Aveo Oncology (AVEO) announces a strategic restructuring to refocus on the ongoing clinical development of tivozanib, its treatment for colorectal and breast cancer, as well as advancing key pipeline and preclinical assets. The restructuring is expected to extend the company's cash runway for at least two years, putting it beyond anticipated data read-outs from ongoing trials. Management will host a conference call at 8:30 a.m. ET tomorrow to discuss the move in more detail. AVEO STRATEGIC RESTRUCTURING WILL ELIMINATE APPROXIMATELY 140 POSITIONS, OR 62% OF AVEO'S WORKFORCE, ACROSS THE COMPANY
