Aveo Oncology said today it will cut nearly 45 jobs and eliminate open positions to save about $100 million over the next three years as part of a restructuring plan.
The Cambridge-based company said the job cuts will help Aveo focus on launching its treatment for renal cell carcinoma, called tivozanib to treat renal cell carcinoma.
The layoffs amount to 17 percent of Aveo's work force. Another 30 open positions will be eliminated.
The company said its net loss for the third quarter totaled $30.1 million, compared with $23.8 million for the same period last year. Revenue fell to about $1 million, from $3.6 million.
Aveo expects to end the year with nearly $135 million in cash and investments, enough capital to fund operations through 2013.
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