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Clovis Oncology Announces 2012 Operating Results And 2013 Objectives

Stocks in this article: CLVS

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.

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