BOULDER, Colo.--(BUSINESS WIRE)--Clovis Oncology, Inc. (NASDAQ:CLVS) reported financial results for the quarter ended March 31, 2017, and provided an update on the Company’s clinical development programs and regulatory outlook for the remainder of 2017.
“In addition, we continue to expand our clinical development program for rucaparib in other indications where rucaparib may provide benefit to patients, either as monotherapy or in combination with other agents.”
“This is an exciting time at Clovis, with a robust U.S. launch of Rubraca underway, ARIEL3 topline results expected by the end of June, and our efforts underway to prepare for a potential E.U. launch early next year,” said Patrick J. Mahaffy, President and CEO of Clovis Oncology. “In addition, we continue to expand our clinical development program for rucaparib in other indications where rucaparib may provide benefit to patients, either as monotherapy or in combination with other agents.”
First Quarter 2017 Financial Results
For the first time, Clovis reported a full quarter of product revenue for Rubraca, following the approval and launch on December 19, 2016. Net product revenue for the first quarter was $7.0 million. The Company has seen strong uptake in the market with over 350 new patients starting therapy and over 300 unique healthcare providers prescribing during the quarter.
Clovis had $408.8 million in cash, cash equivalents and available-for-sale securities as of March 31, 2017. Cash used in operating activities was $80.4 million for the first quarter of 2017, compared with $83.7 million in first quarter of 2016. Clovis had approximately 44.8 million shares of common stock outstanding as of March 31, 2017. In January 2017, the Company raised net proceeds of $221.2 million through an offering of 5.75 million shares of common stock.
Clovis reported a net loss for the first quarter of 2017 of $58.5 million, or a net loss of $1.33 per share, compared with $83.4 million or a net loss of $2.17 per share for the first quarter of 2016. Net loss for the first quarter of 2017 included share-based compensation expense of $8.9 million, compared to $11.0 million in the first quarter of 2016.
Research and development expenses totaled $32.4 million for the first quarter of 2017, and $74.6 million for the comparable period in 2016. The decrease year over year is primarily due to lower spending on rucaparib and rociletinib development activities, and selling, general and administrative expenses related to the commercialization of Rubraca, which had been classified as research and development prior to FDA approval.
Selling, general and administrative expenses totaled $29.2 million for the first quarter of 2017, compared to $9.8 million for the first quarter of 2016. The increase year over year is primarily due to selling, general and administrative expenses related to the commercialization of Rubraca, which had been classified as research and development prior to FDA approval.
