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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