The St. Helier, N.J.-based company plans to set aside some of the new funds for working capital, as well as pay off its existing $100 million term loan debt.
“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,” Novocure’s chief finance executive, Wilco Groenhuysen, said in prepared remarks.
“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.”
The company’s Optune system delivers low-intensity, intermediate frequency, alternating electric fields, called “Tumor Treating Fields,” to inhibit cancer cell replication.
Last week, Novocure touted an analysis published in JAMA Oncology showing that its Optune-temozolomide combination helped newly-diagnosed glioblastoma patients live longer without hurting their quality of life.
In a Phase III pivotal trial, researchers found that a higher proportion of patients treated with Optune and temozolomide reported stable or improved quality of life measures compared to those treated with just temozolomide.
Researchers assessed health-related quality of life by giving the study participants a questionnaire at the beginning of the trial and every three months after. Out of the 695 patients who participated in the study, 639 of them filled out the questionnaire.
Health-related quality of life was evaluated based on nine measures – global health status, physical, cognitive, role, social and emotional functioning, itchy skin, pain and weakness of legs.
More people treated with the company’s combination therapy reported stable or improved scores for global health status, pain, physical functioning and leg weakness compared to those treated with just temozolomide. For example, 57% of people in the Optune-temozolomide group reported stable or improved pain scores compared to 36% in the temozolomide arm.