Clovis Oncology Announces 2012 Operating Results And 2013 Objectives
Clovis Oncology, Inc. (NASDAQ:CLVS) today reported financial results for its quarter and year ended December 31, 2012, and provided an update on the expected milestones for its clinical development programs for 2013.
“2012 was an important and eventful year for Clovis, despite the disappointing outcome of the LEAP study in pancreatic cancer,” said Patrick J. Mahaffy, President and CEO of Clovis Oncology. “During the year we advanced CO-1686 to treat non-small cell lung cancer (NSCLC) and rucaparib for ovarian cancer into Phase I/II monotherapy studies and we also initiated a discovery program for a novel KIT inhibitor to treat gastrointestinal cancer. Our progress in 2012 set the stage for a meaningful 2013, a year in which we anticipate demonstrating initial evidence of efficacy for both CO-1686 and rucaparib and plan to initiate a pivotal trial for rucaparib.”
2012 Financial Results and 2013 Financial Outlook
Clovis reported a net loss of $21.1 million for the fourth quarter of 2012, and $74.0 million for the year ended December 31, 2012. This compares to a net loss of $14.9 million for the fourth quarter and $55.6 million for the year ended December 31, 2011. Net loss attributable to common stockholders for the fourth quarter of 2012 was $0.81 per share, compared to $1.30 per share for the fourth quarter of 2011, and $2.97 per share for the year ended December 31, 2012, compared to $14.42 per share for the year ended December 31, 2011.
Research and development expenses totaled $18.3 million for the fourth quarter of 2012 and $58.9 million for full year 2012, compared to $12.4 million for the fourth quarter of 2011 and $40.7 million for the full year 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.Select the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Dividend Stock Advisor
TRY IT FREENew! $49.95/yr
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Real Money
TRY IT FREE24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
Product Features:
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
Real Money Pro
TRY IT FREEAll of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV
