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The Boston Globe

Business

Regulatory, financial blows for cancer drug maker Aveo

A panel of medical specialists recommended Thursday that the Food and Drug Administration reject a kidney cancer drug developed by Aveo Pharmaceuticals Inc., cutting the Cambridge company’s stock price nearly in half and dimming prospects for a medicine once considered promising for patients.

The surprise 13-to-1 vote against approving the experimental capsule, called tivozanib, delivered a blow to Aveo, which last fall restructured its operations to concentrate on the cancer drug. While the advisory panel’s action is not binding, the FDA rarely overrides such recommendations. The agency is expected to render its decision by July 28.

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