May 20, 2010

AVEO Pharmaceuticals to Present at the American Society of Clinical Oncology (ASCO) 2010 Annual Meeting

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Additional Analyses from Phase 2 Trial of Tivozanib and Phase 1 AV-299 Data to be Presented

CAMBRIDGE, Mass., May 20, 2010 (BUSINESS WIRE) –AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO), a biopharmaceutical company focused on discovering, developing and commercializing cancer therapeutics, today announced that data from the company’s tivozanib and AV-299 (SCH 900105) programs will be featured in several poster sessions at the American Society of Clinical Oncology (ASCO) 2010 Annual Meeting being held June 4-8, 2010, in Chicago.

“We are pleased to have the opportunity to present additional analyses from our Phase 2 clinical trial of tivozanib in patients with renal cell cancer, as well as data from a Phase 1 clinical trial of AV-299 in collaboration with Merck at ASCO,” commented William J. Slichenmyer, M.D., Sc.M., chief medical officer, AVEO Pharmaceuticals. “We believe these data represent the positive progress we have made with both the tivozanib and AV-299 programs in the clinic. Based on these promising data, AVEO recently initiated enrollment in a global Phase 3 clinical trial, TIVO-1, of tivozanib in patients with renal cell cancer and we are on track to initiate a Phase 2 clinical trial of AV-299 in patients with non-small cell lung cancer in the first half of this year.”

The schedule for AVEO presentations is as follows:

Date & Time: Monday, June 7, 2010 at 8:00 a.m. CDT
Session Type: Poster Presentation
Track: Developmental Therapeutics
Abstract: 3103
Location: S Hall A2, Poster Board 19G
Presenter: Karen Kelly
Date & Time: Monday, June 7, 2010 at 1:00 p.m. CDT
Session Type: Poster Presentation
Track: Genitourinary Cancer
Abstract: 4599
Location: S Hall A2, Poster Board 5B
Presenter: Pankaj Bhargava, M.D.

The schedule for the AVEO and Merck collaborative poster presentation is as follows:

Date & Time: Saturday, June 5, 2010 at 8:00 a.m. CDT
Session Type: Poster Discussion Session
Track: Developmental Therapeutics
Abstract: 2525
Location: E450a, Poster Board 11
Session Co-chairs: Lesley Seymour, M.D., Ph.D.; Razelle Kurzrock, M.D.
Presenter: Amita Patnaik

An additional AVEO abstract will be published in the ASCO 2010 Annual Meeting abstract book that will be available throughout the meeting.

About AVEO

AVEO Pharmaceuticals (NASDAQ: AVEO) integrates a proprietary cancer biology platform with drug development and commercial expertise in its efforts to discover and develop targeted cancer therapeutics. The company’s lead product, tivozanib, is an oral, triple VEGF receptor inhibitor with potential for a best-in-class profile. Tivozanib is currently being investigated in a global, randomized Phase 3 clinical trial called TIVO-1 comparing tivozanib to sorafenib in advanced kidney cancer, as well as additional clinical studies in other solid tumor types. AVEO’s proprietary, integrated cancer biology platform offers the company a unique advantage in oncology drug development that both increases the probability of clinical success and provides a discovery engine for high-value targets. This approach has resulted in a promising pipeline of monoclonal antibodies against novel targets including HGFErbB3RON, Notch and FGFR. For more information, please visit the company’s website at

Any statements in this press release about our future expectations, plans and prospects, including statements about the data that we have obtained in clinical trials of tivozanib and AV-299 being promising, the planned commencement of the AV-299 Phase 2 trial, the company’s cancer biology platform increasing the probability of clinical success and providing a discovery engine for high-value targets, and other statements containing the words “believes,” “anticipates,” “plans,” “expects,””will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks relating to: our ability to successfully research, develop and obtain and maintain regulatory approvals for tivozanib, AV-299 and our other product candidates; our inability to obtain and maintain adequate protection for intellectual property rights relating to our product candidates and technologies; unplanned operating expenses and our ability to raise the substantial additional funds required to achieve our goals; competitive factors; our ability to maintain our strategic partnerships and risks related to the failure of our strategic partners to meet their obligations under their agreements with us; general economic and industry conditions; and other factors discussed in the “Risk Factors” section of our most recent Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission, and in other filings that we periodically make with the SEC. In addition, the forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

SOURCE: AVEO Pharmaceuticals, Inc.

AVEO Pharmaceuticals, Inc.
David Johnston,Chief Financial Officer
Pure Communications
Caton Lovett, 910-232-7166