AVEO Pharmaceuticals, Inc. (AVEO) stocked surged 89.11% on Wednesday, March 10, 2021, and the rally continued in the after-hours session as it gained 28.93% more in value.
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The stock price soared after the company announced that it has got the FDA approval for the FOTIVDA (tivozanib). FOTIVDA is the first therapy approved for adult patients with relapsed or refractory advanced renal cell carcinoma following two or more Prior Systemic Therapies.
The Approval came after the positive results from the phase 3 studies. Tivozanib for the treatment of adults with relapsed or refractory advanced renal cell carcinoma (RCC) who have received two or more prior systemic therapies. FOTIVDA is an oral, next-generation vascular endothelial growth factor (VEGF) tyrosine kinase inhibitor (TKI). The Company is looking to launch the product in the U.S. by March 31, 2021.
Tivozanib is an oral, next-generation vascular endothelial growth factor receptor (VEGFR) tyrosine kinase inhibitor (TKI). It is a potent, selective inhibitor of VEGFRs 1, 2, and 3 with a long half-life designed to improve efficacy and tolerability.
The appointment of a new Chief Commercial officer:
With the FDA approval of FOTIVDA, today the company also appointedMike Ferraresso as a chief commercial officer. His key responsibility will be managing AVEO’s commercial strategy and operations, including the commercialization of FOTIVDA.
The president and chief executive officer of AVEO Michael Bailey said that he is very pleased with the appointment of Mike Ferraresso as a chief commercial officer. He said that he is looking forward to work with Mike in his new role as the company continue to execute the mission of improving the lives of patients with cancer.”
On his appointment, MrFerraresso said that he is looking forward to contributing to our evolution into a commercial organization.”
MrFerraresso joined the company in December 2017 and he was working as a senior vice president, business analytics and commercial operations. He has over 20 years of commercial pharmaceutical and biotechnology experience. He served in several biotechnology and pharmaceutical companies, including at Verastem, Infinity Pharmaceuticals etc. he played a key role in the business development activities of AVEO. MrFerraresso holds a BA degree in Economics from Assumption College.