Novocure, a commercial stage oncology company, entered into a term loan agreement with an investment fund managed by Pharmakon Advisors LP.
The agreement provides Novocure with up to $100m of available borrowing capacity.
Under the terms of the agreement, Pharmakon will provide $25m at closing. Up to $75m of additional funding will be available to the company, at its option, through June 30, 2016.
The agreement has a term of 5 years from the initial funding date.
Novocure is a private Jersey Isle oncology company advancing a novel therapy for solid tumors called TTFields. Novocure US operations are based in Portsmouth, NH and New York, NY. Additionally, the company has offices in Switzerland and Japan and a research center in Haifa, Israel.