Aveo reports financial results
Aveo Pharmaceuticals Inc., a Cambridge company developing potential cancer drugs, reported total 2011 collaboration revenues of $164.8 million, compared with $44.7 million for 2010.
According to Aveo, net income for 2011 was $30.6 million, or basic and diluted earnings per share of $0.77 and $0.74, respectively, compared with a net loss of $58.8 million, or basic and diluted loss per share of $2.30 for 2010.
Research and development expense for 2011 was $101.7 million, compared with $86.3 million for 2010, Aveo said in a press release. The increase in R&D expense was partly due to an increase in contract manufacturing costs for its drug candidates.
The company said it ended 2011 with cash, cash equivalents, and marketable securities of $275.4 million.
Chris Reidy can be reached at reidy@globe.com.
