Aveo to slash 62 percent jobs; focus on colon, breast cancer drug

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Aveo to slash 62 percent jobs; focus on colon, breast cancer drug

(Reuters) - Aveo Pharmaceuticals Inc said it would cut about 62 percent of its workforce, or 140 jobs, to focus on developing its most important drug for colon and breast cancer as it does not expect U.S. regulatory approval for the drug to treat kidney cancer. The company's shares rose 3.2 percent to $2.57 in post-market trading. Aveo also said Chief Operating Officer Elan Ezickson has resigned and would leave at the end of July. His responsibilities will be handled by Chief Commercial Officer Michael Bailey, who is also slated to take up a new role as chief business officer from August. ...

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