A pair of Israeli technical institutes, the Technion Research and Development Foundation and the Technion – Israel Institute of Technology, agreed to accept a stake in NovoCure (NSDQ:NVCR) as part of a settlement inked last year to avert a potential patent dispute.
The parties agreed in February 2015 to resolve “certain potential intellectual property disputes” between NovoCure, its founder & CTO Yoram Palti and Technion. The agreement granted the Israeli institute an option on some 1 million NVCR shares with no exercise price, according to a regulatory filing.
Technion exercised the option Oct. 7, according to the filing, giving it a roughly 1.2% stake in NovoCure.
NovoCure developed the Optune device, which uses the “tumor treating fields” developed by Palti. Optune is cleared in the U.S. as a combination therapy with temozolomide to treat gliobastoma, and the company is investigating its use in combination with radiosurgery to treat brain metastases from non-small-cell lung cancer.
Technion has also backed Regentis Biomaterials and Eximo Medical, participating in a February Series D round for Regentis that raised $15 million and a $1.6 million Series A round last year for Eximo.
The post Israeli technical institute takes a stake in NovoCure after patent settlement appeared first on MassDevice.
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