Weeks after a Pfizer/Merck KGaA breakdown, Clovis gambles on a $175M loan to finish a global PhIII PARP/PD-1 combo study
Clovis Oncology CEO Patrick Mahaffy $CLVS has engineered a risky gamble to pay for his big Phase III study combining his PARP Rubraca with Bristol-Myers Squibb’s Opdivo. He’s borrowing up to $175 million for his Phase III ATHENA trial, and he’s committed to paying back up to twice that amount for the cash runway.
“ATHENA is also our largest study, with a planned target enrollment of approximately 1000 patients,” Mahaffy noted, “which is expected to have a meaningful impact on our cash flow over the next few years.”
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