Jan 30 Aveo Oncology said it would end
a mid-stage trial testing its lead drug as a treatment for
breast cancer, as the company did not have enough patients
enrolled in the study.
Aveo, which was developing the drug with Japan's Astellas
Pharma Inc, said enrollment in the study had been
slower than expected and did not improve despite efforts to
recruit more patients.
The company, which cut 62 percent of its workforce last year
to focus on developing the drug as a treatment for breast and
colon cancers, said in December that it was not likely to
succeed in a mid-stage colon cancer study.
The U.S. Food and Drug Administration rejected the drug,
tivozanib, as a treatment for kidney cancer in June, saying that
study results were inconsistent.
The breast cancer study, which began in December 2012, was
testing the efficacy of tivozanib in combination with another
cancer drug on patients with locally recurrent or metastatic
triple negative breast cancer.
Aveo's shares, which fell 78 percent in 2013, closed at
$1.77 on the Nasdaq on Wednesday.