Clovis launches $75M on-demand stock sale

BOULDER — Clovis Oncology Inc. (Nasdaq: CLVS) is preparing to sell up to $75 million in new stock as part of its latest funding push.

The Boulder cancer treatment developer said late Monday that it will offer the stock at market prices and use the funding for general corporate purposes, debt-service and marketing and development of its lead drug Rubraca.

If issued at the company’s closing stock price of $5.87 at the end of Monday, the sale would add just more than 12.77 million to Clovis’ existing 104.56 million shares outstanding.

Rubraca is already approved for use in the U.S. as a maintenance treatment for women who have recurring forms of ovarian, fallopian tube or peritoneal cancers that are either fully or partially responsive to platinum chemotherapy. Top-line data from a confirmatory Phase III trial this year suggests that the drug can halt the progression of the cancer in combination with chemotherapy versus fighting the cancer with chemotherapy alone.

Clovis’ stock fell 5% in early trading Tuesday on the news, falling to $5.58 per share as of 10:45 a.m. Mountain Time.