Novocure announces $60M cost-cutting plan, cuts 200 jobs (13% of workforce)

NovoCure Ltd

Reduction in residual operating expenses of ~$60M; includes 200 job cuts (13% of staff).
One-time restructuring charge of ~$7M expected in Q4 2023.
Pivots resources to launch readiness for metastatic NSCLC Tumor Treating Fields therapy.
Plans two Phase 3 readouts in 2024: METIS (brain mets NSCLC) and PANOVA-3 (pancreatic).
Prioritizes clinical trials TRIDENT, KEYNOTE D58, LUNAR-2 for greatest value.

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