Clavis plummets on elacytarabine discontinuation

Clavis Pharma ASA (OSE:CLAVIS) plummeted NOK5.60 (82%) to NOK1.20 on Tuesday, a day after announcing that it discontinued development of lead compound elacytarabine. CEO Olav Hellebo said Clavis will evaluate next steps over the next few weeks, with the most likely possibilities a sale to a public company, a reverse merger with a private company or a managed closure. The company's remaining assets are in preclinical testing. At Dec. 31, 2012, Clavis had NOK222.6 million ($39.9 million) in cash and a full-year operating loss of NOK104 million ($18.7 million). ...