Clovis Oncology posts $84.5 million loss
Last Updated: 14:59 February 28, 2014
That loss was about $10.5 million more than the company's loss in 2012, and came out to $2.95 per diluted share.
For the fourth quarter, Boulder-based Clovis (Nasdaq: CLVS) reported a loss of $29.2 million, or 92 cents per share. That was $8 million more than the loss for the same period a year ago.
Clovis president and chief executive Patrick Mahaffy said in a press release that the company is aggressively moving forward with studies of lung cancer drug CO-1686, ovarian cancer drug Rucaparib, and Lucitanib, a drug targeting solid tumors, including breast cancer.
"2013 was obviously a great year for us, and it has set the stage for what will be an even more important year for our company," Mahaffy said. "This has been a period of rapid progress for our company that we hope will lead to our first New Drug Application submission in 2015."
Most of Clovis' fourth-quarter and yearlong expenses went to research and development. R and D expenses for the quarter were $22.5 million and for the year $66.5 million, up from $18.3 million and $58.9 million respectively from a year ago.
As of Dec. 31, Clovis had $323.2 million in cash and cash equivalents and 33.9 million outstanding shares of common stock according to the company's earnings report. The company expects a cash burn of about $120 million for 2014.
In November, Clovis paid $190 million in stock and $10 million in cash to acquire Italian company EOS (Ethical Oncology Science) S.p.A., the company that had been developing Lucitanib.
Clovis shares were trading at $82.83 at mid-afternoon Friday, up 4.5 percent from Thursday's close. They had traded as high as $88.99 earlier in the day.
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