You can now read 5 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

Around the Region

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.

Continue reading below

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

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.

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.

Loading comments...
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.