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Clovis Oncology Announces 2011 Operating Results

Stocks in this article: CLVS

Clovis Oncology, Inc. (NASDAQ:CLVS) today reported financial results for its quarter and year ended December 31, 2011, and provided an update on the progress of its clinical development programs.

“2011 was a very important year for Clovis, setting the stage for what we hope will be an even more important year in 2012. We established the hENT1 cut-off and neared completion of enrollment of the LEAP registration study for CO-101, our lipid-conjugated form of the anti-cancer drug gemcitabine; we filed an IND and prepared for the initiation of a Phase 1 trial for CO-1686, our oral, selective, covalent EGFR inhibitor; and we acquired rights to rucaparib, an oral, clinical-stage PARP inhibitor from Pfizer,” said Patrick J. Mahaffy, President and CEO of Clovis Oncology. “We also completed a $129.4 million initial public offering, which will support the LEAP study through completion and the CO-1686 and rucaparib programs through proof of concept data. Of course, most importantly, by the end of 2012 we anticipate the top-line overall survival results from the LEAP registration study in metastatic pancreatic cancer.”

2011 Financial Results and 2012 Financial Outlook

Clovis reported a net loss of $14.9 million for the fourth quarter of 2011 and $55.6 million for the year ended December 31, 2011. This compares to a net loss of $19.4 million and $37.8 million for the quarter and year ended December 31, 2010. Net loss attributable to common stockholders for the fourth quarter of 2011 was $1.30 per share, compared to $14.60 per share for the fourth quarter of 2010, and $14.42 for the year ended December 31, 2011, compared to $28.55 for the year ended December 31, 2010.

Research and development expenses totaled $12.4 million for the fourth quarter of 2011 and $40.7 million for the full year 2011, compared to $8.7 million for the fourth quarter of 2010 and $22.3 million for the full year 2010. Research and development expenses increased from 2010 due to the expanded development activities for CO-101 and CO-1686 as well as the in-licensing of rucaparib in mid 2011.

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