FOTIVDA – A Battle Won for Patients
As the new CEO of AVEO Oncology, Bailey was confronted with the challenge of convincing the board of directors to support a second Phase 3 study for FOTIVDA. He risked his career and, possibly, the company on the idea that a risky, time-consuming, and costly phase 3 trial for FOTIVDA was the best course to take for both the patients and the company.
Fortunately for the patients, the gambit paid-off. The U.S. Food and Drug Administration approved FOTIVDA in March 2021. Subsequently, AVEO successfully launched FOTIVDA in the U.S.
“After successfully executing the pivotal study and gaining approval in the US in 2021, again, we bet the company that AVEO could successfully commercialize FOTIVDA in the US on its own,” he adds. “As a result of the incredible team we assembled and their hard work, commitment to our mission, and perseverance through challenging times, we have succeeded on both fronts, a set of achievements that paces AVEO Oncology in a very exclusive group within our industry.”
Throughout his career, Mr. Bailey has faced a myriad of challenges. He claims that biotech and pharmaceutical executives face many of the same challenges as other business executives. However, the biggest difference is that our decisions as life science leaders have the potential to positively impact the lives of patients battling horrible diseases, such as cancer.
“Our failures could limit someone’s ability to live longer, and our successes can mean one more birthday, one more graduation, and one more holiday with loved ones. It is a distinct privilege and, at the same time, an incredible responsibility to bear,” said Bailey. “I am here to make sure we can improve the lives of patients. Continuing to support FOTIVDA taught me many lessons about resilience, persistence, and commitment.”
During the first quarter of 2022, FOTIVDA became the leading drug for its specific kidney cancer indication. Michael considers this a leading indicator of progress towards the company’s goal of becoming the overall market share leader and standard of care for kidney cancer in this setting. As a result of such victories, he and his team are even more motivated to pursue their mission.
A Stronger AVEO Post Pandemic
In the wake of the global COVID-19 pandemic, AVEO Oncology instituted employment policies fostering a flexible hybrid model. This hybrid model is ensuring employees feel comfortable returning to the office as well as enjoying the flexibility to work remotely. This model provides an equitable environment for those who prefer to work remotely, as well as a clean and safe working space for all who desire to return to the office. The AVEO Oncology culture has always included fun employee activities beyond the office setting, including lunches, dinners, special events, and fundraisers. These activities are provided to enhance the team’s culture and unity.
Michael highlights that with the FDA approval of FOTIVDA in March of 2021, followed by a year of successful commercialization, the company is in the enviable position of being able to fund employees’ continued patient-focused efforts. “We are thankful to be in this position, especially in this difficult financial market,” says Michael.
Most importantly, it has achieved these successes amid the COVID-19 pandemic and one of the worst global economic downturns in history. The company has attained success in an incredibly competitive space where it competes against some of the world’s biggest and most successful pharmaceutical companies such as Merck, BMS, and Pfizer, just to name a few.