- Associated Press - Monday, September 29, 2014

NEW YORK (AP) - Shares of Clovis Oncology climbed Monday after the company reported promising study results for its cancer drug rucaparib.

The Boulder, Colorado, company is studying rucaparib as a treatment for ovarian and breast cancer. Clovis Oncology said Monday that in a small trial, 14 out of 15 patients had stable disease levels or experienced tumor shrinkage for at least 12 weeks.

Rucaparib is intended to treat cancers with specific genetic mutations. Clovis Oncology says about half of ovarian cancers have those mutations, and the company is also studying a diagnostic test to help identify patients who might benefit from treatment with rucaparib.

Shares of Clovis Oncology Inc. rose $4.61, or 10.9 percent, to $47.10 in afternoon trading. Its shares had been down more than 29 percent so far this year through Friday.

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