Review of financial reporting - Clavis Pharma ASA
In accordance with the Securities Trading Act Section
15-1 subsection (3), Finanstilsynet (The Financial
supervisory Authority of Norway) has reviewed some
selected subjects in the financial statements of
Clavis Pharma ASA for 2011. The final letter can be
accessed on Finanstilsynet's internet site
The letter is only available in Norwegian.
The main focus has been the deferred revenue
recognition of the "up-front" payments which Clavis
Pharma received from the American company Clovis
Oncology Inc. in 2009 and 2010. Finanstilsynet has
noted the company's revenue recognition for the
record, and has no further questions in this regard.
However, Finanstilsynet is of the opinion that the
disclosures are insufficient. Clavis Pharma has
informed that the disclosures will be improved in the
financial statements of 2012. Finanstilsynet has
noted this for the record and has no further comments.
The review has also uncovered missing disclosures
related to a transaction based on the company's
license agreement with the American company
Translational Therapeutics Inc., and insufficient
disclosures related to long term loans, segment
information and research and development expenses.