Novocure Cuts 200 Jobs as it Seeks Approval for Tumor Treating Fields Therapy

The company said it's investing in field-based commercial and field-based medical team hiring.

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Novocure announced a series of actions to optimize business operations to support near-term growth. The plan, which will cut approximately 200 jobs, includes an expected reduction in residual operating expenses of approximately $60 million.

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 high-potential research and development programs.

“Decisions like these are deeply personal and challenging, because of the impact on our employees and their families,” said Novocure’s Chief Executive Officer, Asaf Danziger. “To those departing Novocure, I want to express my sincere gratitude for your hard work. Your contributions have influenced the lives of many cancer patients and your legacy will forever be intertwined with Novocure.”

“The initiatives announced today prioritize growth and maintain financial health and flexibility as we position our company for future profitability,” said Novocure’s Chief Financial Officer, Ashley Cordova. “These decisions were difficult, yet essential. With a more focused organization, we are confident that these initiatives will bolster Novocure’s position, enabling us to unlock our long-term potential and fulfill our mission.”

Novocure said it 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 (METIS) and locally advanced pancreatic cancer (PANOVA-3) 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 $60 million includes a planned reduction in headcount of about 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 $7 million in the fourth quarter of 2023.

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