Clovis reports loss of $30 million for 1Q
Last Updated: 17:45 May 8, 2014
Boulder-based Clovis (Nasdaq: CLVS) had a net loss for the first quarter last year of $15.7 million.
The increase in the loss for the first quarter of this year is due primarily to expanded development activities for the CO-1686 and rucaparib drug programs as Clovis initiated additional clinical studies in both programs, the company said.
Clovis said milestone revenue of $13.6 million came from its collaboration and license agreement for lucitanib with Les Laboratoires Servier. But it incurred an income tax expense of $2.1 million in Italy as a result of the receipt of the payment, according to its quarterly filing with the Securities and Exchange Commission.
As of March 31, Clovis had $303.7 million in cash and cash equivalents and 33.9 million outstanding shares of common stock. The company continues to expect cash burn for 2014 will total approximately $120 million and to end the year with approximately $200 million in cash.
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