Shares of NovoCure (NASDAQ: NVCR) were crashing 32.8% lower as of 11:24 a.m. ET on Monday. The sharp sell-off came after the company announced that a phase 3 study evaluating its tumor treating fields (TTFields) therapy in treating platinum-resistant ovarian cancer didn't meet the primary endpoint of overall survival.

Patients in the late-stage study who received TTFields plus the chemotherapy paclitaxel had a median overall survival rate of 12.2 months. While that was better than the median overall survival rate of 11.9 months for patients treated with paclitaxel alone, the difference wasn't statistically significant.

NovoCure's TTFields therapy uses electric fields in an attempt to kill cancer cells. The therapy has already been approved for treating glioblastoma (an aggressive type of brain cancer) and mesothelioma (a cancer linked to exposure to asbestos).

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Source Fool.com