CAMBRIDGE, Mass. (AP) — Aveo Pharmaceuticals Inc. reported a wider fourth-quarter loss Tuesday as it continued to study its experimental cancer drugs tivozanib and ficlatuzumab.
Aveo said it lost $25.2 million, or 58 cents per share, during the fourth quarter. A year earlier it posted a loss of $10.3 million, or 30 cents per share. Revenue from collaborations with companies like Astellas Pharma and Johnson & Johnson fell to $1.1 million from $12 million.
Analysts expected the company to report a loss of 57 cents per share and $5 million in revenue, according to FactSet.
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Aveo said its results reflect greater manufacturing costs for tivozanib and ficlatuzumab and one-time costs from strategic, legal, and financial advisers related to its collaboration with Astellas. Astellas is Aveo's partner on tivozanib, the most advanced drug candidate for Aveo. In January the companies said the drug met its goal in a late-stage clinical trial, as patients who took tivozanib had greater progression-free survival than patients who took Nexavar, a drug made by Onyx Pharmaceuticals Inc. and Bayer.
Tivozanib is being studied as a treatment for advanced renal cell carcinoma. Aveo and Astellas plan to file for U.S. marketing approval during the third quarter. Ficlatuzumab is in mid-stage trials as a treatment for non-small cell lung cancer.
In 2011 Aveo reported a profit of $30.6 million, or 74 cents per share. In 2010 it lost $58.8 million, or $2.30 per share. Revenue climbed to $164.9 million from $44.7 million.
For 2012, the company said it expects $130 million in research and development spending before cost-sharing with Astellas. It has enough cash, cash equivalents and marketable securities to fund its operations into the second half of 2013.
Shares of Aveo Pharmaceuticals fell 53 cents, or 3.9 percent, to $13.23 in afternoon trading.
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