NovoCure Debuts on Nasdaq, Despite Weakness in IPO Market

Cancer treatment company NovoCure (NVCR) debuted as a public company trading on the Nasdaq on Friday, despite weakness seen in the IPO market so far this year. The stock was priced at $22 per share, totaling $150.5 million, down from a previous range of $26 to $29. 'It's a difficult market for biotech,' said Bill Doyle, the company's executive chairman. 'It's the toughest market in over five years, but in our case, we're delighted to use these proceeds to bring our treatment to patients.' NovoCure says its treatment is a completely new approach to fighting cancer, utilizing electrical fields to slow cancer growth, instead of traditional methods like chemotherapy and surgery. The treatment currently has FDA approval to combat glioblastoma brain cancer, affecting some 28,000 patients each year. The stock fell 12 percent on Friday, its first trading day.