Novocure Announces $75 Million Drawdown under Its Term Loan Agreement through Pharmakon Advisors
Non-dilutive financing enhances financial strength
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.”
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 www.novocure.com or follow us at www.twitter.com/novocure.
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Ashley Cordova, 212-767-7558