Clovis Oncology (CLVS 89.98, +29.93) has surged 49.9% in pre-market after reporting positive top-line data from the confirmatory phase III trial of the ARIEL3 study.
The pharmaceutical company, specializing in oncology, announced that the phase III trial of rucaparib successfully achieved its primary endpoint of improved progression-free survival in ovarian cancer patient populations studied. Clovis plans to submit a supplemental New Drug Application within the next four months for a second-line and later maintenance treatment.
Today's announcement comes five years after the company first dosed a patient with rucaparib. Professor Jonathan Ledermann, who was the principal investigator for the study said, "These results show that rucaparib has the potential to provide an enduring and important clinical benefit in women with advanced ovarian cancer, irrespective of their tumor genetics. This is a very important step forward for women with advanced ovarian cancer."
Thanks to today's news, shares of Clovis Oncology have spiked to levels from late 2015 while competitor Tesaro (TSRO 127.87, -16.44) has given up 11.4% in pre-market.
In addition to reporting positive trial results, Clovis announced that it has agreed to settle a previously-disclosed class action litigation. Clovis will pay $25 million in cash and will issue $117 million worth of common stock to members of the Class.