ST. HELIER, Jersey–(BUSINESS WIRE)– Novocure (NASDAQ: NVCR) announced today the retirement of Novocure founder Professor Yoram Palti, MD, PhD, and director Louis J. Lavigne, Jr. from the board of directors effective October 24, 2018.
Professor Palti invented Tumor Treating Fields and founded Novocure in 2000. He serves as the company’s Chief Technology Officer (CTO) and has been a director of Novocure since 2002.
“We have been honored to work so closely with Professor Palti for the last 18 years,” said Novocure CEO Asaf Danziger. “Professor Palti’s invention of Tumor Treating Fields was the start of our journey to make a difference in the fight against cancer. We are grateful for his ingenious intellect and his dedication to developing our cancer therapy that we believe has the potential to help thousands of people with a range of solid tumors. We thank Professor Palti for his contributions to the Novocure Board, and we look forward to continuing to work with him as our CTO.”
Mr. Lavigne has served as a director of Novocure and as the Chairperson of Novocure’s Audit Committee since 2012. His financial leadership contributed to effective oversight of Novocure’s corporate accounting and financial reporting.
“Lou has served as Chairperson of our Audit Committee for the last six years and helped guide Novocure through our initial public offering and transition to a public reporting company,” said Novocure Executive Chairman Bill Doyle. “Lou’s experience as a financial expert has contributed to the development of our finance function. We appreciate Lou’s guidance and leadership as a member of our board, thank him for his service and wish him all the best.”
In connection with these retirements, the size of the board will be reduced to 10 directors, and Jeryl Hilleman will be appointed chairperson of Novocure’s Audit Committee.
Novocure is an oncology company developing a profoundly different cancer treatment utilizing a proprietary therapy called Tumor Treating Fields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division. Novocure’s commercialized product is approved for the treatment of adult patients with glioblastoma. Novocure has ongoing or completed clinical trials investigating Tumor Treating Fields in brain metastases, non-small cell lung cancer, pancreatic cancer, ovarian cancer, liver cancer and mesothelioma.
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, Japan and Israel. For additional information about the company, please visit www.novocure.com or follow us at www.twitter.com/novocure.
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, clinical trial progress, development of potential products, interpretation of clinical results, prospects for regulatory submission and approval, manufacturing development and capabilities, market prospects for its products, coverage, collections from third-party payers 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 February 22, 2018, 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.
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Ashley Cordova, 212-767-7558