Clovis Oncology reports fourth-quarter loss
Boulder-based Clovis (Nasdaq: CLVS) reported a net loss of $74 million in 2012, according to the company's earnings statement, filed with the U.S. Securities and Exchange Commission. That compared to a net loss of $14.9 million for the fourth quarter of 2011 and a loss of $55.6 million for all of 2011.
"2012 was an important and eventful year for Clovis, despite the disappointing outcome of the LEAP study in pancreatic cancer," Mahaffy said in a press statement released in connection with earnings.
The company made progress on several other cancer drug studies in 2012, Mahaffy said. And in 2013, Clovis Oncology workers plan to demonstrate initial positive results on drug candidates to treat lung cancer and ovarian cancer, he said.
Clovis' research and development expenses rose in 2012. Research and development cost the company $18.3 million for the fourth quarter and $58.9 million for year, compared to $12.4 million for the fourth quarter of 2011 and $40.7 million for all of 2011, the company said.
Clovis Oncology raised $130 million in an initial public offering of 10 million shares in fourth quarter 2011. Mahaffy started the company in 2009 with other former executives of Boulder-based Pharmion Corp., which was sold to Celgene Corp. in Summit, New Jersey, for $2.9 billion in 2008. The company has additional offices in San Francisco, California and Cambridge, United Kingdom.
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