AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) Files An 8-K Termination of a Material Definitive AgreementItem 1.02.
As previously disclosed in a Current Report on Form 8-K dated January 4, 2017 (the “Prior 8-K”), AVEO Pharmaceuticals, Inc. (“we” or “us”) entered into a research and exclusive option agreement with Ophthotech Corporation (“Ophthotech”) in November 2014 to which we provided Ophthotech an exclusive option to enter into a definitive license agreement whereby we would grant Ophthotech the right to develop and commercialize tivozanib outside of Asia and the Middle East for the potential diagnosis, prevention and treatment of non-oncologic diseases or conditions of the eye in humans. to this option agreement, we granted to Ophthotech an exclusive, royalty-free license or sublicense, as applicable, under intellectual property rights controlled by us solely to perform the research and development activities related to the use of tivozanib for the specific purposes outlined in the agreement during the option period. These activities include formulation work for ocular administration, preclinical research and the conduct of a phase 1/2a proof-of-concept clinical trial of a product containing tivozanib in patients with wet age-related macular degeneration. Under the option agreement, we were entitled to receive, among other potential payments, a one-time milestone payment of $6.0 million on December 31, 2016; provided, however, that the milestone payment would not be payable if Ophthotech gives us a notice of termination of the option agreement within thirty (30) days after December 31, 2016.
As disclosed in the Prior 8-K, Ophthotech has informed us verbally that it will not be able to move forward with the development of tivozanib. On January 4, 2017, Ophthotech also provided us with a formal written notice that it was terminating the option agreement under the agreement’s elective termination provision, effective April 3, 2017. Such termination confirms that we will not receive the milestone payment described above. Upon the effectiveness of the termination, all rights in tivozanib for ocular indications that were subject to the option agreement will revert to us.
About AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO)
AVEO Pharmaceuticals, Inc. is a biopharmaceutical company. The Company’s platform delivers insights into cancer and related disease. The Company’s product candidates include Tivozanib, Ficlatuzumab, AV-203 and AV-380. Tivozanib is a selective long half-life vascular endothelial growth factor tyrosine kinase inhibitor (VEGF TKI) that inhibits over three VEGF receptors. Tivozanib is designed to optimize VEGF blockade while minimizing off-target toxicities. Ficlatuzumab is a Hepatocyte Growth Factor (HGF) inhibitory antibody. AV-203 is an anti-ErbB3 monoclonal antibody with ErbB3 affinity. Its preclinical studies suggest that neuregulin1 (NRG1) levels predict AV-203 antitumor activity in preclinical models. AV-380 is a humanized Immunoglobulin G 1 (IgG1) inhibitory monoclonal antibody. AV-380 targets growth differentiating factor 15 (GDF15). AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) Recent Trading Information
AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) closed its last trading session down -0.020 at 0.660 with 215,827 shares trading hands.
