NovoCure Limited (NASDAQ:NVCR) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
Amendment to Leung Employment Agreement
On December 23, 2016, Novocure USA LLC (Novocure USA), a
subsidiary of NovoCure Limited (the Company) entered into an
amendment (the Leung Amendment) of the employment agreement
between Novocure USA and Gabriel Leung dated August 24, 2011, as
amended to date (the Employment Agreement). to the Leung
Amendment, Novocure USA and Mr. Leung mutually agreed that the
Employment Agreement shall terminate effective December 31, 2016.
Mr. Leung will continue to serve as a member of the Companys
Board of Directors.
A copy of the Leung Amendment is filed as Exhibit 10.1 attached
hereto and is incorporated herein by reference in its entirety
into this Item 1.01.The foregoing description of the Leung
Amendment is qualified in its entirety by reference to the full
text of the Leung Amendment and does not purport to be complete.
Amendment to Loan and Security Agreement
On December 23, 2016, the Company entered into a First Amendment
to the Loan and Security Agreement (the First Amendment) between
the Company and BioPharma Secured Investments III Holdings Cayman
LP dated as of January 7, 2015 (the Loan Agreement). to the First
Amendment, the limit on the Companys pledges and deposits
securing liability for reimbursement or indemnification
obligations in respect of letters of credit or bank guarantees
for the benefit of its landlords increased to $1,000,000.
A copy of the First Amendment is filed as Exhibit 10.2 attached
hereto and is incorporated herein by reference in its entirety
into this Item 1.01.The foregoing description of the First
Amendment is qualified in its entirety by reference to the full
text of the First Amendment and does not purport to be complete.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits
|
Exhibit No. |
Description |
|
10.1 |
Amendment to Employment Agreement, dated as of December |
|
10.2 |
First Amendment to Loan and Security Agreement, dated as |
About NovoCure Limited (NASDAQ:NVCR)
NovoCure Limited is a commercial-stage oncology company. The Company is engaged in developing a therapy called TTFields for the treatment of solid tumor cancers. TTFields is a low-toxicity anti-mitotic treatment that uses low-intensity, intermediate frequency, alternating electric fields to exert physical forces on molecules inside cancer cells, disrupting the basic machinery for normal cell division, leading to cancer cell death. A TTFields delivery system includes a portable electric field generator, transducer arrays, rechargeable batteries and accessories. The electric fields are delivered through the non-invasive, insulated transducer arrays that are placed directly on the skin in the region surrounding the tumor. The therapy is designed to be delivered throughout the day and night. The Company has performed various pre-clinical research on TTFields and their effects in multiple solid tumor cancers. NovoCure Limited (NASDAQ:NVCR) Recent Trading Information
NovoCure Limited (NASDAQ:NVCR) closed its last trading session up +0.20 at 7.85 with 220,908 shares trading hands.