Novocure shares plunge after ovarian cancer study failure

Shares of Novocure Ltd.
NVCR,
-0.77%
dropped 37% premarket on Monday after the Swiss oncology company said a late-stage trial of Tumor Treating Fields with paclitaxel failed to meet its primary endpoint of overall survival in patients with ovarian cancer. Tumor treating fields are electric fields designed to kill cancer cells without significantly affecting healthy cells. Patients receiving the combination therapy studied in the trial had a median overall survival of 12.2 months, versus 11.9 months for those treated with paclitaxel alone. “Recurrent ovarian cancer is a particularly aggressive cancer and options for patients diagnosed with platinum-resistance remain extremely limited,” Dr. Ignace Vergote, the study’s principal investigator, said in a statement. Novocure shares are down 59.4% in the year to date, while the S&P 500
SPX,
+0.67%
has gained 14.8%.