Preclinical Data on AVEO Pharmaceuticals’ Tivozanib and Monoclonal Antibody Pipeline to be Presented at AACR 102nd Annual Meeting 2011

AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) today announced that preclinical data on tivozanib, AVEO’s lead product candidate designed to optimally block the VEGF pathway by inhibiting all three VEGF receptors, and the company’s monoclonal antibody pipeline will be presented during poster sessions at the American Association for Cancer Research (AACR) 102nd Annual Meeting 2011 being held April 2-6, 2011 in Orlando, Fla.

“We look forward to sharing these preclinical data on our lead product candidate tivozanib and our deep pipeline of monoclonal antibodies with our peers in the oncology research community,” stated William Slichenmyer, M.D., Sc.M., chief medical officer at AVEO. “At AVEO we are utilizing elements of our proprietary Human Response Platform™ in an effort to maximize clinical outcomes across our clinical-stage programs and identify rational drug combinations with tivozanib, as well as advance our earlier stage antibody discovery programs.”

The schedule for AVEO poster presentations is as follows:

The schedule for AVEO and OSI Pharmaceuticals collaborative poster presentations is as follows:

Following the meeting, the AVEO posters will be available in the publications section of the AVEO website at investor.aveopharma.com.

About AVEO

AVEO Pharmaceuticals (NASDAQ: AVEO) is a cancer therapeutics company committed to discovering, developing and commercializing targeted therapies to impact patients’ lives. The company’s lead product candidate, tivozanib, is currently being investigated in a global, randomized Phase 3 clinical trial called TIVO-1 comparing tivozanib to sorafenib in patients with advanced renal cell carcinoma, as well as additional clinical studies in other solid tumor types. AVEO’s second most advanced product candidate, ficlatuzumab (AV-299), is a potent, functional anti-HGF/c-MET pathway antibody that is currently in Phase 2 clinical development. AVEO’s proprietary Human Response Platform™ is designed to offer the company a unique advantage in cancer drug development and has provided a discovery engine for multiple therapeutic targets. This approach has resulted in a promising pipeline of monoclonal antibodies against novel targets including HGF, ErbB3, RON, Notch and FGFR. For more information, please visit the company’s website at www.aveopharma.com.

Forward-looking Statements

Any statements in this press release about our future expectations, plans and prospects, including statements about: the potential outcomes of our clinical programs, our ability to identify rational drug combinations with tivozanib, as well as advance our earlier stage antibody programs; the potential of our cancer biology platform to offer a unique advantage in oncology drug development; the potential for AVEO to advance its monoclonal antibody pipeline; and other statements containing the words "believes," "anticipates," "plans," "expects," “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks relating to: our ability to successfully research, develop and obtain and maintain regulatory approvals for tivozanib and our other product candidates; the possibility that favorable data preclinical and clinical trials of tivozanib may not be predictive of the results in future preclinical and clinical trials; delays in data availability, or negative results from our clinical trials; our inability to obtain and maintain adequate protection for intellectual property rights relating to our product candidates and technologies; unplanned operating expenses; our inability to raise substantial additional funds to achieve our goals, including with respect to the further development of tivozanib; competition; general economic and industry conditions; and other factors discussed in the "Risk Factors" section of our most recent Form 10-Q filed with the Securities and Exchange Commission, and in other filings that we periodically make with the SEC. In addition, the forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.