AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) stock shows moves down of -0.34% and traded at a price of $2.96 in preceding trading session.
AVEO Oncology (NASDAQ:AVEO) revealed that the UK’s National Institute for Health and Care Excellence (NICE) has published a Final Appraisal Determination (FAD) recommending FOTIVDA (tivozanib) for the first line treatment of adult patients with advanced renal cell carcinoma (aRCC). In the European Union, Norway and Iceland, tivozanib is indicated for the first line treatment of adult patients with aRCC and for adult patients who are vascular endothelial growth factor receptor (VEGFR) and mTOR pathway inhibitor-naïve following disease progression after one prior treatment with cytokine therapy for aRCC.1 Tivozanib is an oral, once-daily, potent and highly-selective vascular endothelial growth factor receptor tyrosine kinase inhibitor (VEGFR-TKI).
EUSA Pharma is the licensee for tivozanib in Europe, North and South Africa, Latin America and Australasia. The positive recommendation triggers a $2M milestone payment to AVEO from EUSA Pharma.
“The recommendation from NICE marks the first European Union reimbursement approval for FOTIVDA, helping ensure broadening patient access to FOTIVDA in key European markets following its launch in Germany in the fall of 2017,” said Michael Bailey, president and chief executive officer of AVEO. “This recommendation underscores the strength and commercial-stage value of our partnership with EUSA Pharma, and triggers a $2 million milestone payment to AVEO. We continue to execute on our strategic plans, and we have had a very productive 2018 thus far, with the recent presentation of positive preliminary data from our tivozanib and nivolumab combination TiNivo study in RCC and an investigator sponsored study of tivozanib in liver cancer. We look forward to several potential additional key milestones in 2018, including further EU reimbursement decisions as well as topline data in the second quarter from our Phase 3 TIVO-3 study.”
Under the terms of their December 2015 agreement, EUSA Pharma has agreed to pay AVEO up to $386 million in future research and development funding and milestone payments, assuming successful achievement of specified development, regulatory and commercialization objectives, as well as a tiered royalty ranging from a low double-digit up to mid-twenty percent on net sales of tivozanib in the agreement’s territories. Thirty percent of milestone and royalty payments received by AVEO, excluding research and development funding, are due to Kyowa Hakko Kirin (KHK) as a sublicensing fee in Europe. In the United States, the royalty obligation to KHK ranges from the low- to mid-teens on net sales.
Its 52-week range quite noticeable, lower range was $493.19% and hit highest level of $-30.19%. The overall volume in the last trading session was 22039 shares. The liquidity position of firm is on noticeable level, as its current ratio was calculated as 2.30 at the same time.
3M Company (NYSE:MMM) makeup itself as poignant stock, raised 0.57% to trade at $230.50. 3M Recognized by Ethisphere Institute as a World’s Most Ethical Company for 5th Consecutive Year. The Ethisphere Institute recognized 3M for ethics and integrity in business conduct and compliance for the fifth straight year. 3M is one of only a handful of industrial companies worldwide to be recognized this year.
Recognizing that corporate integrity, character and transparency impact the public trust of companies, the Ethisphere Institute defines and advances standards of ethical business practices through data-driven insights.
“Our company maintains an unwavering commitment to ethics and I am very proud of this acknowledgement from Ethisphere,” said VeenaLakkundi, 3M’s vice president and chief compliance officer. “At 3M, we achieve this when all of us at the company strive to live the 3M Code of Conduct. Our 91,000 employees have collectively won this award.” 3M’s Code of Conduct is central to the company’s playbook and viewed as a competitive advantage. It is an integral factor in 3M’s high reputation among consumers and across many industries. 3M leaders create and promote a workplace environment where compliance and ethical business conduct are expected and encouraged through a strong tone at the top and leading by example.
3M is one of only 135 companies around the world that were designated as a World’s Most Ethical Company. Ethisphere evaluates companies in five categories: ethics and compliance program, citizenship and corporate responsibility, culture of ethics, governance, and leadership, innovation and reputation.
The firm holds total outstanding shares are 596.30 million shares and floated shares were 594.90 million. As the returns are concern, return on equity was recorded 42.00% and firm increased its return on investment 20.50% while its return on asset stayed at 13.80%.