Health Care & Insurance March 19, 2021 7:37:47 pm

Clovis Oncology stock soars 40% in early trading on positive Phase III data

By Dan Mika

BOULDER — Clovis Oncology Inc. (Nasdaq: CLVS) said the top-line data of its Phase III trial showed that its flagship product Rubraca fulfilled the study’s top objective in ovarian cancer patients, sending share prices flying Friday morning.

The Boulder-based Clovis said the data from its ARIEL4 trial show the drug significantly improves progression-free survival for patients with specific forms of advanced ovarian cancer versus standard-of-care chemotherapy, ranging from patients whose cancers are fully responsive to platinum-based chemotherapy to those with platinum-resistant forms. The median progression-free survival for study patients taking Rubraca was 7.4 months, compared to 5.7 months for those who were given just chemotherapy.

The study followed patients in North and South America, along with patients in Israel and the European Union. Specific data from the study will be presented today at the Society of Gynecologic Oncology’s Virtual Annual Meeting on Women’s Cancer.

Rubraca is already approved for use in the U.S. as a maintenance treatment for women who have recurring forms of ovarian, fallopian tube or peritoneal cancers that are either fully or partially responsive to platinum chemotherapy.

Clovis’ stock rose 47.74% to close the day at $7.86 per share.