Novocure Announces Organizational Changes to Prepare for Future Growth

Rhea-AI Summary

Novocure (NASDAQ: NVCR) announced key organizational changes effective January 17, 2023, aiming for growth. Pritesh Shah will become Chief Growth Officer, overseeing product strategy and market access. Ely Benaim will leave as Chief Medical Officer, with interim leadership transitioning to Piet Hinoul. Uri Weinberg becomes Chief Innovation Officer, while Moshe Giladi steps into Chief Science Officer. CEO Asaf Danziger noted the recent positive developments in pivotal studies, signaling a transformative period for the company. Novocure focuses on expanding its Tumor Treating Fields therapy for various cancers.

Positive

• Organizational changes signal strategic growth plans.
• Pritesh Shah's new role may enhance product and portfolio strategy.
• Positive developments in pivotal studies indicate potential for future success.

Negative

• Departure of Chief Medical Officer may disrupt continuity.
• Interim leadership could lead to potential uncertainty in medical strategy.

ROOT, Switzerland--(BUSINESS WIRE)-- Novocure (NASDAQ: NVCR) today announced organizational changes to prepare for future growth, effective Jan. 17.

Pritesh Shah, Novocure’s Chief Commercial Officer, will transition into a new executive role as Chief Growth Officer. In this role, Mr. Shah will have worldwide responsibilities for product and portfolio strategy, brand management, establishing a global framework for new launches, market access and market intelligence. Mr. Shah will also be responsible for new indications in the United States.

After a review of Novocure’s future needs, Ely Benaim, M.D., Chief Medical Officer, will step down from his role and leave the company. Dr. Benaim will partner with Novocure’s executive leadership team to ensure a smooth transition of responsibilities. The company wishes Dr. Benaim the best in future endeavors. Piet Hinoul, M.D., Ph.D., currently Senior Vice President & Head of Global Medical Affairs, will assume the role of interim Head of Medical to ensure business continuity as the company continues its external search for the next Chief Medical Officer. Dr. Hinoul will report to Mr. Shah while Novocure concludes its executive search.

Uri Weinberg, M.D., Ph.D., currently Chief Science Officer, will transition into a new role as Chief Innovation Officer. In this role, Dr. Weinberg will be responsible for expanding the innovative potential of Tumor Treating Fields therapy. Moshe Giladi, Ph.D., currently Senior Vice President, Preclinical Research, will assume the role of Chief Science Officer at Novocure.

“We believe the successful readout of LUNAR marks the beginning of a transformational period for Novocure, with multiple pivotal studies near completion and numerous future studies preparing for launch,” said Novocure’s Chief Executive Officer Asaf Danziger. “Our leadership needs continue to evolve with our anticipated growth. We are committed to ensuring we have the optimal structure to support our employees, the business and the thousands of patients we believe we will soon have the opportunity to treat in a multi-indication future.” 

About Novocure
Novocure is a global oncology company working to extend survival in some of the most aggressive forms of cancer through the development and commercialization of its innovative therapy, Tumor Treating Fields. Novocure’s commercialized products are approved in certain countries for the treatment of adult patients with glioblastoma, malignant pleural mesothelioma and pleural mesothelioma. Novocure has ongoing or completed clinical studies investigating Tumor Treating Fields in brain metastases, gastric cancer, glioblastoma, liver cancer, non-small cell lung cancer, pancreatic cancer and ovarian cancer.

Headquartered in Root, Switzerland and with a growing global footprint, Novocure has regional operating centers in Portsmouth, New Hampshire and Tokyo, as well as a research center in Haifa, Israel. For additional information about the company, please visit Novocure.com and follow @Novocure on LinkedIn and Twitter.

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, clinical study progress, development of potential products, interpretation of clinical results, prospects for regulatory 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, environmental, regulatory and political conditions as well as issues arising from the COVID-19 pandemic and other more specific risks and uncertainties facing Novocure such as those set forth in its Annual Report on Form 10-K filed on February 24, 2022, and subsequent filings 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230119005132/en/

Investors:

Ingrid Goldberg

investorinfo@novocure.com

610-723-7427

Media:

Leigh Labrie

media@novocure.com

610-723-7428

Source: Novocure

FAQ

What are the recent organizational changes at Novocure (NVCR)?

Novocure announced that Pritesh Shah will become Chief Growth Officer, Ely Benaim will step down as Chief Medical Officer, and Uri Weinberg will transition to Chief Innovation Officer.

When will the new changes at Novocure take effect?

The changes will be effective January 17, 2023.

What is the significance of the LUNAR study for Novocure (NVCR)?

The successful readout of the LUNAR study marks a potential turning point for Novocure, highlighting their ongoing pivotal studies and future launch preparations.

Who is responsible for Novocure's medical leadership during the transition?

Piet Hinoul will serve as the interim Head of Medical during the transition.

What does Novocure's future growth strategy involve?

Novocure's growth strategy includes the expansion of Tumor Treating Fields therapy into new indications and enhancing market access.