Clovis Oncology Reports Preliminary Fourth Quarter Sales of Rubraca and Sells Additional Shares
Clovis Oncology (NASDAQ: CLVS) reported $38.3 million to $39.3 million in preliminary fourth quarter sales of its cancer drug Rubraca. At the midpoint, that's 27.6% higher than the year-ago quarter, but only a 3.2% increase compared to the third quarter. For the full year, preliminary Rubraca sales were in the $142 million to $143 million range, almost a 50% increase over 2018.
On Monday, Clovis Oncology also announced that it sold 17,777,679 shares at $9.25 per share to some of the holders of its convertible senior notes that are due in 2024. The company plans to use the proceeds to repurchase approximately $123.4 million in principal amount of the notes from the holders.
Shares of Clovis Oncology were down 9.5% to $8.37 at 12:43 p.m. on Tuesday following the relatively slower growth of Rubraca and the financing that will dilute current shareholders.
Source Fool.com
