ST. HELIER, Jersey--(BUSINESS WIRE)--Novocure, a commercial stage oncology company, was selected today as one of the World Economic Forum’s “Technology Pioneers”, a recognition of the world’s most innovative companies. Novocure is developing a novel, proprietary 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 key molecules inside cancer cells, disrupting the basic machinery necessary for normal cell division, leading to cancer cell death.
Novocure was chosen by a selection committee from among hundreds of candidates as one of 49 companies. Thanks to its selection, the company will have access to the one of the most influential and sought-after business and political networks in the world, and be invited to the World Economic Forum’s “Summer Davos” in Dalian, China, this September, and the Annual Meeting in Davos in January.
“We’re glad to see an oncology company make it to the selection,” says Fulvia Montresor, Head of Technology Pioneers at the World Economic Forum. “Novocure is part of a group of entrepreneurs who are more aware of the crucial challenges of the world around them, and who are determined to do their part to solve those challenges with their company.”
“Novocure’s selection by the World Economic Forum as a Technology Pioneer recognizes the tremendous contributions to the field of oncology of both Yoram Palti, MD, PhD, Novocure’s co-founder, professor emeritus at the Technion Institute of Technnology, and the inventor of TTFields therapy, and the Novocure team who transformed Palti’s idea into a commercial stage product,” commented Bill Doyle, Novocure’s Executive Chairman. “We believe TTFields will become an entirely new treatment modality for a variety of solid tumor cancers and we are proud that the World Economic Forum has recognized this important innovation.”
The Technology Pioneers were selected from among hundreds of applicants by a selection committee of 68 academics, entrepreneurs, venture capitalists and corporate executives. Notable members of the committee include Arianna Huffington (founder, Huffington Post) and Henry Blodget (editor-in-chief, Business Insider). The committee based its decisions on criteria including innovation, potential impact, working prototype, viability and leadership.
Past recipients include Google (2001), Wikimedia (2007), Mozilla (2007), Kickstarter (2011) and Dropbox (2011). More information on past winners can be found here.
About the World Economic Forum
The World Economic Forum is an international institution committed to improving the state of the world through public-private cooperation in the spirit of global citizenship. It engages with business, political, academic and other leaders of society to shape global, regional and industry agendas.
Incorporated as a not-for-profit foundation in 1971 and headquartered in Geneva, Switzerland, the Forum is independent, impartial and not tied to any interests. It cooperates closely with all leading international organizations (www.weforum.org).
About Tumor Treating Fields Therapy
Tumor Treating Fields (TTFields) therapy is delivered by a portable, non-invasive medical device designed for continuous use by patients. In vitro and in vivo studies have shown that TTFields therapy slows and reverses tumor growth by inhibiting mitosis, the process by which cells divide and replicate. TTFields therapy creates low intensity, alternating electric fields within a tumor that exert physical forces on electrically charged cellular components, preventing the normal mitotic process and causing cancer cell death.
The US FDA has approved the TTFields therapy delivery system, Optune (previously known as the NovoTTF-100A System), for use as a treatment for adult patients (22 years of age or older) with histologically-confirmed GBM, following histologically or radiologically-confirmed recurrence in the supra-tentorial region of the brain after receiving chemotherapy. The device is intended to be used as monotherapy, and is intended as an alternative to standard medical therapy for GBM after surgical and radiation options have been exhausted. Patients should only use Optune under the supervision of a physician properly trained in use of the device. Full prescribing information is available at www.optune.com/safety or by calling toll free 1-855-281-9301.
Novocure is a private Jersey Isle oncology company pioneering a novel therapy for solid tumors called TTFields. Novocure’s 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. For additional information about the company, please visit www.novocure.com or follow us at www.twitter.com/novocure.