AVEO Pharmaceuticals (NASDAQ: [[ticker:AVEO]]), a Cambridge, MA-based cancer drug developer, announced today that it has regained its worldwide rights to its antibody drug candidate AV-299 from Merck’s Schering subsidiary. Merck said it ended its collaboration with AVEO because the drug candidate was no longer a priority in its portfolio, according to today’s announcement. AVEO, which initiated a Phase II clinical trial in June of the tumor-fighting drug alongside other treatments in patients with non-small cell lung cancer, said the company’s expected 2010 year-end cash balance will not be affected by Merck’s decision.
Author: Erin Kutz
Erin Kutz has a background in covering business, politics and general news. She holds a bachelor’s degree in journalism from Boston University. Erin previously worked in the Boston bureau of Reuters, where she wrote articles on the investment management and mutual fund industries. While in college, she researched for USA Today reporter Jayne O’Donnell’s book, Gen Buy: How Tweens, Teens and Twenty-Somethings Are Revolutionizing Retail. She also spent a semester in Washington, DC, reporting Capitol Hill stories as a correspondent for two Connecticut newspapers and interning in the Money section of USA Today, where she assisted with coverage on the retail and small business beats. Erin got her first taste of reporting at Boston University’s independent student newspaper, as a city section reporter and fact checker and editor of the paper’s weekly business section.
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