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      AVEO Pharmaceuticals, Inc. (AVEO) Stock Plunged 4.79% Today, Here’s Why - Stocks Telegraph

      By Iqra Jamal

      Published on

      September 20, 2021

      2:50 PM UTC

      AVEO Pharmaceuticals, Inc. (AVEO) Stock Plunged 4.79% Today, Here’s Why - Stocks Telegraph

      AVEO Pharmaceuticals, Inc. (AVEO) plummeted 4.79% in the current-market trading session at the price of $6.56 after FDA granted Fast Track Designation (FTD) to ficlatuzumab to treat patients with R/R HNSCC. AVEO is an oncology-focused biopharmaceutical company. It commercializes and delivers medicines to provide a better life for patients dealing with cancer. The company is currently marketing its FOTIVDA drug to treat patients with relapsed or refractory renal cell carcinoma (RCC). 

      FDA Granted Fast Track Designation to Ficlatuzumab  

      On 20th September 2021, AVEO published that ficlatuzumab has granted Fast Track Designation by the U.S. Food and Drug Administration (FDA). Ficlatuzumab, an investigational potent humanized immunoglobulin G1 monoclonal antibody, targets hepatocyte growth factors. This drug has designed to treat patients with relapsed or recurrent head and neck squamous cell carcinoma (R/R HNSCC).  

      CEO of AVEO, Michael Bailey, remarked that the Fast Track Designation granted by FDA emphasizes ficlatuzumab’s potential to address serious unmet medical needs. This drug is an important therapeutic option for patients dealing with metastatic HNSCC. They are dedicated to unlock the potential of ficlatuzumab and look forward to work with the FDA to advance their program to the next step, he added. 

      AVEO Announced Second Quarter 2021 Financial Results 

      On 5th August 2021, AVEO announced its financial results for the second quarter ended 30th June 2021 and provided a business update. The net product revenue was $6.7 million for the second quarter ended 30th June 2021. It included a gross-to-net estimate of 16% and an inventory shipped to distributors during the quarter.  As of 30th June 2021, the total U.S. net product revenue since FOTIVDA’s commercial launch was $7.8 million. The company ended the second quarter of 2021 with $102.9 million in cash, cash equivalents, and marketable securities. Cash and cash equivalents were $61.8 million as of 31st December 2020. 

      AVEO reported total revenue of approximately $7.6 million for the second quarter ended 30th June 2021. Total revenue was $0.7 million for the same quarter of the previous year. For the second quarter of 2021, the net loss was $13.6 million or $0.40 per basic and diluted share. The net loss was $7.3 million or $0.42 per basic and diluted share for the same quarter of 2020. Net loss for the second quarter of 2021 indicates an estimated $2.6 million non-cash gain attributable to the reversal of the fair market value of the PIPE Warrant liability. 

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