AVEO dips on weaker revenue report

AVEO Pharmaceuticals shares were down slightly this morning after the company reported its first quarter revenue fell nearly 67 percent to $300,000 compared to the same period a year ago.

Officials said last year's revenue number included money from the Cambridge-based company's collaboration agreement with Centocor, a unit of Johnson & Johnson, which did not recur in the first quarter of 2013.

The company's net loss for the first quarter was $34.1 million, or $0.69 per share, compared with a net loss of $33.2 million, or $0.77 per share, for the first quarter of 2012.

The company said that based on current operating plans, it expects to end the year with nearly $60 million in cash, cash equivalents and marketable securities, and anticipates the capital is sufficient to fund its operations into the second quarter of 2014.

AVEO said it expects to host a conference call Thursday following a review by the U.S. Food and Drug Administration's Oncologic Drugs Advisory Committee of the company's new drug application for tivozanib, which is designed to treat patients with advanced renal cell carcinoma.

The company added it netted proceeds of nearly $53.6 million from a completed public offering of stock.

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AVEO dips on weaker revenue report

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