AVEO Pharmaceuticals to Present at Several Key Upcoming Medical and Industry Conferences

Progression-free Survival Data from AV-951 Phase 2 Trial in Advanced Kidney
Cancer to be Highlighted at ASCO
CAMBRIDGE, Mass.--(Business Wire)--
AVEO Pharmaceuticals, Inc., a biopharmaceutical company leveraging breakthrough
discoveries in cancer biology to discover, develop and commercialize targeted
oncology therapies, today announced that the company will be participating in
several upcoming medical and industry conferences.

Elan Ezickson, chief business officer at AVEO, will participate in an Expert
Panel titled "New Developments in Solid Tumors, Focusing on GU and GI Cancers"
at 8:10 a.m. EDT, as well as present a corporate update on AVEO at 9:30 a.m.
EDT, at the Leerink Swann Novel Cancer Therapeutics Roundtable Conference on
Wednesday, May 20, 2009 at the Roosevelt Hotel in New York City.

Murray Robinson, Ph.D., senior vice president, oncology, at AVEO, will
participate in a panel titled "New Developments in Targeted Cancer Therapies" at
10:00 a.m. EDT on Wednesday, May 20, 2009, during the 2009 BIO National
Convention at the Georgia World Congress Center in Atlanta, GA. This session
will explore some of the new developments in the area of targeted cancer
therapy, including emerging first- and best-in class compounds currently in
clinical trials that hold promise to augment the limited number of currently
marketed targeted therapies and extend survival and quality of life for cancer
patients.

In addition, AVEO will present data from its recently completed Phase 2 trial of
its oral, triple VEGF receptor inhibitor AV-951 at the 45th
Annual Meeting of the American Society of Clinical Oncology (ASCO) in
Orlando, Florida. The data will be discussed during a poster session at 2:00
p.m. EDT on Friday, May 29, 2009 entitled "Updated activity and safety results
of a phase II randomized discontinuation trial (RDT) of AV-951, a potent and
selective VEGFR1, 2 and 3 kinase inhibitor, in patients with renal cell
carcinoma (RCC)," abstract number 5032.

"This is an exciting time at AVEO and we are pleased to participate in these
upcoming events," stated Tuan Ha-Ngoc, president and chief executive officer of
AVEO Pharmaceuticals. "In particular, we appreciate the opportunity to share our
full Phase 2 data with the medical community and look forward to initiating a
global Phase 3 trial for AV-951 in advanced renal cell cancer later this year."

About AV-951

AV-951, an investigational new drug is a novel, highly potent and selective
inhibitor of VEGF receptors 1, 2 and 3, exhibiting picomolar inhibitory activity
against all three receptors. Angiogenesis inhibition has demonstrated benefit
for patients with a wide range of cancer types, including renal cell carcinoma,
metastatic breast cancer, colorectal cancer, and non-small cell lung cancer. Due
to its potency and specificity, AVEO believes AV-951 may enable maximal
inhibition of the VEGF pathway, while avoiding side effects associated with
off-target activity. Such a profile may enable AV-951 to be more readily
combined with standard chemotherapy as well as other targeted therapies,
potentially increasing the breadth of its clinical utility. In addition, AVEO
has evaluated AV-951 using its Human Response Platform (HRP), a unique set of
engineered tumor models that provide further insight into potential clinical
settings, combinability with other anti-cancer agents, tumor subtypes and
responsive patient populations.

AVEO recently completed a Phase 2 placebo-controlled, randomized discontinuation
trial assessing the efficacy and safety of once-daily, oral AV-951 in renal cell
carcinoma (RCC). In addition, AVEO is currently conducting multiple ongoing
clinical trials of AV-951 including a Phase 1b trial in combination with
temsirolimus (Torisel), an approved mTOR inhibitor, in patients with mRCC; a
Phase 1 trial in combination with the FOLFOX6 chemotherapy regimen in patients
with advanced colorectal cancer and other gastrointestinal cancers; a Phase
1b/2a trial in combination with paclitaxel (Taxol) in patients with metastatic
breast cancer; and a Phase 1b/2a trial as monotherapy in patients with non-small
cell lung cancer.

About AVEO

AVEO is a late-stage biopharmaceutical company focused on the discovery and
development of novel, targeted cancer therapeutics. AVEO`s proprietary,
integrated cancer biology platform enables the company to pursue highly
efficient drug development strategies in oncology that increase the probability
of clinical success and provides a discovery engine for high-value targets and
therapies. This approach has resulted in a balanced pipeline of novel cancer
therapies focused on well-validated targets (VEGFR, EGFR) and promising novel
targets (HGF, FGFR, ErbB3 and NOTCH), as well as collaborations with Eli Lilly,
Merck, OSI Pharmaceuticals, Schering-Plough and Biogen Idec. The company`s lead
product, AV-951, a triple VEGF receptor inhibitor, recently completed Phase 2
clinical development in patients with metastatic renal cell cancer and is
expected to enter Phase 3 development in 2009. Through a combination of internal
drug discovery and selective in-licensing of targeted therapeutics, AVEO is
building a diversified product pipeline and moving toward its vision of becoming
a fully integrated biopharmaceutical company. For more information, please visit
the company's website at www.aveopharma.com.

AVEO Pharmaceuticals, Inc.
David Johnston, Chief Financial Officer
617-299-5000
or
Caton Lovett, Pure Communications
910-232-7166

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