Aveo Pharmaceuticals said it was not able to match the level of expectations which the drug investors had from their experimental medicine for kidney cancer. The experimental medicine called tivozanib was able to provide better survival rate to patients with advanced renal cell carcinoma for about a year.

The drug investors might have thought that the medicine would provide benefit for at least 13 months, said Chief Executive Officer Tuan Ha-Ngoc. The news has severely affected their share prices as soon after the revelation of the news, Aveo prices dropped by 20%.

Ngoc said they would still try to get approval for the medicine as soon as possible. They are at the verge of completing their phase-3 trial and have so far received good results. He further affirmed that their survival rate is better than what is being assured by Nexavar, which is being manufactured by South San Francisco's Onyx Pharmaceuticals and Bayer AG.

As per manufacturer’s point of view, the phase-3 trial results have been satisfying. The phase-3 trials are said to be the final trial to get regulatory approval. Aveo and its partner Astellas Pharma Inc. of Tokyo are in plans of getting approval of their drug in the United States and Europe within this year.

The final trial involved 512 number which is not a small number, said Ngoc, and all of them showed improvement which was expected from it. During the final trials, patients’ complained just one side effect - hypertension.

This medicine is said to provide great benefit to renal cell carcinoma patients as it not only filters blood, but also helps in removing waste material from the body. Renal cell carcinoma has become quite common among the US people, as 13,120 people died due to it and additional 60,920 got afflicted during 2011.