Novocure nets European approval for its Tumor Treating Fields remedy in mesothelioma, raises money for business growth

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A few yr and a half after receiving approval from the FDA as a first-line therapy for mesothelioma, Novocure has secured a CE mark for its Tumor Treating Fields remedy in Europe. 

The NovoTTF-100L system, often called Optune Lua within the U.S., will equally be provided together with pemetrexed and platinum-based chemotherapy for the therapy of inoperable, superior or metastatic malignant pleural mesothelioma, a uncommon lung most cancers linked to asbestos publicity.

Worn on the chest as a big pad, the gadget delivers electromagnetic vitality to the tumor to disrupt the division and replication of cells of a sure measurement. The expertise has additionally been accepted for glioblastoma.

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Novocure estimates that greater than 13,000 folks in Europe are identified with mesothelioma every year, and the corporate now plans to start commercialization efforts and pursue pathways for reimbursement within the close to future.

RELATED: Novocure nets approval for its Tumor Treating Fields remedy in mesothelioma

To assist fund these efforts, the corporate lately established a $150 million revolving line of credit score with JPMorgan Chase Financial institution and in addition offered $575 million of convertible senior notes, with estimated web proceeds topping about $558 million following bills and reductions. 

“We consider latest financing transactions create monetary flexibility in our capital construction to assist ongoing investments meant to drive near-term development and unlock future worth at a particularly favorable value of capital,” stated Novocure’s chief monetary officer, Ashley Cordova.

“Past investments in our medical and product growth applications, this development capital permits us to strengthen our business footprint by increasing entry to our accepted indications into further markets and to spend money on pre-commercial and business actions related to the potential for a simultaneous launch of a number of giant indications,” Cordova added.

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