AVEO’s initiation of SCH 900105 Phase 2 trial in non-small cell lung malignancy triggers $8.5M milestone payment AVEO Pharmaceuticals, Inc. , a biopharmaceutical business focused on discovering, commercializing and developing cancer therapeutics, today announced that it provides initiated a Stage 2 scientific trial evaluating SCH 900105 for the treatment of non-small cell lung cancer pharmacy article . The initiation of the trial triggers an $8.5 million milestone payment by Merck to AVEO resulting from a 2007 agreement between AVEO and Schering-Plough . Furthermore, AVEO announced the demonstration of outcomes of a Phase 1 tolerability and safety trial of SCH 900105, an investigational antibody targeting hepatocyte growth factor/scatter element , at the 46th Annual Getting together with of the American Culture of Clinical Oncology being kept in Chicago.
Our expected year-end 2010 cash balance continues to be unchanged, and we reaffirm that AVEO has adequate capital to take us beyond data from TIVO-1, our ongoing Stage 3 medical trial of tivozanib in sufferers with renal cell carcinoma. We anticipate sharing top-series TIVO-1 data in mid-2011.’ ‘Merck is pleased with our history of collaborating with AVEO, and would welcome the chance to work with AVEO again later on,’ stated David Nicholson, Ph.D., senior vice president and mind of worldwide licensing and knowledge management at Merck. ‘The decision to return the program to AVEO is because portfolio prioritization.’.. AVEO regains global rights for development, commercialization of AV-299 anti-HGF antibody candidate AVEO Pharmaceuticals, Inc.