Clovis Oncology Announces Third Quarter 2013 Operating Results

Clovis Oncology, Inc. (NASDAQ:CLVS) today reported financial results for its third quarter ended September 30, 2013, and provided an update for its clinical development programs.

“We are very pleased by the data recently presented for both CO-1686 and rucaparib and the progress being made on both programs,” said Patrick J. Mahaffy, President and CEO of Clovis Oncology. “Given the encouraging results we’ve seen for CO-1686 to date, we look forward to identifying the Phase 2 dose with our improved HBr formulation by the end of 2013, and then commencing our initial registration study in the first half of 2014. This will be our first pivotal trial of a broad and global clinical development plan for CO-1686.”

Third Quarter 2013 Financial Results

Clovis reported a net loss of $20.3 million for the third quarter of 2013, and $55.3 million for the first nine months of 2013. This compares to a net loss of $18.3 million for the third quarter and $52.9 million for the first nine months of 2012. Net loss attributable to common stockholders for the third quarter of 2013 was $0.68 per share and $2.00 per share for the year to date, compared to $0.71 per share for the third quarter and $2.15 per share for first nine months of 2012.

Research and development expenses totaled $16.1 million for the third quarter and $44.0 million for first nine months of 2013, compared to $15.5 million for the third quarter and $40.6 million for the first nine 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, partially offset by the wind-down of development activities for CO-101 beginning in late 2012.

General and administrative expenses totaled $4.3 million for the third quarter and $11.0 million for the first nine months of 2013, compared to $2.8 million for the third quarter and $7.9 million for the first nine months of 2012. The increase in general and administrative expenses over the comparable periods in 2012 was primarily due to increased stock compensation expense for employees engaged in general and administrative functions and third party costs to support the Company’s expanded activities.

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