Cambridge, MA-based Aveo Pharmaceuticals (NASDAQ:[[ticker:AVEO]]) said today that it expects to receive $25 million in two equal payments because OSI Pharmaceuticals has exercised its option to internalize Aveo’s Human Response Platform for certain research of cancer treatments and patient biomarker selection. The Human Response Platform is Aveo’s technology for engineering animal models with genetic mutations that are present in human forms of cancer. Aveo has received the first $12.5 million fee from OSI and the second payment of the same amount is expected once Aveo transfers the technology to OSI in July 2011, according to the companies.
Author: Ryan McBride
Ryan is an award-winning business journalist who contributes to our life sciences and technology coverage. He was previously a staff writer for Mass High Tech, a Boston business and technology newspaper, where he and his colleagues won a national business journalism award from the Society of American Business Editors and Writers in 2008. In recent years, he has made regular TV appearances on New England Cable News.
Prior to MHT, Ryan covered the life sciences, technology, and energy sectors for Providence Business News. He graduated with honors from the University of Rhode Island in 2001 with a bachelor’s degree in communications. When he’s not chasing down news, Ryan enjoys mountain biking and skiing in his home state of Vermont.
View all posts by Ryan McBride
