Clovis Oncology (CLVS) Stock Rockets On Quarterly Results

Clovis Oncology CLVS Stock News

In the announcement, the company said that Lucitanib combination studies are currently enrolling. CLVS expects that intial data  will be provided at medical meetings beginning in mid-2020.

The company also acquired the rights to FAP-2286. The asset is a radiopharmaceutical that was developed to target FAP. Clovis said that it expects to file the IND for the drug in the second half of 2020.

In a statement, Patrick J. Mahaffy, CEO and President at CLVS, had the following to offer:

We are extremely pleased with our progress made on all fronts during the third quarter. We reported encouraging quarter-over-quarter revenue growth in the U.S. and in October launched in England with reimbursement now provided via the Cancer Drugs Fund. The TRITON2 prostate data presented at ESMO were very encouraging, and we remain on track to file the supplemental New Drug Application for patients with a BRCA1/2 mutation in advanced prostate cancer before year-end. We are pleased that the lucitanib combination studies are now enrolling patients, in particular the combination with nivolumab. And finally, we look forward to providing updates for FAP-2286, our recently-licensed FAP-targeted radiopharmaceutical compound, as we move this preclinical candidate forward.

The Bottom Line

The bottom line here is simple. CLVS is firing on all cylinders. Not only is the company greatly decreasing its cash burn rate, it is seeing strong growth in revenue while achieving key milestones in the clinic. All in all, this is a stock that’s well worth watching!

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