November 13, 2018 / 10:35 PM / 4 months ago

Ex-Aveo Pharmaceuticals CFO takes stand in SEC fraud trial

Aveo Pharmaceuticals Inc’s ex-chief financial officer, who is on trial for allegedly misleading investors by hiding bad news about the biotech’s efforts to obtain regulatory approval for a kidney cancer drug, acknowledged on Tuesday that he never disclosed that the U.S. Food and Drug Administration had recommended the drugmaker conduct another clinical trial.

But under questioning by a U.S. Securities and Exchange Commission lawyer in Boston federal court, David Johnston said Aveo at the time was not sure if the FDA wanted the new trial to occur before or after the agency would approve the drug.

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