Clovis struggles to raise capital as losses mount
BOULDER — Clovis Oncology Inc. (Nasdaq: CLVS) must raise capital to remain a going concern, the company said in its second quarter report issued Monday, but that’s a prospect easier said than done as losses continue for the cancer-therapy developer.
Revenues generated by sales of Clovis’ main drug Rubraca were $32.1 million, down 13% from the same period in 2021.
The company cut research and development spending by 20% year over year and used 40% less cash for operating activities than in the first quarter of 2022.
Still, Clovis’ net loss in the second quarter of 2022 was $71.3 million, or 50 cents…
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