Clovis Oncology expenses rise as momentum builds toward commercialization

BOULDER — Clovis Oncology Inc. (Nasdaq: CLVS), which is seeking to develop drugs to treat lung and ovarian cancers, reported no revenue for the first quarter of 2015 as expenses associated with commercialization rose.

“2015 is proving to be a very exciting and important year for us, as we are preparing our near-term regulatory submissions seeking approval in the U.S. and E.U. for rociletinib in advanced EGFR-mutant lung cancer and planning for our first commercial launch by year-end,” said CEO Patrick J. Mahaffy, in a prepared statement.

Research and development expenses were $56.8 million in the first quarter, compared to $24.2 million for the same period last year. At the same time, general and administrative expenses were $6.8 million, compared to $5.3 million for the same period last year.

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The net loss to shareholders was $63.1 million, or $1.86 per share, compared to a net loss of $30.7 million or 91 cents per share at this time last year.

At the end of the first quarter the pharmaceutical company had $433.4 million in cash and cash equivalents and some 34.1 million outstanding shares of common stock.

Clovis shares were trading at $79.50 at the end of the day, down from a high of $82.32 in the morning.