AVEO Oncology to Cut 62% of Staff

AVEO Oncology will have to plow forward with far less manpower. It announced it will reduce its headcount by around 140 people, or roughly 62% of its current workforce, across the company. The cuts are part of a strategic restructuring initiative aimed at improving the firm's viability in the immediate future.

According to AVEO, the job cuts combined with other restructuring measures will reduce costs over the next two years by approximately $190 million more than previously projected. This will allow it to maintain the funding levels it needs for its operations over that span of time.

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