CLVS - Clovis Oncology warns of bankruptcy amid liquidity concerns

• Clovis Oncology ( NASDAQ: CLVS ), a biotech focused on cancer therapies, announced Wednesday warned of near-term bankruptcy and cited liquidity constraints in its latest 10-Q filing on Wednesday.
• Clovis ( CLVS ) shares are currently on hold for trading. Clovis, which develops the Rubraca cancer therapy, has lost more than 77% in value over the past 12 months, as indicated in this graph.
• “Based on our current cash and cash equivalents, together with current estimates for revenues to be generated by sales of Rubraca, we will not have sufficient liquidity to maintain our operations beyond January 2023,” the company wrote.
• Citing commercial and regulatory challenges for Rubraca and resultant problems in raising additional capital, “a potential bankruptcy filing in the very near term looks increasingly probable,” Clovis ( CLVS ) added in the SEC filing.
• Read: In May, H.C. Wainwright downgraded the company citing concerns over a potential launch of Rubraca for ovarian cancer as a first-line option.

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