Aveo drug granted EU orphan status
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.