Boston, MA 08/11/2014 (wallstreetpr) – Clovis Oncology Inc (NASDAQ:CLVS) posted second quarter financial results and gave the necessary information on its clinical developmental programs for the year. It said that the CO-1686 NDA submission is expected by mid-2015. President and CEO, Patrick J. Mahaffy said that the company is going through an exciting time. It is enrolling patients in the CO-1686 Phase 2 expansion and TIGER2 studies. It is building on the medical affairs and commercial relationships as it expects the launch to materialize by year-end 2015. He also talked about the results of rucaparib ARIEL2 study. The study results are encouraging and Clovis Oncology Inc (NASDAQ:CLVS) can present the data of its development programs in the future scientific meetings.
The Financial Results
Clovis Oncology Inc (NASDAQ:CLVS) stocks climbed by more than 10% after the second-quarter financial results. It reported the net loss at $34.8 million as compared to $19.3 million in the 2Q2013. The net loss came at $1.03 per share comparable to $0.72 per share in the 2Q2013. Clovis reported the R&D expenses of $28.4 million as compared to $15.8 million in the 2Q2013. The R&D expenses for the first half of fiscal year stands at $52.6 million as compared to $27.9 million in first half of year 2013.
Higher R&D Expenses
The higher R&D expenses can be attributed to the initiation expenses of the ARIEL3 and ARIEL2 studies for rucaparib. The initiation of the TIGER2 study and the Japanese Phase 1 studies for rociletinib added to the research and development expenses. The other reasons are higher personnel-related expenses to get the supporting staff for development activities and the increased manufacturing costs of clinical drug supplies for the rucaparib and the rociletinib programs. The G&A expenses came at $5.3 million as compared to $3.5 million in the 2Q2013. The operating expenses came at $35.0 million including the acquired in-process R&D expenses.
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