Shares for biotech firm Clovis Oncology (CLVS) tore shockingly upwards on Monday as the company announced promising results from early-stage trials of its experimental cancer treatment Rucaparib.
According to a press release made available shortly after the commencement of the trading week, initial findings from phase I/II of the Colorado-based company’s Rucaparib drug designed for the treatment of ovarian cancer showed that 89 percent of patients afflicted with ovarian cancer experienced improvements in their conditions.
The 37 patients of the phase I trial are comprised of those who have breast tumors, those with ovarian tumors, as well as a smaller portion that have other forms of solid tumors. Data from the study has shown that the orally administered Rucaparib is well tolerated by patients, with no adverse reactions being observed so far.
The drug was designed for cancer patients with germline BRCA mutations, and during the phase I study showed 89 percent disease control rate, meaning that the patients remained stable or improved over a period of 12 weeks.
The second phase of the trial will deal with determining correct dosage amounts, on the way to a later-stage trials that will seek to determine if the drug holds any beneficial effects for patients other than those for whom Rucaparib was originally intended.
Clovis’ shares were up over a stunning 130 percent to an all-time high of $86.29 on the news.
Clovis Oncology began trading on the Nasdaq in late 2011. The company currently has a market cap of $961 million, with shares up almost 129 percent in 2013, and almost 180 percent over the past six months.
The company will present the initial findings from phase I of the study at the American Society of Clinical Oncology’s annual meeting in Chicago this week.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer