Year-End 2012 Cash Position and 2013 Financial Guidance
Clovis ended 2012 with approximately $144.0 million in cash (these results are preliminary and unaudited), which should provide sufficient resources to demonstrate meaningful evidence of efficacy for CO-1686 and rucaparib. Clovis expects a cash burn of $53.0 to $57.0 million for 2013, ending the year with approximately $90.0 million in cash.
About Clovis Oncology
Clovis Oncology, Inc. is a biopharmaceutical company focused on acquiring, developing and commercializing innovative anti-cancer agents in the U.S., Europe and additional international markets. Clovis Oncology targets development programs at specific subsets of cancer populations, and simultaneously develops diagnostic tools that direct a compound in development to the population that is most likely to benefit from its use. Clovis Oncology is headquartered in Boulder, Colorado, and has additional offices in San Francisco, California and Cambridge, UK.
Forward Looking Statements
To the extent that statements contained in this press release are not descriptions of historical facts regarding Clovis Oncology, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements involve substantial risks and uncertainties that could cause our clinical development programs or discovery programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements.
Such risks and uncertainties include, among others, the uncertainties inherent in our clinical development programs for CO-1686 and rucaparib, our discovery program for the mutant cKIT inhibitor, the corresponding development pathways of our companion diagnostics, actions by the FDA, the EMA or other regulatory authorities regarding whether to approve drug applications that may be filed, as well as their decisions regarding drug labeling, and other matters that could affect the availability or commercial potential of our drug candidates or companion diagnostics, including competitive developments.
Clovis Oncology does not undertake to update or revise any forward-looking statements.
A further description of risks and uncertainties can be found in Clovis Oncology’s in its reports on Form 10-Q and Form 8-K.