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AVEO to cut 45 jobs, 17% of its staff

AVEO Oncology, a Cambridge company looking to develop a treatment for advanced kidney cancer, has embarked on a “strategic restructuring” that will cut 45 positions, or 17 percent of the workforce, as well as eliminate 30 open positions.

The reduction, unveiled Tuesday, is part of a program that is expected to save 100 million over the next three years, with $37 million in savings projected in 2013. After the restructuring, AVEO will have about 225 employees.

The announcement was included in a press release about third-quarter earnings.

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Total collaboration revenue for the quarter was $1 million, compared with $3.6 million for the third quarter of 2011. AVEO said its net loss was $30.1 million, or basic and diluted net loss per share of 69 cents, compared with a net loss of $23.8 million, or basic and diluted net loss per share of 55 cents, a year earlier.

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In September, AVEO and the Japanese drug maker Astellas Pharma Inc. said they had submitted a new drug application to the Food and Drug Administration for tivozanib, a potential treatment for advanced kidney cancer.

AVEO said Tuesday that it is now seeking collaborators to help develop ficlatuzumab, another cancer drug candidate.

Chris Reidy