Xconomy: Clovis Shares Drop Following Release of Cancer-Drug Trial Data
Summary
Clovis Shares Drop Following Release of Cancer-Drug Trial Data Xconomy Boulder/Denver — Shares of Clovis Oncology dropped 10 percent this morning following the release of interim results for the ongoing trial of the company’s drug for lung cancer patients.Prior trials suggested serious hyperglycemia was a worrisome side effect, with 22 percent of subjects reporting the condition.Clovis president and CEO Patrick Mahaffy called the data “very encouraging,” but investors and industry analysts aren’t convinced.The report also noted that Clovis had estimated progression-free survival of more than 12 months at this summer’s American Society of Clinical Oncology conference.Clovis released the data late yesterday in advance of its presentation this week at the Symposium on Molecular Targets and Cancer Therapeutics in Barcelona.