Clovis had "only" doubled in value through May 31 when the stock really took off following the presentation of data from a phase I study of its lung cancer drug CO-1686 at the American Society of Clinical Oncology (ASCO) annual meeting. When I say "data," I'm barely talking about the plural, given the small number of patients treated in the study. But tumor shrinkage reported with CO-1686 treatment was impressive, particularly in lung cancer patients with a specific mutation that made their tumors unresponsive to currently approved drugs.
Remember when Clovis' previously lead pancreatic cancer drug CO-101 failed a phase III study last year? Yeah, old news and forgotten. Today, analysts and investors are fawning all over CO-1686, predicting Clovis will drastically accelerate development and get the lung cancer drug approved in three years. [The company still has to figure out a most-effective dose, work on a pill formulation and design/conduct a pivotal study, but no worries...]On Monday, Clovis announced plans to sell stock to raise as much as $170 million. On that news, Clovis shares went up! There's your biotech bull market in action.
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