CAMBRIDGE — Aveo Pharmaceuticals Inc. said today that its net loss widened in the third quarter as the company took in less revenue from drug development agreements and pushed ahead with its experimental kidney cancer drug.
The company posted a net loss of $23.8 million, or 55 cents per share, for the three months ended Sept. 30 versus a net loss of $18.6 million, or 60 cents per share, a year ago.
Revenue fell to $3.6 million from $6.2 million a year ago. The decrease was mainly due to Aveo completing a drug development collaboration with OSI and terminating an agreement with Merck.
Aveo shares rose 11 cents to $15.43 in midday trading.
Aveo is working to complete a late-stage trial of its drug tivozanib in comparison to the Bayer drug Nexavar. The company’s research and development costs were flat at about $20.1 million.
The drug is being co-developed with Astellas Pharma. The companies expect preliminary results from the trial in the first quarter of 2012.