NEW YORK, April 15, 2011 /PRNewswire/ -- WFD Ventures, a venture capital firm focused on breakthrough medical products, announced the achievement of an important milestone for its portfolio company, NovoCure. The U.S. Food and Drug Administration (FDA) granted NovoCure approval to market its treatment for glioblastoma multiforme (GBM). WFD Ventures began working with NovoCure's founder, Dr. Yoram Palti, in 2003 and made its initial investment in 2004 to support the first-in-man clinical trials.
"The FDA approval of the NovoTTF device is the culmination of ten years of research, development and clinical trials conducted by an exceptional team of scientists, engineers, and clinicians and built on the original insights of our founder and CTO, Yoram Palti, M.D., Ph.D.," said William F. Doyle, WFD Ventures' Managing Partner. "We look forward to bringing this device to recurrent GBM patients and their families and developing NovoTTF therapy for a range of additional solid tumor cancers."
"In the beginning, very few people could understand how our technology might treat cancer gently and effectively," said Asaf Danziger, NovoCure's Chief Executive Officer. "Bill Doyle was our first supporter, and he and his team at WFD Ventures have worked with us hand in hand every day since 2003 to make a difference for cancer patients."
About WFD Ventures
WFD Ventures seeks to partner with medical device and healthcare technology companies that have the potential to make a major impact on patient care. The principals of WFD have extensive experience commercializing medical technologies and work with entrepreneurs, doctors and scientists to improve medical outcomes and maximize the financial potentials of their innovations. Please visit www.wfdventures.com.
NovoCure Limited is a private oncology company pioneering a novel therapy for solid tumors. NovoCure's worldwide headquarters is located in the Jersey Isle. NovoCure's U.S. operations are based in Portsmouth, NH and the company's research center is located in Haifa, Israel. For additional information about the company, please visit www.novocure.com.
CONTACT: Tim Langloss, 212-767-7502
SOURCE WFD Ventures