Feb 19th 2013 - Edison Investment Research today published a report on Clavis Pharma entitled "Ragnarök Looms". In summary, the report says:
Clavis Pharma’s investment case is entirely dependent on the late March outcome of the CLAVELA Phase III study of elacytarabine in relapsed and refractory acute myeloid leukaemia (AML). The study compares elacytarabine against commonly used but non-standard therapies. Approval requires an odds ratio of 0.7 or better; equivalent to median survival of about 4.5 months vs 3.0 months on other therapies. If this is reached, elacytarabine would be the only approved relapsed/refractory AML therapy. Clavis aims to enter US and Asian deals by the end 2013, with a direct EU launch starting in Germany and Sweden by early 2015. If CLAVELA fails, Clavis will be wound down, with little cash for shareholders although any returns will be maximised.
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