Date: 2015-01-07
Type of information: Nomination
Compound:
Company: Aveo Oncology (USA - MA)
Therapeutic area: Cancer - Oncology
Type agreement: nomination
Action mechanism:
Disease:
Details: * On January 7, 2015, AVEO Oncology announced that its Board of Directors has appointed Michael P. Bailey as the Company’s president and chief executive officer and has elected Mr. Bailey as a director, effective today. Mr. Bailey, who currently serves as chief business officer of AVEO, succeeds Tuan Ha-Ngoc, who will become chairman of AVEO’s board of directors. Current board chair, Henri A. Termeer, will become lead outside director. AVEO also announced that it will eliminate the Company’s internal research function, as well as certain corporate support positions, to align corporate resources with the Company’s future strategic plans, focusing on advancement of its pipeline in the clinical setting. The restructuring, which includes departure of AVEO’s chief scientific officer, Jeno Gyuris, Ph.D., will result in a reduction of approximately two thirds of AVEO’s workforce, or 40 positions, leaving the Company with 20 full time positions. The restructuring will be substantially completed by January 15, 2015. AVEO expects that the related severance and outplacement charges of approximately $4.5 million incurred in connection with the restructuring will be included in its results of operations for the first quarter of 2015. The reduction in force is expected to reduce compensation expenses annually by approximately $6 million and will reduce AVEO’s facilities requirements by up to 80% of its current space, including the elimination of lab and vivarium needs. Mr. Bailey joined AVEO in 2010 as its chief commercial officer, and in 2013, he was appointed chief business officer, assuming additional responsibilities including business development, program and alliance management and technical operations. Prior to joining AVEO, Mr. Bailey was senior vice president, business development and chief commercial officer of Synta Pharmaceuticals. Prior to joining Synta, Mr. Bailey led ImClone Systems\' worldwide commercial organization. During his nine year tenure at ImClone he was responsible for commercial aspects for the planning and launch of ERBITUX® (cetuximab) across multiple indications as well as new product planning for the ImClone development portfolio, which included CYRAMZA® (ramucirumab) and necitumumab. In addition, Mr. Bailey was a key member of the strategic leadership committees for ImClone and its North American and worldwide partnerships. Prior to joining ImClone, Mr. Bailey managed the cardiovascular development portfolio at Genentech, Inc. and was a key member of their global commercial partnership teams. Mr. Bailey started his career in the pharmaceutical industry as part of SmithKline Beecham\'s executive marketing development program, where he held a variety of commercial roles, including sales, strategic planning, and product management. Mr. Bailey received a B.S. in psychology from St. Lawrence University and an M.B.A. in international marketing from the Mendoza College of Business at the University of Notre Dame.
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