Drug development drives Clovis’ losses

BOULDER – Cancer-drug research company Clovis Oncology Inc. reported a net loss of $20.3 million for the most recent quarter in its latest earnings report, as the company continued to spend heavily on drug-development programs.

Boulder-based Clovis (Nasdaq: CLVS) said the net loss for the quarter ended Sept. 30 was a 10.5 percent increase from the $18.3 million net loss reported for the same quarter a year earlier.

At the same time, Clovis is moving forward on clinical trials for two of its research drugs – one for ovarian cancer and one for lung cancer, according to Patrick Mahaffy, chief executive of the company. Successful clinical trials and other testing is required by the U.S. Food and Drug Administration before a drug can be approved for commercial sale.

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Clovis reported $356.6 million in cash and 30.2 million outstanding shares of common stock at the end of the quarter, according to the earnings statement. The company used $47.9 million to fund operations for the first nine months of the year. It expects to spend about $66 million to fund operations for 2013, according to the earnings statement.

Mahaffy founded the company with other former executives of Boulder-based Pharmion Corp., which he also co-founded. Pharmion was sold to Celgene Corp. in Summit, New Jersey, for $2.9 billion in 2008. Clovis has additional offices in San Francisco and the United Kingdom.