AVEO Brings On New CFO, Hopeful Better Days Are Ahead
Posted on January 06, 2020 by Medtech[y] Staff
AVEO Oncology (NASDAQ: AVEO) announced they have hired a new CFO, Erick Lucera, as the company looks to work their way to right the ship towards approval of their cancer drug, tivozanib.
The hiring of a CFO is a great step as it shows investors that an executive with legitimate biotech and acquisition experience is willing to join the company considering the company's past struggles in the approval process of tivozanib.
“It is a pleasure to welcome Erick to the AVEO team,” said Michael Bailey, president and chief executive officer of AVEO. “With a proven track record of success in a range of senior executive roles at multiple biopharmaceutical and medical technology companies, his experience will be invaluable as we continue to pursue our goal of unlocking the full potential of tivozanib and advance the remainder of our pipeline candidates. I look forward to leveraging his insights as we work toward becoming a fully integrated biopharmaceutical company.”
Would an executive join AVEO as CFO if they believed the past struggles would continue in the quest towards FDA approval? Most likely not.
“With a New Drug Application filing for tivozanib expected in the first quarter of 2020, I believe AVEO is well-positioned to deliver on its goal of bringing novel, effective cancer therapies to patients with high unmet need,” said Mr. Lucera. “I look forward to working alongside an accomplished leadership team and to contributing to the Company’s success.”
With an NDA for tivozanib expected in the first quarter of 2020, is AVEO looking at a "Groundhog Day" scenario or has the company done enough to satisfy the requests from the FDA?
The setbacks have been well documented going all the way back to 2013 when AVEO was hit with a complete response letter. And 2019 wasn't kind to the company either as the FDA advised AVEO against filing a CRL in February. Similar news hit in November of 2019 with the stock cratering 40% on the news.
Will 2020 be kinder to AVEO? Only time will tell but it is a good sign the company has found a new CFO to help get the company going in the right direction.