Clavis preps endgame after final PhIII cancer drug failure

Clavis Pharmaceuticals shares flat-lined at about 18 cents this morning as the Norwegian biotech company outlined a simple endgame after its second Phase III cancer drug program ended in failure yesterday. CEO Olav Hellebo told reporters today that he has a list of private companies in the region that might like to leapfrog onto the Oslo exchange. Barring a sale, he added, the company could be closed. But don't look for much value in its lipid vector technology. "We've taken two drugs all the way through development with lipid technology and both failed in the final big test," the plain-spoken Hellebo said, according to Bloomberg. "That means it will be very difficult to justify putting huge investments in another product with the same technology." Story