AVEO Pharmaceuticals Appoints William J. Slichenmyer, M.D., Sc.M., as Chief Medical Officer and Robert C. Young, M.D., to Board of Directors

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 the appointment of William J. Slichenmyer,
M.D., Sc.M., to the position of chief medical officer. Dr. Slichenmyer brings 15
years` experience leading the clinical development of novel cancer therapeutics
at biopharmaceutical companies including Pfizer, Bristol-Myers Squibb and
Merrimack Pharmaceuticals. In addition, AVEO has appointed Robert C. Young,
M.D., president of RCY Medicine and former chancellor of Fox Chase Cancer Center
in Philadelphia, PA, to its Board of Directors.

"We are thrilled to announce these strategic additions to our management team
and Board of Directors as they position the company for our next phase of growth
and further support us as we achieve steps toward our goal of building a
fully-integrated oncology company," said Tuan Ha-Ngoc, president and chief
executive officer of AVEO. "Bill`s appointment as chief medical officer is a key
step forward for AVEO. Notably, Bill`s experience as leader of the Pfizer
oncology clinical development group, which guided Sutent through FDA approval in
less than six years, will add critical value to AVEO as we move our lead
oncology drug candidate, tivozanib, into Phase 3 development. Similarly, Bill`s
experience developing monoclonal antibodies as cancer therapeutics will be
invaluable as AVEO continues to advance antibody candidates from our in-house
drug discovery engine into the clinic."

"There is a clear and growing need for new targeted VEGF therapies that do not
compromise safety for efficacy in treating cancer," commented Dr. Slichenmyer.
"The AVEO team is deeply committed to addressing this serious unmet need for
patients battling cancer. I am pleased to join the AVEO team at such an exciting
and pivotal juncture as the company prepares to launch a global Phase 3 trial
with tivozanib in patients with renal cell cancer later this year."

Dr. Slichenmyer`s pharmaceutical industry career spans 15 years in both large
and small biopharmaceutical companies where he has contributed to the
development of anticancer agents of many classes including cytotoxic drugs,
monoclonal antibodies, oligonucleotide therapeutics and targeted small
molecules. Prior to joining AVEO, Dr. Slichenmyer most recently served as chief
medical officer at Merrimack Pharmaceuticals, where he led the development of
novel protein-based therapeutics for patients with cancer and autoimmune
diseases. Before his tenure at Merrimack, Dr. Slichenmyer spent seven years at
Pfizer in roles that included global head of oncology clinical development,
where he led the development and FDA approval process of the Sutent program, as
well as positions in medical affairs and regulatory affairs. Prior to joining
Pfizer, Dr. Slichenmyer held various senior level positions at Parke-Davis
Pharmaceuticals, Hybridon Inc., Bristol-Myers Squibb Pharmaceutical Research
Institute and Burroughs-Wellcome. Dr. Slichenmyer received his B.A. and M.D.
from Case Western Reserve University. He received postgraduate training in
pathology and internal medicine, followed by subspecialty training in medical
oncology at the Johns Hopkins Oncology Center, where he also earned a master`s
degree in clinical investigation.

"AVEO is also pleased to welcome Bob Young, a world-renowned leader in the field
of oncology, to our Board of Directors," commented Mr. Ha-Ngoc. "Bob`s addition
to the AVEO Board continues to strengthen our team of strategic counselors and
advisors, and provides us with an even broader base of oncology expertise upon
which to draw as we develop our pipeline."

"AVEO is developing several exciting novel cancer therapeutics that would
address clear unmet medical needs. Guided by their unique biology platform, the
company is more likely to develop the right drugs for the right cancer
patients," stated Dr. Young. "I look forward to working with the AVEO management
team and Board of Directors as the company continues to build meaningful
industry partnerships and collaborations, and moves toward commercialization."

Dr. Young is president of RCY Medicine, a consulting service focused on cancer
center productivity, health care quality and health policy. He previously served
as chancellor of Fox Chase Cancer Center in Philadelphia for two years and for
18 years prior to that was its president and chief executive officer. Dr. Young
is internationally known for his work in the treatment of lymphoma and ovarian
cancer. He is a past-president of the American Society of Clinical Oncology
(ASCO), the American Cancer Society and the International Gynecologic Cancer
Society. A medical oncologist, Dr. Young is the author of more than 400
peer-reviewed publications. Dr. Young served for seven years as chairman of the
Board of Scientific Advisors of the National Cancer Institute. He is a former
member of the National Cancer Policy Board at the Institute of Medicine and is
past chairman of the board of the National Comprehensive Cancer Network. A
fellow of the American College of Physicians, Dr. Young is also a member of the
prestigious American Society of Clinical Investigation. He has also served on
the subspecialty board on medical oncology for the American Board of Internal
Medicine, on the experimental therapeutics study section of the National Cancer
Institute and on the ovarian cancer implementation committee for the Department
of Defense. Dr. Young was an associate editor of the Journal of Clinical
Oncology from 1987 to 2001 and currently chairs the editorial board of Oncology
Times. Dr. Young received his B.Sc. in zoology from Ohio State University and
his M.D. from Cornell University Medical College. He is board-certified in
internal medicine, hematology and oncology by the American Board of Internal
Medicine.

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, tivozanib (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
Pure Communications
Caton Lovett, 910-232-7166

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