Clovis Oncology tanks on bankruptcy filing warning

Clovis Oncology

09/11/2022 14:01

** Shares of cancer drugmaker Clovis Oncology  CLVS.O  fall
51% to 46 cents in premarket trade on bankruptcy filing warning
    ** Co says falling sales of Rubraca and continuing
challenges in raising additional capital make a potential
bankruptcy filing in the very near term look increasingly
probable
    ** 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" - Clovis
    ** Up to last close, CLVS was down 63.9% YTD
 (Reporting by Nandhini Srinivasan in Bengaluru)
 ((nandhini.srinivasan@thomsonreuters.com))