ST. HELIER, Jersey--(BUSINESS WIRE)--
Novocure (NASDAQ: NVCR) announced today that it has entered into a $150
million term loan agreement with BioPharma Credit PLC (LSE: BPCR), an
investment fund managed by Pharmakon Advisors, LP, with proceeds used to
pay in full Novocure’s existing $100 million term loan debt and fund
working capital. The agreement improves upon the pricing and terms of
Novocure’s existing credit facility with BioPharma Secured Investments
III Holdings Cayman LP and extends the maturity of Novocure’s debt until
February 2023. Additional information on the term loan agreement will be
filed with the U.S. Securities and Exchange Commission as a Current
Report on Form 8-K.
“Novocure is a global oncology company with a proprietary platform
technology, and we are pleased to further strengthen our cash position
with non-dilutive capital,” said Wilco Groenhuysen, Novocure’s Chief
Financial Officer. “This new credit facility provides us with the
financial stability and flexibility to continue to execute our core
strategies of driving commercial adoption of Optune and advancing our
clinical pipeline.”
Armentum Partners acted as financial advisor to Novocure for the debt
transaction. Sidley Austin LLP acted as legal advisor to Novocure.
About Novocure
Novocure is an oncology company developing a profoundly different cancer
treatment utilizing a proprietary therapy called TTFields, 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 TTFields in brain metastases,
non-small cell lung cancer, pancreatic cancer, ovarian 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.
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, development of potential
products, interpretation of clinical results, prospects for regulatory
approval, manufacturing development and capabilities, market prospects
for its products, 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 23, 2017, 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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Source: Novocure