Novocure Opens Office in Montreal to Expand and Support Growing Business in Canada

Rhea-AI Summary

Novocure (NASDAQ: NVCR) has opened a new office in Montreal, Canada, as part of its expansion strategy. This move aims to support the growing demand for its innovative therapy, Tumor Treating Fields (TTFields), designed to extend survival in aggressive cancer cases. The Montreal office, inaugurated on Nov. 2, reflects the company's commitment to enhance its presence in Canada, which began with clinical trials in 2013. Novocure is awaiting Health Canada approval for its Optune® device, vital for treating glioblastoma, addressing a significant unmet medical need.

Positive

• Opening of a new office in Montreal to expand business operations.
• Growth potential in Canada as Novocure enhances its market presence.
• Ongoing clinical trials and partnerships established since 2013 support business credibility.
• Awaiting Health Canada's approval of Optune® for glioblastoma treatment.

Negative

• None.

Novocure chose Montreal because of its innovative culture, world-class universities and hospitals, access to top talent and quality of life

ROOT, Switzerland--(BUSINESS WIRE)-- Novocure (NASDAQ: NVCR) today announced it has opened a new office in Montreal to expand and support its growing business in Canada. 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 (TTFields). TTFields are electric fields that exert physical forces to kill cancer cells via a variety of mechanisms.

From left, Dr. David Roberge, Professor of Radiology, Radiation Oncology & Nuclear at the CHUM Research Centre and Future President of the Canadian Association of Radiation Oncology; Romina Ferro, Marketing & Communications Manager Brain Tumour Foundation of Canada; Shannon LaHay, Chief Executive Officer, Brain Tumour Foundation of Canada; Thomas Hefti, Novocure Senior Vice President, EMEA; Jovan Antunovic, Novocure Country Manager, Canada; Christine Mormont, Novocure Director, Medical Affairs, Canada; and Pritesh Shah, Novocure Chief Commercial Officer, celebrate the inauguration of Novocure’s Montreal office on Nov. 2. (Photo: Business Wire)

Novocure chose Montreal because of its innovative culture, world-class universities and hospitals, access to top talent and quality of life, including investments the city is making in its public transportation system.

“We’re very proud to say that Montreal is now home for Novocure Canada,” said Jovan Antunovic, Country Manager of Novocure Canada. “We have a great opportunity to grow our business and bring our therapy to more patients who can benefit throughout Canada.”

Novocure inaugurated its Montreal office on Nov. 2, welcoming Novocure leadership and colleagues; Dr. David Roberge, Professor of Radiology, Radiation Oncology & Nuclear at the CHUM Research Centre and Future President of the Canadian Association of Radiation Oncology; Shannon LaHay, Chief Executive Officer, Brain Tumour Foundation of Canada; and Romina Ferro, Marketing & Communications Manager Brain Tumour Foundation of Canada, among other guests to celebrate this milestone for the company.

While Novocure’s physical office presence in Canada is new, Novocure’s footprint in Canada began in 2013, when Canadian institutions began participating in Novocure’s clinical trials evaluating TTFields. To date, 14 Canadian institutions – four of which are in Quebec – have participated in six clinical trials involving TTFields.

Novocure has applied for and is awaiting Health Canada’s approval of Optune®, Novocure’s TTFields delivery system, for the treatment of glioblastoma.

“It is well established that glioblastoma treatment is a high unmet medical need,” said Dr. Roberge. “The medical community and patient community in Canada look forward to having more options to treat glioblastoma.”

“We are grateful to the many partners in Canada who have contributed to the advancement of our therapy over the years and those who continue to study the science of Tumor Treating Fields today,” said Pritesh Shah, Novocure’s Chief Commercial Officer. “With the establishment of our new office in Montreal, we are focused and committed to driving forward our mission of extending survival in some of the most aggressive forms of cancer as we expand our business in Canada.”

About Tumor Treating Fields Therapy
Tumor Treating Fields (TTFields) are electric fields that exert physical forces to kill cancer cells via a variety of mechanisms. TTFields do not significantly affect healthy cells because they have different properties (including division rate, morphology, and electrical properties) than cancer cells. The multiple, distinct mechanisms of TTFields therapy work together to selectively target and kill cancer cells. Due to its multimechanistic actions, TTFields therapy can be added to cancer treatment modalities in approved indications and demonstrates enhanced effects across solid tumor types when used with chemotherapy, radiotherapy, immune checkpoint inhibition, or PARP inhibition in preclinical models. TTFields therapy provides clinical versatility that has the potential to help address treatment challenges across a range of solid tumors. To learn more about Tumor Treating Fields therapy and its multifaceted effect on cancer cells, visit tumortreatingfieldstherapy.com.

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 and malignant 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/20221115005460/en/

Investors:

Ingrid Goldberg

investorinfo@novocure.com

610-723-7427

Media:

Leigh Labrie

media@novocure.com

610-723-7428

Source: Novocure

FAQ

What is Novocure's new office location?

Novocure has opened a new office in Montreal, Canada.

When was Novocure's Montreal office inaugurated?

The Montreal office was inaugurated on November 2.

What therapy does Novocure focus on?

Novocure specializes in Tumor Treating Fields (TTFields) therapy.

What regulatory approval is Novocure awaiting?

Novocure is awaiting Health Canada's approval for Optune®, its TTFields delivery system for glioblastoma.

When did Novocure's clinical trials begin in Canada?

Novocure's clinical trials in Canada started in 2013.