Novocure (NSDQ:NVCR) said today it won reimbursement across Austria for its Optune tumor treating fields delivery system designed for treating newly diagnosed glioblastoma.
The St. Helier, N.J.-based company said it inked a contract with the Federation of the Austrian Social Insurance Institutions to grant reimbursement across the country, and that all 18 Austrian insurance funds have agreed to participate in the contract.
“This decision marks Novocure’s 1st national reimbursement for Optune, providing additional access to millions of people. Access to our therapy continues to grow, demonstrating health insurers’ increasing recognition of Optune,” Novocure CEO Asaf Danziger said in a prepared statement.
With the reimbursement established, Novocure said it will turn its efforts in the country towards increasing adoption, estimating that 280 individuals in the country are diagnosed with GBM each year.
Late last month, shares in Novocure fell after the medical device company missed expectations on Wall Street with its second quarter results.