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AVEO receives milestone payment from CANbridge for tumor inhibitor

AVEO Pharmaceuticals Inc. received a milestone payment of $500,000 from CANbridge Life Sciences for the technology transfer milestone of AV-203, AVEO's inhibitory antibody candidate for tumors.

The drug demonstrated preclinical activity in several tumor models including breast, head and neck, lung, ovarian and pancreatic cancers.

CANbridge plans to develop AV-203 first in esophageal squamous cell cancer, the most prevalent form of esophageal cancer, as its initial indication.

In March 2016, AVEO signed an exclusive collaboration and license agreement, granting CANbridge worldwide rights to AV-203, excluding the U.S., Canada, and Mexico. CANbridge paid AVEO an upfront payment of $1 million.

AVEO is also eligible to receive up to $133 million in reimbursement and milestone payments, assuming the successful achievement of specified development, regulatory and commercialization objectives. It has retained North American rights to AV-203 and is also eligible for a tiered royalty, with a percentage range in the low double digits, on net sales of AV-203 in the partnered territories.