Clinical Data Evaluating AVEO Pharmaceuticals’ Tivozanib and Ficlatuzumab to be Presented at the American Society of Clinical Oncology (ASCO) 2011 Annual Meeting

AVEO Pharmaceuticals, Inc. (NASDAQ: AVEO) today announced that clinical data evaluating tivozanib, AVEO’s lead product candidate designed to optimally block the VEGF pathway by inhibiting all three VEGF receptors, and ficlatuzumab (formerly AV-299), the company’s lead monoclonal antibody candidate, will be featured in five presentations at the 47th Annual Meeting of the American Society of Clinical Oncology (ASCO) being held June 3-7, 2011 at McCormick Place in Chicago.

“We look forward to sharing data and analyses from our clinical programs for tivozanib and ficlatuzumab with our colleagues in the clinical oncology community,” said William J. Slichenmyer, M.D., Sc.M., chief medical officer of AVEO. “Based on the results of our clinical trials to date, we believe there is potential for tivozanib to play a significant role, both as monotherapy and in combination with other anti-cancer therapies, in the treatment of patients with advanced renal cell carcinoma and other solid tumors. In addition, we are excited to share new Phase 1b data evaluating ficlatuzumab in combination with gefitinib in patients with non-small cell lung cancer, and to provide an update on the ongoing Phase 2 portion of this trial.”

The schedule for AVEO presentations is as follows:

Date & Time: Saturday, June 4, 2011 at 2 p.m. CDT
Session: General Poster Session
Abstract Number: 7571
Poster Title: Phase 1b study of ficlatuzumab (formerly AV-299), an anti-hepatocyte growth factor (HGF) monoclonal antibody (MAb) in combination with gefitinib (G) in Asian patients (pts) with NSCLC
Poster Number: 36C
Presenter: Eng-Huat Tan, M.D.

Date & Time: Monday, June 6, 2011 at 8 a.m. CDT
Session: Trials in Progress
Abstract Number: TPS213
Poster Title: Randomized phase II study of ficlatuzumab (formerly AV-299), an anti-hepatocyte growth factor (HGF) monoclonal antibody (MAb) in combination with gefitinib (G) in Asian patients (pts) with NSCLC
Poster Number: 50C
Presenter: Tony Mok, M.D.

Date & Time: Monday, June 6, 2011 at 1 p.m. CDT
Session: General Poster Session
Abstract Number: 1092
Poster Title: Combination of tivozanib (AV-951) with weekly paclitaxel for metastatic breast cancer: Results of a phase I study
Poster Number: 21A
Presenter: Erica Mayer, M.D., M.P.H.

Date & Time: Tuesday, June 7, 2011 at 8 a.m. CDT with discussion session at 11:30 a.m. CDT
Session: Poster Discussion Session
Abstract Number: 4549
Poster Title: Results from a phase I trial of tivozanib (AV-951) combined with temsirolimus therapy in patients (pts) with renal cell carcinoma (RCC)
Poster Number: 4
Presenter: Fairooz Kabbinavar, M.D.

Date & Time: Tuesday, June 7, 2011 at 8 a.m. CDT with discussion session at 11:30 a.m. CDT
Session: Poster Discussion Session
Abstract Number: 4550
Poster Title: Final analysis of the phase II randomized discontinuation trial (RDT) of tivozanib (AV-951) versus placebo in patients with renal cell carcinoma (RCC)
Poster Number: 5
Presenter: Dmitry Nosov, M.D., Ph.D.

Following the meeting, the posters will be available in the publications section of the company’s 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.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements of AVEO that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this press release are forward-looking statements, within the meaning of The Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "target," "potential," "will,""could," "should," "seek," or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among others, statements about: the expected benefits of AVEO's data publication strategy; the successful design and execution of AVEO's clinical-stage programs; tivozanib's and ficlatuzumab’s therapeutic and commercial potential; and AVEO's plans to leverage its Human Response Platform(TM). Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that AVEO makes due to a number of important factors, including risks relating to: difficulties, delays and failures in AVEO's ability to successfully research, develop and obtain and maintain regulatory approvals for tivozanib, ficlatuzumab and AVEO's other product candidates; the possibility that AVEO will not obtain positive results in its Phase 3 clinical trial of tivozanib and/or that tivozanib will not achieve the regulatory approvals required for its successful commercialization either in the U.S. or abroad; AVEO's inability to obtain and maintain adequate protection for intellectual property rights relating to AVEO's product candidates and technologies; unplanned operating expenses; AVEO's inability to raise substantial additional funds to achieve AVEO's goals; adverse general economic and industry conditions; and those risks 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. The forward-looking statements in this press release represent AVEO's views as of the date of this press release. AVEO anticipates that subsequent events and developments will cause its views to change. However, while it may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. You should, therefore, not rely on these forward-looking statements as representing AVEO's views as of any date subsequent to the date of this press release.