Clovis Oncology flags possible bankruptcy in 'very near term' (updated)

Clovis Oncology

09/11/2022 13:44

(Adds background on drug, company)
       Nov 9 (Reuters) - U.S. drugmaker Clovis Oncology
 CLVS.O  said on Wednesday it was likely to file for bankruptcy
"in the very near term", as the company struggles to sell its
cancer drug Rubraca.
    Rubraca sales have been hit by the COVID-19 pandemic that
led to a smaller number of patient visits and diagnoses in the
last two years, Clovis said.
    Colorado-based Clovis had a market capitalization of $141.59
million as of Tuesday's closing. 
    The company also cited the U.S. and European health
regulators' increased focus on data showing drugs help extend
the survival in ovarian cancer patients, which has led to the
withdrawal of some cancer drugs.
    "It appears increasingly unlikely that additional funding
will be available on acceptable terms or at all outside of a
Chapter 11 bankruptcy process," Clovis said in a filing.
 (Reporting by Leroy Leo and Khushi Mandowara in Bengaluru;
editing by Milla Nissi)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))