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MagForce AG Publishes Financial Results for the First Half of 2019 and Operative Highlights

31.10.2019

MagForce AG Publishes Financial Results for the First Half of 2019 and Operative Highlights 

  • Further German cooperation with the Paracelsus Clinic in Zwickau and first NanoTherm treatment center outside of Germany opened at the Independent Public Clinical Hospital No. 4 (SPKS4) in Lublin, Poland
  • Successful completion of the first stage of pivotal clinical US study for the focal ablation of intermediate risk prostate cancer; preparations for next study stage initiated
  • Successful completion of a capital increase of the registered share capital of MagForce AG, with gross proceeds of EUR 5 million

Berlin, Germany and Nevada, USA, October 31, 2019 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, published today its financial results for the first half of 2019, ending on June 30, 2019, and operative highlights.

“During the first half of 2019 we have continued to pass several major milestones and have made significant progress both in the EU with our roll-out strategy and the US with the completion of the first stage in our pivotal clinical US study for the focal ablation of intermediate risk prostate cancer,” commented Ben Lipps, CEO of MagForce AG and MagForce USA, Inc.I am steadfast in my belief that by pursuing a strategy of expansion with sustainable partnerships in Europe and providing NanoTherm therapy in the US to patients suffering from prostate cancer, MagForce is well positioned for the future.”


Operative Highlights:

Driving forward European roll-out strategy with two additional hospitals offering MagForce’s NanoTherm therapy for the treatment of brain tumors

In April of 2019, the first hospital outside of Germany, the Independent Public Clinical Hospital No. 4 (SPKS4) in Lublin, Poland, inaugurated its NanoTherm treatment center and is now offering the innovative therapy as an additional treatment option for brain tumor patients from Poland and surrounding countries. The SPSK4 team, led by Prof. Dr. hab. n. med. Tomasz Trojanowski and Prof. Dr. hab. n. med. Radoslaw Rola, have initiated patient treatments for a small Investigator Initiated Trial (IIT) to apply to the Agency for Health Technology Assessment and Tariff System for patient reimbursement of NanoTherm therapy as a supplementary treatment. In addition, private pay treatments with NanoTherm therapy financed by crowd or personal funding are now available. Furthermore, In June, MagForce entered into a cooperation agreement with a further German hospital, the Paracelsus Clinic in Zwickau, where a mobile treatment center has been installed. In the meantime, construction has been completed and, subject to a standard final approval of the competent authority in Germany, the NanoActivator is ready-for-use in the clinic with its renowned neurosurgical team around Prof. Dr. med. habil. Jan-Peter Warnke. 

These new cooperations in Germany and Poland cover geographically important regions, and therefore represent another crucial step in MagForce’s European roll-out strategy. Additionally, the Company continues to see great interest in its therapy from further European countries. In Spain, negotiations with a potential new clinical partner are in an advanced stage, and MagForce is confident to be able to update the market once a cooperation agreement has been successfully concluded. Also, in Italy the Company continues to pursue early stage discussions with specialist clinics.

While a broad geographic coverage to provide greater availability for NanoTherm therapy is at the center of MagForce’s roll-out strategy, the Company also constantly works to further optimize the therapy and educate medical professionals in its use to provide patients with the best care possible. To this day, 5-years survival rates for patients treated with standard of care have not significantly improved over the last decades and remain very poor at 5 percent. Currently, the best that can be offered applying conventional treatment methods is a modest 14-months overall median survival in patients undergoing maximum safe resection plus adjuvant chemoradiotherapy. Longer survival times are furthermore often limited by a decreased quality of life and to highly selected patient sub-groups with certain favorable prognostic factors. Local tumor ablative treatment modalities, such as NanoTherm therapy, have therefore received increasing interest, as NanoTherm therapy has demonstrated to increase overall median survival to 23.2 months.

