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Aveo drug granted EU orphan status

By Globe Staff
June 25, 2010

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Aveo Pharmaceuticals Inc., a Cambridge biotech firm, said the European Medicines Agency has granted orphan status to one of its experimental drugs.

The drug is tivozanib, a potential treatment of renal cell carcinoma, a form of kidney cancer, Aveo said. Orphan medicinal product designation is awarded by the European Medicines Agency for drugs that are shown to diagnose, prevent, or treat life-threatening or rare, serious conditions.

The designation allows a drug maker market exclusivity in the European Union for 10 years following market authorization.

Tivozanib is in late stage trials in a number of global markets, including the United States. Shares fell 59 cents to $7.28.