Clovis Oncology posts $160M loss for 2014 fiscal year

BOULDER — Clovis Oncology Inc. (Nasdaq: CLVS) on Wednesday reported a loss for its fourth quarter and fiscal year 2014 that ended Dec. 31, but its chief executive said 2015 is shaping up to be a pivotal year for the Boulder-based company that is developing drugs, including those that could treat lung and ovarian cancer.

Clovis reported a net loss for the fourth quarter of $54.9 million, or $1.62 per share, and $160 million, or $4.72 per share, for the year. This compares to a net loss of $29.2 million, 92 cents per share for the fourth quarter and $84.5 million, $2.95 per share, in 2013.

Net cash burn for fourth quarter 2014 was $34.2 million, and $120 million for the full year 2014. As of Dec. 31, Clovis had $482.7 million in cash and cash equivalents and 34 million outstanding shares of common stock.

“We believe that 2015 will be a transformative year for us,” Patrick J. Mahaffy, Clovis’ president and chief executive, said in a statement.

Mahaffy said the company plans to submit new drug and marketing applications for rociletinib, Clovis’ lung cancer drug. He also said the company will accelerate its program for rucaparib, which is designed to treat ovarian cancer.

General and administrative expenses totaled $5.6 million for the fourth quarter of 2014 and $21.5 million for the full year 2014, compared with $5.5 million for the fourth quarter and $16.6 million for the full year 2013. The company said the increase year over year is primarily due to higher share-based compensation expense for employees engaged in general and administrative activities.

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