Clovis inks deal for up to $175 million financing for ATHENA trial

3 May 2019

Shares of Clovis Oncology (Nasdaq: CLVS) closed up 4.12% at $18.44 yesterday, after the US biotech firm revealed an agreement for up to $175 million in non-dilutive clinical trial financing with certain affiliates of TPG Sixth Street Partners to reimburse Clovis’ costs and expenses related to the ATHENA clinical trial.

ATHENA is Clovis Oncology’s largest clinical trial, with a planned target enrollment of 1000 patients across more than 270 sites in at least 25 countries.

The Clovis-sponsored Phase III ATHENA study in advanced ovarian cancer is the first-line maintenance treatment setting evaluating rucaparib (Rubraca) plus nivolumab (PD-1 inhibitor), rucaparib, nivolumab and placebo in newly-diagnosed patients who have completed platinum-based chemotherapy. This study initiated in second-quarter 2018 and is currently enrolling patients.

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