This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
NovoCure Limited develops and markets Tumor Treating Fields (TTFields) therapy devices for cancer treatment. This technology uses electric fields to disrupt cell division, a process that requires extensive preclinical testing on animals to demonstrate safety and efficacy for regulatory approval. The company’s core product development and ongoing clinical research are fundamentally dependent on animal testing.
A class action securities lawsuit filed in 2023 alleged the company made materially false and misleading statements regarding its commercial prospects and the clinical data for its devices. While the suit was dismissed in 2025, it underscores that the company’s valuation and product pipeline are inextricably linked to animal-derived research data. The litigation risk noted in SEC filings is tied directly to the clinical outcomes of therapies validated through animal models.
NovoCure’s business model is centered on a medical device whose path to market and continued development necessitates animal exploitation at a commercial scale. This places the company under the animal_exploitation exclusion, as its primary revenue-generating activity is built upon this foundational and ongoing use of animals.
Research Sources
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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