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GEN News Highlights : May 21, 2009

Clovis Oncology Raises $145M in Start-Up Financing

Ex-Pharmion execs found new company in wake of $2.9 billion buy-out by Celgene.

Clovis Oncology, a newly formed company focused on acquiring, developing, and commercializing anti-cancer agents, has secured $145 million in start-up financing.

Founded by former executives of Pharmion Corporation, which was acquired by Celgene in 2008 for $2.9 billion, Clovis says it intends to acquire rights to or license innovative anti-cancer compounds in all stages of clinical development, and develop and market them in the U.S. and Europe.

"Clovis is focused on partnering with these discovery-based companies and taking responsibility for developing and commercializing innovative products that may ultimately provide significant benefit to cancer patients," says Patrick J. Mahaffy, Clovis' president and CEO.

Investors in Clovis include Domain Associates, New Enterprise Associates (NEA), Versant Ventures, Aberdare Ventures, Abingworth, Frazier Healthcare Ventures, ProQuest Investments and the Company's management team.ADNFCR-2184-ID-19181278-ADNFCR