In their quest to improve patient care, the neurosurgeons applying NanoTherm therapy for the treatment of brain tumors, continue to find additional strategies to improve efficacy. Prof. Dr. Stummer and his team at the University Hospital of Münster (UKM) for example, who have been treating brain tumor patients with MagForce's NanoTherm therapy since early 2015, introduced a new nanoparticles application technique called 'NanoPaste' in the clinic in 2016. The method itself and variations thereof are protected by MagForce’s international patent applications. In previous clinical research, the UKM team demonstrated that a better applicability of heat-focusing nanoparticles around the resection wall after surgical removal of a brain tumor could boost the thermotherapy treatment outcome. In a recent study published in January of 2019 in the Journal of Neuro-Oncology, the team was able to extend the previous findings demonstrating that NanoTherm therapy combined with radiotherapy may result in potent antitumor immune responses leading to long-term stabilization of recurrent GBM patients. The team now plans to further investigate their findings in a prospective study.

MagForce remains committed to providing the highest quality of treatment through ongoing support for physicians. Therefore, the Company announced its newly launched ‘NanoTherm Therapy School’ in January. ‘NanoTherm Therapy School’ offers a comprehensive application training series, developed in close collaboration with leading experts in the application of the MagForce’s therapy and consists of three consecutive modules to certify surgeons in the use of its innovative NanoTherm technology: Module A – The Basics; Module B – Advanced Course – Stereotactic Instillation; and Module C – Interaction with New Neurosurgical Techniques. The first session, Module A, took place at the end of January 2019, and was met with great excitement from participants. Building on this success, Module B will be held in Berlin on November 14 and 15. On the Company’s website, you will find the program and registration details for the next module in November.

Pivotal US study for a unique focal prostate cancer treatment option completed stage 1; preparations for next study stage initiated

In the US, prostate cancer, is one of the most frequently diagnosed forms of cancer. Fortunately, prostate cancer is treatable, if detected early. Still, there remains an important unmet need for patients who have progressed to the medium-risk stage and for whom the benefits of treatment with current methods come with a significant risk of related side effects. NanoTherm therapy has the potential to significantly change the way prostate cancer is treated, as it allows for a less invasive, less aggressive treatment modality that could cure the cancer or, at a minimum, reduce a patient’s chances of needing a more aggressive treatment in the future.

The MagForce US pivotal clinical study in the indication of prostate cancer continues to progress well and the Company announced the completion of enrollment, treatment, and the analysis of the results of this first stage. During Stage 1, MagForce USA worked diligently with study investigators, medical technicians and patients, to not only successfully develop a standardized clinical procedure but also demonstrated a favorable safety and tolerability profile.

In summary, Stage 1 of the study has shown the following important successes: Firstly, validation of standardized clinical procedure; secondly, initial findings in this cohort show only minimal treatment-related side effects, which were tolerable and similar to those commonly associated with biopsies; and thirdly, the ablation analysis showed very well defined ablation and cell death in the region of the nanoparticle deposit as we observed with the previous pre-clinical results.

The Stage 1 ablation results also confirm the observations of Knavel and Brace in 2013 that “from 42°C to 46°C, irreversible damage occurs, and after 10 minutes, significant necrosis occurs. From 46°C to 52°C, the time to cell death decreases owing to a combination of microvascular thrombosis, ischemia, and hypoxia”. By heating from the inside out, as done with focal ablation using the NanoTherm therapy system, minimization of side effects can be achieved. With the encouraging results from Stage 1, MagForce is optimistic that the Company will also be able to successfully manage the treatments in the next stage of the clinical trial. With the high interest in enrollment received from prostate cancer patients and their attending physicians, MagForce is confident to be able to successfully enroll the required number of prostate cancer patients for the last stage of the study.


Results of operations, net assets and financial position

Revenues for the reporting period amounted to EUR 26 thousand compared to EUR 24 thousand in the previous year and resulted mainly from commercial treatments of patients with NanoTherm therapy. 

Other operating income amounted to EUR 329 thousand (previous year: EUR 9,199 thousand). The high other operating income in the previous year is attributable to the transfer of shares in MagForce USA, Inc., between group companies, realizing hidden reserves in the amount of EUR 8,769 thousand.

The cost of materials decreased from EUR 364 thousand to EUR 194 thousand which was due in particular to the reduction in expenses for purchased services for the NanoActivators.

Personnel expenses increased to EUR 1,846 thousand (previous year: EUR 1,729 thousand) primarily resulting from the addition of employees in the second half of 2018. Other operating expenses remained at the level of the previous year at EUR 1,608 thousand (previous year: EUR 1,527 thousand).

