AVEO To Slash Jobs, PSTI, RIGL Hit Hard, STEM, NVIV, RGDX Fatten Purse

(RTTNews.com) - In an effort to extend its cash runway for at least two years, AVEO Oncology ( AVEO ) on Tuesday announced a strategic restructuring that will reportedly include slashing 62% of its workforce. More details about the restructuring will be revealed during a conference call that will be hosted at 8:30 a.m. ET on Wednesday, June 5.

Last month, an FDA panel voted 13 to 1 against approving AVEO's Tivozanib for advanced renal cell carcinoma. AVEO's partner Astellas has also decided not to proceed with a European filing for Tivozanib or financially support future clinical trials in renal cell carcinoma.

AVEO closed Tuesday's trading at $2.49, down 2.35%. In after-hours, the stock gained 1.61% to $2.53.

Bristol-Myers Squibb Co.'s ( BMY ) and AstraZeneca's ( AZN ) Biologics License Application for Metreleptin, an investigational agent for treatment of metabolic disorders associated with rare forms of lipodystrophy has been accepted and granted a Priority Review designation by the FDA.

The BLA for Metreleptin was submitted on a rolling basis - with the submission initiated in December 2010 and completed in April 2012.

InVivo Therapeutics Holdings Corp. ( NVIV ), which trades on the over the counter Bulletin Board, touched a new 52-week high of $4 after the company announced it has raised $16.1 million from warrant call and exercises paving way for up-listing to a National Securities Exchange.

As of June 3, 2013, the company had cash on hand of $23.6 million and total stockholders' equity of $23.7 million, which exceeds the minimum stockholder's equity requirements for national securities exchanges.

La Jolla Pharmaceutical Co. ( LJPC ) has submitted its investigational new drug application for LJPC-501 to the FDA. LJPC-501 is an investigational drug for the treatment of patients with Type 1 and Type 2 hepatorenal syndrome, or HRS. HRS is a life-threatening form of progressive renal failure in patients with liver cirrhosis or fulminant liver failure.

If the LJPC-501 IND is accepted by the FDA, the company expects to initiate a Phase 1 trial later this year.

LJPC closed Tuesday's trading at $0.08, down 3.61%.

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AVEO To Slash Jobs, PSTI, RIGL Hit Hard, STEM, NVIV, RGDX Fatten Purse