Novocure Announces $75 Million Drawdown under Its Term Loan Agreement through Pharmakon Advisors

Non-dilutive financing enhances financial strength

June 30, 2016 04:00 PM Eastern Daylight Time

ST. HELIER, Jersey–(BUSINESS WIRE)–Novocure (NASDAQ: NVCR) announced today that it has provided notice to draw the remaining $75 million under its existing term loan agreement with an investment fund managed by Pharmakon Advisors LP and anticipates receiving funds on July 22, 2016. Novocure drew $25 million of the total $100 million available borrowing capacity when the term loan agreement closed in January 2015. The company’s ability to access the remaining $75 million under the term loan agreement expires on June 30, 2016.

“We remain committed to the global commercialization of Optune® for the treatment of glioblastoma, and to the execution of our clinical trial programs to develop Tumor Treating Fields for a variety of solid tumor cancers,” said Wilco Groenhuysen, Novocure’s Chief Financial Officer. “This additional, non-dilutive financing provides us the financial strength to pursue both of these goals simultaneously.”

About Novocure

Novocure is a commercial-stage oncology company developing a novel, proprietary therapy called Tumor Treating Fields, or TTFields, for the treatment of solid tumor cancers. Headquartered in Jersey, Novocure has U.S. operations in Portsmouth, New Hampshire, Malvern, Pennsylvania, and New York City. Additionally, the company has offices in Germany, Switzerland and Japan, and a research center in Haifa, Israel. For additional information about the company, please visit or follow us at

Forward-Looking Statements

In addition to historical facts or statements of current condition, this press release may contain forward-looking statements. Forward-looking statements provide Novocure’s current expectations or forecasts of future events. These may include statements regarding anticipated scientific progress on its research programs, development of potential products, interpretation of clinical results, prospects for regulatory approval, manufacturing development and capabilities, market prospects for its products, and other statements regarding matters that are not historical facts. You may identify some of these forward-looking statements by the use of words in the statements such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe” or other words and terms of similar meaning. Novocure’s performance and financial results could differ materially from those reflected in these forward-looking statements due to general financial, economic, regulatory and political conditions as well as more specific risks and uncertainties facing Novocure such as those set forth in its Annual Report on Form 10-K filed on March 1, 2016, with the U.S. Securities and Exchange Commission. Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, you should not rely on any such factors or forward-looking statements. Furthermore, Novocure does not intend to update publicly any forward-looking statement, except as required by law. Any forward-looking statements herein speak only as of the date hereof. The Private Securities Litigation Reform Act of 1995 permits this discussion.


Ashley Cordova, 212-767-7558

Print Friendly
See all press releases