9 February 2018 - - St. Helier, Jersey-based oncology company Novocure (NASDAQ: NVCR) has entered into a USD150 m 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 USD 100m term loan debt and fund working capital, the company said.
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.
Novocure is developing a cancer treatment utilizing a proprietary therapy called TTFields, the use of electric fields tuned to specific frequencies to disrupt solid tumor cancer cell division.
The company'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 US operations in Portsmouth, New Hampshire, Malvern, Pennsylvania, and New York City. Additionally, the company has offices in Germany, Switzerland, Japan, and Israel.