacy of tivozanib in combination with another cancer drug on
patients with locally recurrent or metastatic triple negative breast
cancer.
Aveo's shares, which fell 78 percent in 2013, closed at $1.77 on the
Nasdaq on Wednesday. (Reporting by Vrinda Manocha in
Bangalore; editing by Kirti Pandey)
[© 2014 Thomson Reuters. All rights
reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed. |