Consequently, the operating result for the first half of 2019 was negative at EUR 3,610 thousand, whereas the previous year ended with a positive operating result of EUR 5,305 thousand due to the transfer of the shares in MagForce USA, Inc., within the group.

In total, the Company generated a net loss for the period of EUR 4,912 thousand (previous year: net profit of EUR 4,106 thousand)

Cash flows from operating activities amounted to EUR -2,856 thousand (previous year: EUR - 4,009 thousand). The cash outflow from operating activities was derived indirectly from the net loss for the period.

The cash outflows from investing activities amounted to EUR -785 thousand (previous year: EUR - 516 thousand) and related primarily to the contributions made in the reporting period to provide financial support for the subsidiary MT MedTech Engineering GmbH and the completion of the mobile NanoActivator therapy center in Lublin, Poland, as well as the construction of a new mobile NanoActivator therapy center in Zwickau, Germany.

The cash flows from financing activities amounted to EUR 3,325 thousand (previous year: EUR 9,189 thousand) and is mainly attributable to the proceeds from the capital increase from Authorized Capital.

At the end of the reporting period, cash and cash equivalents amounted to EUR 1,178 thousand (December 31, 2018: EUR 1,494 thousand).


Financing transactions of the Company

To improve liquidity and to accelerate the on-going international expansion, the Company executed the following financing measure during the first half of the year.

In June, MagForce AG successfully resolved and completed a capital increase from authorized capital. By issuing 1,176,472 new no-par value bearer shares at a price of EUR 4.25 per share under exclusion of the shareholders' statutory subscription rights, the financing measure has a total volume of EUR 5 million, of which the Company received EUR 1.8 million after the reporting date on July 2, 2019.

The additional capital will primarily be used to accelerate the on-going international expansion of MagForce, in particular in Europe. Based on the highly satisfying treatment results, MagForce expects the European roll-out, combined with reimbursement approval in relevant countries, will significantly speed up revenue generation and profitability of the European business.


Outlook and financial prognosis 2019 and beyond

The outlook for the year 2019, as reported in the 2018 annual report, published on June 20, 2019 was reaffirmed by management.


About MagForce AG and MagForce USA, Inc.
MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles.

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.   

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Disclaimer       
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG: MagForce AG to host Lunch Symposium on Local Therapies in Malignant Gliomas during the 19th European Congress of Neurosurgery (EANS2019)

MagForce AG to host Lunch Symposium on Local Therapies in Malignant Gliomas during the 19th European Congress of Neurosurgery (EANS2019)

Berlin, Germany and Nevada, USA, September 19, 2019 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, is pleased to announce that it will host a scientific lunch symposium titled "Local Therapies in Malignant Gliomas - update and new perspectives" during the 19th European Congress of Neurosurgery in Dublin, Ireland.

Chaired by Prof. Dr. Walter Stummer, Director of the Department of Neurosurgery at the University Hospital of Münster (UKM), Germany, the one-hour lunch symposium will feature two keynote speeches: After an introduction and overview on the current status of glioma treatments by Prof. Dr. Stummer, Ricardo Díez Valle, MD PHD, Head of the Department of Neurosurgery, Hospital Group Quirón Madrid, Spain, will give an update on local neurosurgical therapies. The symposium will be rounded off with a talk from Prof. Dr. Stummer on “An Emerging Adjunct: NanoTherm® – NanoPaste Application”. During the subsequent wrap-up and discussion, participants will have the opportunity to ask questions.

Symposium details:

Title:

Local Therapies in Malignant Gliomas
Update and new perspectives
NanoTherm® - NanoPaste Application

Date:

 Wednesday, September 25, 2019

Time:

 1.15-2.15 p.m. local time/GMT

Location:

 EcoCem meeting room, The Convention Centre Dublin

Speakers:

 Prof. Dr. Walter Stummer (Chair)
 University Hospital of Münster, Germany
 Introduction
 Current Status of Glioma Treatments


 Ricardo Díez Valle, MD PHD
 Hospital Group Quirón Madrid, Spain
 Local Neurosurgical Therapies: An Update

Prof. Dr. Walter Stummer
University Hospital of Münster, Germany
An Emerging Adjunct: NanoTherm® – NanoPaste Application

In addition to the lunch symposium, MagForce will host “Meet the Expert” sessions on Thursday, September 26th and Friday, September 27th, at 10 a.m. respectively, at the MagForce booth No. 35 located at Level 0 – The Forum. On both days, Dr. Michael Schwake, Senior Physician in the Department of Neurosurgery at the University Hospital of Münster and member of Prof. Dr. Stummer’s team, will be available to interested participants for questions as an expert in the use of the NanoTherm therapy system in clinical practice.

