Clovis Oncology hits record low on bankruptcy filing warning

Clovis Oncology

09/11/2022 16:13

(Updates)
** Shares of cancer drugmaker Clovis Oncology  CLVS.O  fall
74.5% to record low of 25 cents on bankruptcy filing warning
    ** Co says falling sales of cancer drug Rubraca and
continuing challenges in raising additional capital make a
potential bankruptcy filing in the very near-term look
increasingly probable
    ** Rubraca sales fell by 10% to $148.8 million in FY 2021,
compared with $164.5 million a year earlier.
    ** Says that based on current cash and cash equivalents, and
current estimates for revenues from Rubraca sales, co will not
have sufficient liquidity to maintain operations beyond January
2023
    ** "It appears increasingly unlikely that additional funding
will be available on acceptable terms or at all outside of a
Chapter 11 bankruptcy process," says Clovis
    ** Other drugs from AstraZeneca Plc  AZN.L  and GSK Plc
 GSK.L  that belong to the same class of treatments have also
faced similar scrutiny 
    ** Including session's fall, Clovis stock down 90.7% YTD
 (Reporting by Nandhini Srinivasan and Pratik Jain in Bengaluru)
 ((nandhini.srinivasan@thomsonreuters.com))