Clovis part of team developing cancer test
BOULDER - Biotechnology company Clovis Oncology Inc. is partnering with Foundation Medicine Inc. to develop a diagnostic test for ovarian and breast cancer patients.
Financial terms were not disclosed between Boulder-based Clovis (Nasdaq: CLVS) and Cambridge, Massachusetts,-based Foundation Medicine, a drug research and development company.
The two companies plan to develop a test for cancer patients to find the ones most likely to respond to Clovis' developmental drug Rucaparib, the two companies said in a press statement. Rucaparib is in the early stage of clinical development.
"This continues our commitment to developing targeted therapies with companion diagnostics to identify the patients most likely to benefit from our therapeutics," Patrick J. Mahaffy, president and chief executive of Clovis Oncology, said in a press statement. "Foundation Medicine's leadership in next-generation sequencing and genomic analysis make them an ideal partner to work with us on our Rucaparib program."
As part of their research, workers at Clovis and Foundation plan to look at the genomic alterations found in tissue samples from selected patients, the companies said. The information can be used to identify a larger percentage of patients who might benefit from Rucaparib, according to the statement.
Clovis Oncology filed paperwork with the U.S. Securities and Exchange Commission in June 2011 and raised $130 million at the end of October 2011. The company is focused on buying, developing and commercializing anti-cancer agents.
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