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Clovis Oncology Announces Third Quarter 2012 Operating Results

Clovis Oncology, Inc. (NASDAQ:CLVS) today reported financial results for the third quarter 2012, and provided an update on the progress of its clinical development programs and expected milestones for the rest of the year.

“We had a productive third quarter and we continue to make progress in each of our three clinical development programs,” said Patrick J. Mahaffy, President and CEO of Clovis Oncology. “Most importantly, we remain on track to announce the results from our pivotal LEAP trial of CO-101 in metastatic pancreatic cancer before the end of the year.”

2012 Financial Results and Outlook

Clovis reported a net loss of $18.3 million for the third quarter of 2012, and $52.9 million for the first nine months of 2012. This compares to a net loss of $13.8 million for the third quarter and $40.7 million for the first nine months of 2011. Net loss attributable to common stockholders for the third quarter of 2012 was $0.71 per share and $2.15 per share for the year to date, compared to $10.73 per share for the third quarter and $31.82 per share for first nine months of 2011.

Research and development expenses totaled $15.5 million for the third quarter and $40.6 million for first nine months of 2012, compared to $11.6 million for the third quarter and $28.3 million for the first nine months of 2011. The increase in research and development expenses over the comparable periods in 2011 was driven by the in-licensing of rucaparib in June 2011, expanded development activities for CO-101 and an increase in internal resources to manage the Company’s development programs.

General and administrative expenses totaled $2.8 million for the third quarter and $7.9 million for the first nine months of 2012, compared to $1.7 million for the third quarter and $4.8 million for the first nine months of 2011. The increase in general and administrative expenses over the comparable periods in 2011 was primarily due to increased internal resources and third party costs to support the activities associated with being a public company.

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