Prof. Dr. Stummer and his team at the University Hospital of Münster have been treating brain tumor patients with MagForce's NanoTherm therapy since early 2015 and were the first to introduce, clinically, the new nanoparticles application technique called 'NanoPaste'. In previous clinical research, the UKM team demonstrated that a better applicability of heat-focussing nanoparticles around the resection rim after surgical removal of a brain tumor could boost the thermotherapy treatment for tumor ablation and as a radiosensitiser in glioma therapy. With the use of the new NanoPaste technique, the team was able to create sufficient nanoparticle concentrations to reach effective thermotherapy in the glioma resection cavity wall and its vicinity, allowing for more control of remaining tumor infiltration. Especially in comparison to stereotactic techniques with their associated imponderabilities in scarred and pretreated tissues, the 'NanoPaste' application was technically easy, controllable and quick to perform.

About NanoTherm Therapy
MagForce's NanoTherm therapy provides a novel, nanotechnology-based approach for the treatment of solid tumors by introducing magnetic nanoparticles either directly into the tumor or into the resection cavity wall. These particles are subsequently heated by an alternating magnetic field that allows targeted treatment by irreparably destroying, or weakening, cancer cells making them more sensitive to concomitant radiotherapy or chemotherapy. Since the particles remain at the site of application due to their special coating, the surrounding healthy tissue is spared and repeated treatments as well as the integration into multimodal therapy concepts are made possible. MagForce AG was granted the European CE certificate ("European Certification") in 2011 and thus the official approval of NanoTherm therapy for the treatment of brain tumors in Germany and all member states of the European Union.

About EANS2019
The overall scientific programme will take the familiar form that has been established over the last few years bringing together international experts to discuss and inform. To help develop best practice in all subspecialities under the headings of Technology, Techniques, Training and increasingly important Transparency. The four days of scientific discussions offer plenty of opportunities for meetings, socialising and hearing of the latest scientific developments.The European Association of Neurosurgical Societies (EANS) is both an independent federation of European national neurosurgical societies and a fast-developing association of individual neurosurgeons from around the world, aiming to enhance the quality of neurosurgical patient care through training, education and research. A key way in which the association fulfils this objective is by facilitating the exchange of scientific information at the highest level through the organisation of meetings, symposia and educational courses – with the annual congress as its flagship event.

For more information on the EANS2018 programme, please click here: https://eans2019.com/programme-and-abstracts/scientific-programme.html.

About MagForce AG and MagForce USA, Inc.
MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles.

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.

For more information, please visit: www.magforce.com      
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Disclaimer      
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG: MagForce USA, Inc. Completed Enrollment and Treatment for Stage 1 and Prepares for Next Stage of its Pivotal, Single-Arm Study for the Focal Ablation of Intermediate Risk Prostate Cancer with NanoTherm Therapy

MagForce AG: MagForce USA, Inc. Completed Enrollment and Treatment for Stage 1 and Prepares for Next Stage of its Pivotal, Single-Arm Study for the Focal Ablation of Intermediate Risk Prostate Cancer with NanoTherm Therapy

  • Successful validation of standardized clinical procedure for instillation of nanoparticles in first patient cohort
  • Intitial findings in this cohort show only minimal treatment-related side effects which were tolerable and similar to those commonly associated with biopsies
  • Next stage of clinical trial is being initiated with three well-respected urological centers in the US who actively enrolled patients in Stage 1

Berlin, Germany, and Nevada, USA, August 27, 2019 - MagForce AG (Frankfurt, Scale, Xetra: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, together with its subsidiary MagForce USA, Inc., today announced the successful completion of the first stage of its pivotal clinical US study for the focal ablation of intermediate risk prostate cancer. MagForce has defined the clinical procedure and standardized the NanoTherm particles instillation process. Intitial findings from the first patients have shown that with the changes to the NanoActivator and the defined instillation procedure, MagForce has observed only minimal side effects that have not only significantly improved over the studies in Germany, but are very similar to those associated with a routine biopsy. The Company will now proceed with the next stage of its study in a larger patient cohort.

