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Clovis Oncology Announces Second Quarter 2013 Operating Results

Stocks in this article: CLVS

Clovis Oncology, Inc. (NASDAQ:CLVS) today reported financial results for its second quarter ended June 30, 2013, and provided an update for its clinical development programs, including initial data presented at the American Society of Clinical Oncology (ASCO) Annual Meeting 2013.

“During the second quarter, we were pleased to announce at ASCO encouraging initial responses in patients in the Phase I portions of our clinical development programs for CO-1686 and rucaparib. Importantly, each of the patients who achieved a partial response on CO-1686 continues on therapy and has maintained their response,” said Patrick J. Mahaffy, President and CEO of Clovis Oncology. “We have now selected a dose for rucaparib for use in the Phase II and Phase III trials planned for later this year, and for CO-1686, we have identified a starting dose for the hydrobromide salt tablet formulation, which we plan to introduce later this month into our Phase I trial in lung cancer patients. We are maintaining our momentum, and we look forward to providing updates for both of these programs at medical conferences this fall.”

Second Quarter 2013 Financial Results

Clovis reported a net loss of $19.3 million for the second quarter of 2013, and $35.0 million for the first half of 2013. This compares to a net loss of $15.7 million for the second quarter and $34.7 million for the first six months of 2012. Net loss attributable to common stockholders for the second quarter of 2013 was $0.72 per share and $1.33 per share for the year to date, compared to $0.61 per share for the second quarter and $1.45 per share for first six months of 2012.

Research and development expenses totaled $15.8 million for the second quarter and $27.9 million for first half of 2013, compared to $12.6 million for the second quarter and $25.2 million for the first six months of 2012. The increase in research and development expenses over the comparable periods in 2012 was driven by increased development activities for both CO-1686 and rucaparib, and the initiation of the cKIT inhibitor discovery collaboration with Array Biosciences, Inc. in July 2012. These increases were partially offset by the wind-down of development activities for CO-101 beginning in late 2012.

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