Dallas, Texas 07/09/2015 (Financialstrend) – Clovis Oncology Inc (NASDAQ:CLVS) is looking for additional cash to cater for ongoing research works for cancer treatments and for commercialization of two cancer drugs. The biotech company is also looking for funds for carrying out acquisitions of other promising medicines.
Ongoing Clinical Trials
Clovis Oncology Inc (NASDAQ:CLVS) is currently undertaking Phase II trials for its lead drug rociletinib, a drug designed to treat non-small cell lung cancer. It is also undertaking Phase III trials for an ovarian cancer drug dubbed rucaparib.
The company is hopeful of gaining domestic and European Union sales approval for the drug, which would require it to have money in place to cater for marketing expenses. Both drugs have already been granted the FDA breakthrough therapy designations as they are seen as an effective treatment for medical conditions with limited treatment options in the market.
Plans are also in place to complete new drug application with the FDA by the end of the month which should allow the company to go ahead and file for marketing approval by the EMA. The company plans to submit EU regulatory approval for Rociletinib by the end of July.
Common Stock Offering
The company is currently selling shares of its common stock in a public offering at $78 a share. Clovis Oncology Inc (NASDAQ:CLVS) plans to sell up to 3, 525, 641 shares with underwriters being given an additional 30-day period to purchase an additional 528, 846 shares. JPMorgan LLC is the lead book-running manager for the offering.
Rociletinib on being approved should face stiff competition from AstraZeneca plc (ADR) (NYSE:AZN)’s AZD9291 drug, in the fight against lung cancer. Both drugs still face major safety concerns, rociletinib having been found to increase the risk for high blood sugar. AstraZeneca’s lung cancer drug has also been found to cause interstitial lung disease in some patients.
