Novocure Secures New $400 Million Multi-Tranche Non-Dilutive Debt Financing from Pharmakon
2024年5月2日 - 8:01PM
ビジネスワイヤ(英語)
Use of proceeds to fund working capital needs stemming from
Novocure’s anticipated launch in non-small cell lung cancer and
settle, upon maturity, Novocure’s convertible notes
Novocure (NASDAQ: NVCR) announced today that it has entered into
a new five-year up to $400 million committed senior secured credit
facility with funds managed by Pharmakon Advisors, LP. The
committed capital will be available to Novocure in four tranches of
$100 million. The first $100 million was issued at closing, and the
second $100 million will be issued by June 30, 2025. An additional
$200 million is available to be drawn across two tranches, at
Novocure’s discretion and subject to certain milestones, through
March 31, 2026. The proceeds will be used to fund working capital
needs stemming from Novocure’s anticipated launch in non-small cell
lung cancer and settle, upon maturity, Novocure’s convertible
notes. Additional information on the agreement will be filed with
the U.S. Securities and Exchange Commission as a Current Report on
Form 10-Q.
“As we look ahead to multiple milestones on the horizon for
Novocure, we have strengthened our cash position with non-dilutive
capital and further solidified our balance sheet,” said Ashley
Cordova, Novocure’s Chief Financial Officer. “This multi-tranche,
delayed-draw, debt facility provides us with the flexibility and
financial stability to invest in future growth, specifically in
non-small cell lung cancer, as we execute our objectives and
advance our clinical pipeline. We are pleased to again partner with
Pharmakon on this transaction.”
Pharmakon Advisors, LP is a leading investor in non-dilutive
debt for the life sciences industry and is the investment manager
of the BioPharma Credit funds. Established in 2009, funds managed
by Pharmakon Advisors, LP have committed $8.2 billion across 52
investments.
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 “could,” “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 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 22, 2024, 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.
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Investors & Media: Ingrid Goldberg
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