Clovis Shares Rise On Drug's FDA 'breakthrough' Designation

Shares of Clovis Oncology Inc. rose in the extended session Monday after the biotech said the Food and Drug Administration will speed up the review process for its ovarian cancer drug. Clovis shares rallied 7.4% to $73.75 on moderate volume. Clovis said the FDA granted a "breakthrough therapy" designation to rucaparib to treat ovarian cancer patients that have gone through other therapies. The designation is given to drug candidates that may offer a substantial improvement to other drugs in serious or fatal illnesses. Early data in clinical studies data showed that certain ovarian cancer patients given rucaparib responded to the therapy, the company said.