Aveo Oncology said Wednesday that the Food and Drug Administration will complete a review of its cancer pill Tivopath by July 28.
Aveo and its partner Astellas Pharma Inc. want to market Tivopath as a treatment for advanced kidney cancer. The companies said the FDA accepted their application, and the agency will conduct a standard 10-month review. Astellas will pay Aveo $15 million now that the filing has been accepted.
Tivopath, or tivozanib, is a tablet intended to be taken once per day. The companies are also studying the drug as a treatment for other solid tumors, including cancers of the breast and colon.
Shares of Aveo Pharmaceuticals Inc., the official name of Aveo Oncology, lost 54 cents, or 7.6 percent, to $6.57 in midday trading. Its shares have traded in a 52-week range of $5.80 to $17.65.