Novocure to reduce workforce by 13% in strategic restructuring

Novocure announced a series of actions in an effort to strengthen and optimize business operations to support near-term growth drivers and long-term value creation. The plan includes an expected reduction in residual operating expenses of approximately $60M. Novocure continues to focus resources on its global commercial infrastructure and launch preparation ahead of its anticipated indication in metastatic non-small cell lung cancer and on research and development programs. Novocure continues to invest in launch readiness, including field-based commercial and field-based medical team hiring, for the anticipated approval of Tumor Treating Fields therapy for the treatment of metastatic non-small cell lung cancer following progression on or after platinum-based therapies. Novocure will deliver two phase 3 randomized clinical trial readouts in brain metastases from non-small cell lung cancer, or METIS, and locally advanced pancreatic cancer anticipated in 2024. Novocure has prioritized development investments on a sharply focused list of randomized clinical trials – TRIDENT, KEYNOTE D58 and LUNAR-2 – which have the potential to drive the greatest value in solid tumors where Tumor Treating Fields therapy has established efficacy. Novocure’s plan to reduce residual operating expenses by approximately $60M includes a planned reduction in headcount of approximately 200 colleagues, 13% of its current workforce. Field-based commercial and field-based medical employees are minimally affected. Novocure expects to incur one-time costs related to the workforce reduction of approximately $7M in the fourth quarter of 2023. The anticipated cost savings are expected to offset growth investments and accelerate Novocure’s path to profitability.