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NovoCure Limited Ordinary Shares (symbol: NVCR) is a pioneering, commercial-stage oncology company dedicated to developing and marketing innovative therapies for solid tumor cancers. At the heart of NovoCure's mission is a groundbreaking treatment modality known as Tumor Treating Fields (TTFields). This proprietary therapy employs electric fields to disrupt cancer cell division, targeting a variety of solid tumors.
Founded with the ambition to improve the lives of cancer patients, NovoCure not only focuses on the development and manufacture of TTFields devices but also on their commercialization. Key products include Optune Gio and Optune Lua, which have shown promising results in treating Glioblastoma and other cancers. The company's commitment to innovation is evident in its extensive pipeline, which features projects such as Trident, Lunar-2, Panova-3, and Metis, aimed at addressing Glioblastoma, Non-small cell lung cancer, Pancreatic cancer, and more.
Operating primarily in the healthcare sector of the United States, NovoCure also extends its reach to key markets including Germany, Japan, and other regions, accounting for a significant portion of its revenue. The company prides itself on its talented team, who are motivated by the mission to enhance cancer care. NovoCure offers employment opportunities across the U.S., Europe, and Asia, investing heavily in the professional growth and personal well-being of its employees.
Recent achievements underline the company's dynamic progress, including strategic partnerships, clinical milestones, and the continuous expansion of its product portfolio. NovoCure remains dedicated to its core mission, with cancer patients and their families always at the forefront of its endeavors.
Novocure (NASDAQ: NVCR) announced 43 presentations on Tumor Treating Fields (TTFields) at the Society for Neuro-Oncology 2020 Virtual Annual Meeting from November 19-21. This includes two oral presentations highlighting data from the EF-19 study on recurrent glioblastoma and a study on TTFields in combination with chemotherapy for non-small cell lung cancer. Notably, 36 of the presentations were prepared by external authors, emphasizing collaborations in advancing TTFields research.
Novocure (NASDAQ: NVCR) has received the CE Mark for its NovoTTF-100L system, enabling commercialization as a first-line therapy for malignant pleural mesothelioma (MPM) in Europe and Switzerland. This treatment combines the device with pemetrexed and platinum-based chemotherapy. Annually, over 13,000 cases are diagnosed in Europe. The system was previously approved by the U.S. FDA in May 2019. Novocure aims to expand patient access by pursuing reimbursement pathways in selected European markets.
Novocure (NASDAQ: NVCR) has scheduled a virtual Research and Development Day for analysts and investors on November 12, 2020, from 7:30 a.m. to 9:30 a.m. EST. The event will showcase two decades of research on Tumor Treating Fields and introduce ongoing R&D initiatives. Executive Chairman William Doyle highlights a growing interest in Tumor Treating Fields within the scientific community. The agenda includes presentations by Novocure leaders and external experts focused on clinical development, innovative applications, and therapeutic combinations aimed at addressing critical cancer treatment needs.
Novocure (NASDAQ: NVCR) announced a new $150 million senior secured revolving credit facility with JPMorgan Chase Bank, enhancing its financial structure for growth and innovation. The credit facility allows for an additional $100 million in loans under certain conditions, supporting both near-term and long-term business priorities. Novocure expects key clinical trial results in the coming years, and the updated capital structure aims to sustain growth and maximize shareholder value. The facility has interest rates ranging from LIBOR plus 2.75% to 3.25%, with no current outstanding balance.
Novocure (NASDAQ: NVCR) has successfully completed a private offering of $575 million in 0% Convertible Senior Notes due 2025, including an additional $75 million exercised by initial purchasers. The net proceeds are estimated at $558.4 million, aimed at supporting clinical and product development, as well as general corporate purposes. The notes are convertible into cash or shares and have a conversion price of approximately $168.24, a 50% premium over the November 2, 2020 stock price of $112.16. Novocure plans to redeem these notes under specific conditions starting November 6, 2023.
Novocure (NASDAQ:NVCR) announced pricing for $500 million of 0% Convertible Senior Notes due 2025, aiming to close the offering on November 5, 2020. The notes have an initial conversion rate of 5.9439 shares per $1,000 principal, with a conversion price of about $168.24, representing a 50% premium over its stock price on November 2, 2020. Net proceeds of approximately $485.5 million will enhance clinical programs and support general corporate purposes. Noteholders can convert under specific conditions until 2025, while Novocure retains redemption rights under certain scenarios.
Novocure (NASDAQ: NVCR) announced plans to offer $500 million in Convertible Senior Notes due 2025 in a private placement for qualified institutional buyers. An additional $75 million may be offered if the initial purchasers exercise their option within 13 days. Proceeds will support clinical and product development, general corporate purposes, and related activities. The notes will be unsecured and convertible into cash, Novocure's shares, or both. The offering is subject to market conditions, with no guarantee of completion.
Novocure (NASDAQ: NVCR) reported a significant financial performance for Q3 2020, achieving net revenues of $132.7 million, up 44% year-over-year. Gross profit rose to $104.3 million, marking a 51% increase. The net income was $9.3 million, a staggering 381% increase compared to Q3 2019. Active patients grew to 3,361, while Adjusted EBITDA surged 85% to $37.3 million. The company continues to enhance its clinical focus, anticipating key trial data releases in 2021 and 2022, solidifying its position in the oncology market.
Novocure (NASDAQ: NVCR) has formed a strategic alliance with NYU Grossman School of Medicine’s Department of Radiation Oncology to advance the development of Tumor Treating Fields, a therapy utilizing electric fields to disrupt cancer cell division. This partnership aims to establish NYU as a research center for Tumor Treating Fields, facilitating clinical trials and studying its effects in conjunction with radiation therapy and pharmacological agents. The collaboration represents a significant step toward enhancing treatment strategies for aggressive cancers.
Novocure (NASDAQ: NVCR) will report its third quarter 2020 financial results on October 29, 2020, before U.S. markets open. A conference call will discuss results for the three and nine months ending September 30, 2020, at 8 a.m. EDT on the same day. Investors can join via phone at 855-442-6895 for domestic and 509-960-9037 for international. The call will be accessible on Novocure’s Investor Relations page for at least 14 days post-call. The company aims to provide transparent updates on its innovative therapy and ongoing clinical trials.
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