Finding a 4-leaf clover
Clovis gains more on Phase I data than it lost on one pivotal failure
After presenting early Phase I data at ASCO, Clovis Oncology Inc. (NASDAQ:CLVS) got back more than four times the market cap it lost late last year when lead program CO-101 failed a pivotal Phase II trial.
"This demonstrates the importance of having more than one drug in your portfolio and, in particular, having drugs from different technology platforms," said President and CEO Patrick Mahaffy.
"The drug didn't work, but our strategy did," Mahaffy told BioCentury.
Clovis in-licenses cancer agents in or near the clinic that can be developed with companion diagnostics for specific subpopulations