September 20, 2021

Clovis pays off notes, raises $40M+ in ATM offering

BOULDER — In an effort to clean up its balance sheet, cancer-drug manufacturer Clovis Oncology Inc. (NYSE: CLVS) has paid off $64.4 million in maturing convertible senior notes due in 2021 and raised more than $40 million in new financing through at-the-market offerings.

At-the-market offerings, or ATMS, occur when a company incrementally sells off newly issued or company-owned shares through a broker at market prices. 

During the third quarter of 2021, Clovis sold about 9.4 million shares in ATM offering, generating $41.7 million in net proceeds. That’s on top of $72.5 million in net proceeds the company raked in during the second quarter through ATM offerings. 

SPONSORED CONTENT

Solar Operations and Maintenance for Commercial Properties

One key qualification to consider when selecting a solar partner to install your system is whether they have an Operations and Maintenance (O&M) or service department. Since solar is a long-term asset with an expected lifecycle of 30 plus years, ongoing O&M should be considered up front. A trusted O&M partner will maximize your system’s energy output and therefor the return on your investment.

“These activities improve our balance sheet and complement our ongoing focus on cost control as we look forward to the potentially transformative events of 2022,” Clovis CEO Patrick Mahaffy said in a prepared statement. “In 2022, we anticipate three Phase 3 data read-outs for Rubraca, which offer the potential to significantly expand the number of ovarian and prostate cancer patients eligible for Rubraca treatment in the U.S. and Europe.”

Rubraca, Clovis’ flagship drug, is primarily prescribed to ovarian-cancer patients and survivors to lower the chance of relapse, but is thought to help control solid-tumor forms of cancer linked to a specific mutation in a person’s genetics.

The company said Monday that it’s focus is on three strategies: “Expand the Rubraca label to drive revenue growth, emerge as a leader in targeted radionuclide therapy, and achieve long-term financial stability.”

Financial stability has been a challenge as Rubraca makes its way through the development pipeline. 

Last month Clovis posted a net loss of $66.4 million for the second quarter.

The company’s 52-week high stock price is $11.10, but it’s been trading below $5 of late. 

© 2021 BizWest Media LLC

BOULDER — In an effort to clean up its balance sheet, cancer-drug manufacturer Clovis Oncology Inc. (NYSE: CLVS) has paid off $64.4 million in maturing convertible senior notes due in 2021 and raised more than $40 million in new financing through at-the-market offerings.

At-the-market offerings, or ATMS, occur when a company incrementally sells off newly issued or company-owned shares through a broker at market prices. 

During the third quarter of 2021, Clovis sold about 9.4 million shares in ATM offering, generating $41.7 million in net proceeds. That’s on top of $72.5 million in net proceeds the company raked in during the second…

Lucas High
A Maryland native, Lucas has worked at news agencies from Wyoming to South Carolina before putting roots down in Colorado.
Sign up for BizWest Daily Alerts