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Clovis Oncology Fined $20 Million for Misleading Efficacy Data

September 20, 2018

The Securities and Exchange Commission (SEC) Tuesday levied a $20.8 million fine against biopharmaceutical company Clovis Oncology and two company executives for concealing the true efficacy rate of its lung cancer drug Roci (rociletinib).

Clovis agreed to pay $20 million, and CEO Patrick Mahaffy and ex-CFO Erle Mast $250,000 and $100,000 in penalties, respectively, to settle the case.

The SEC alleged the drugmaker began lying about Roci’s efficacy rate in May 2015, claiming that 60 percent of patients receiving its 500 mg dose saw targeted tumors shrink even though both execs had early access to non-public data showing the efficacy rate was actually much lower.

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