Clovis tightens belt as sales fall

BOULDER — Cancer-drug manufacturer Clovis Oncology Inc. (NYSE: CLVS) reduced its research and development and administrative spending in the third quarter of 2021 as the company’s revenues have slipped due, it says, to the COVID-19 pandemic.

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.

Sales are down, the company said in its quarterly report, because “fewer patients have been diagnosed and treated for ovarian cancer during the pandemic.”

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Revenues for the most recent period were $37.9 million, down from $38.7 million during the third quarter of 2020. 

Still, the company was able to trim its losses.

The net loss in the third quarter of 2021 was $67.4 million compared with $78.6 million during the same period last year. 

Clovis raised more than $40 million in new financing in September through at-the-market offerings.

“With the additional capital raised in the quarter and recent repayment of the remaining 2021 notes, we have made further progress on improving our balance sheet and remain focused on our three core strategies: expand the Rubraca label to drive revenue growth, emerge as a leader in targeted radionuclide therapy, and achieve long-term financial stability,” Clovis CEO Patrick Mahaffy said in the quarterly report. 

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