Clavis Pharma ASA : Clavis Pharma ASA : First Quarter Results 2013

      Clavis Pharma ASA : Clavis Pharma ASA : First Quarter Results 2013

Oslo, Norway, 25 April 2013

Clavis Pharma ASA (OSE: CLAVIS), the Norwegian cancer drug development
company, announces its results for the first quarter 2013, and including
significant post-period events.

  *In April 2013, Clavis Pharma announced the results of the Phase III
    CLAVELA study investigating elacytarabine in patients with relapsed or
    refractory acute myeloid leukaemia (AML). The trial showed that there was
    no significant difference in overall survival (OS) between the two arms
    where patients were randomised to receive either elacytarabine or
    investigator's choice of treatment. 
    Due to the negative outcome of the CLAVELA trial, the Company will not
    commit any further resources to studies of elacytarabine in the treatment
    of patients with AML or in any other indications.

  *The Board and Management has initiated a review of the Company's strategic
    options and will make a decision on the future of its remaining corporate
    and technology assets over the coming months. The Company has taken
    immediate steps to minimise its operating expenditure going forward, while
    caring for those patients that are still being treated in the Company's
    clinical trials. 

  *Extraordinary General Meeting (EGM) to elect a new Board of Directors to
    be held on 2 May.

  *The Company had cash and cash equivalents of NOK 170 million at 31 March
    2013, compared to NOK 223 million at 31 December 2012.

  *Research and development costs and other operating expenses amounted to
    NOK 76 million for the first quarter 2013.

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Contacts:
Olav Hellebø
Chief Executive Officer
+47 24 11 09 50
olav.hellebo@clavispharma.com

Gunnar Manum
Chief Financial Officer
+47 24 11 09 71
+47 95 17 91 90 (mob)
gunnar.manum@clavispharma.com

Mark Swallow / Nina Enegren / David Dible
Citigate Dewe Rogerson
+44 207 282 2948
clavispharma@citigatedr.co.uk

About Clavis Pharma

Clavis Pharma ASA is an oncology focused pharmaceutical company based in Oslo,
Norway and listed on the Oslo Stock Exchange (ticker: CLAVIS).

www.clavispharma.com

Forward-looking statements

This release and any materials distributed in connection with this release may
contain certain forward-looking statements. By their nature, forward-looking
statements involve risk and uncertainty because they reflect the Company's
current expectations and assumptions as to future events and circumstances
that may not prove accurate. A number of material factors could cause actual
results and developments to differ materially from those expressed or implied
by these forward-looking statements.



This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q1 2013 report

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Source: Clavis Pharma ASA via Thomson Reuters ONE
HUG#1696167
 
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