“We are pleased that NanoTherm therapy continues to show great potential for the treatment of intermediate risk prostate cancer. After working diligently with the study investigators, medical technicians and patients, we were not only able to successfully develop a standardized clinical procedure but also demonstrate a favorable safety and tolerability profile that now allows us to expeditiously proceed with the next stage,”saidBen Lipps, CEO of MagForce AG and MagForce USA, Inc. “We are more confident than ever, that the registration trial will prove that NanoTherm therapy can focally ablate prostate cancer lesions and allow men diagnosed with prostate cancer to maintain a higher quality of life, while delaying or even avoiding definitive treatment and known side effects.“

High medical need for a new less invasive, effective and well-tolerated treatment option

The purpose of this focal ablation registration study, which will enroll up to 120 men in a single arm study, is to demonstrate that NanoThermtherapy can focally ablate cancer lesions with minimal side effects for patients who have progressed to intermediate risk prostate cancer stage and are under active surveillance. By destroying these cancer lesions, it is anticipated that patients will be able to remain in Active Surveillance Programs and avoid definitive therapies such as surgery or whole gland radiation with their well-known side effects as long as possible.

“Even as the treatment landscape for prostate cancer has evolved, there remains an important unmet need for patients who have progressed to the medium-risk stage and for whom the benefits of treatment with current methods come with a significant risk of related side effects. NanoTherm therapy has the potential to significantly change the way we treat prostate cancer, because it allows for a less invasive, less aggressive treatment modality that could cure the cancer or, at a minimum, reduce a patient’s chances of needing a more aggressive treatment in the future,”Dr. Thompson III of the Texas Urology Group said. “About 30,000 men die of prostate cancer every year in the US. With NanoTherm therapy, we hope we can continue to reduce those numbers while avoiding the cost of surgery or radiation for some of those men.”

Building on previously conducted whole gland studies in Germany more than 10 years ago, the first stage of the study, conducted in a relatively small patient cohort with 10 patients, was designed to develop a standardized clinical focal procedure for humans with normal perfusion within the prostate. The procedure allows for accurate instillation of the NanoTherm particles with the latest, cutting-edge biopsy technology available into the targeted human prostate Region of Interest at the required concentration to destroy the cancerous cells with minimal side effects.

Based on the positive findings from Stage 1, MagForce will now proceed with the next stage of the study with urological specialist centers – Texas Urology Group, University of Texas, San Antonio, and University of Washington, Seattle. To further bolster recruitment and ensure broader geographic coverage as well as allow for more patients to be treated simultaneously, MagForce has added a third study site in the Eastern region of the United States in Sarasota, Florida at the Sarasota Inverventional Radiology Center lead by Dr. Gerald Grubbs.

To minimize the time needed for patient treatment, MagForce USA will streamline the focal procedure and with FDA approval, MagForce will offer the streamlined focal therapy to the patients who enroll in the next stage of MagForce’s pivotal study.

About MagForce AG and MagForce USA, Inc.
MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles.

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.     

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Stay informed and subscribe to our mailing list

Press and investor contact information:
Barbara von Frankenberg
VP Communications & Investor Relations 
T +49-30-308380-77
M bfrankenberg@magforce.com 

Disclaimer      
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG successfully resolves and completes capital increase from authorized capital under exclusion of statutory subscription rights

MagForce AG successfully resolves and completes capital increase from authorized capital under exclusion of statutory subscription rights

Berlin and Nevada, June 25, 2019 – The Management Board of MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, has resolved and successfully completed today, with the approval of the Supervisory Board, on basis of the authorization provided for in the Company’s articles of association, an increase of the registerd share capital of the Company from currently EUR 26,463,802.00 to EUR 27,640,274.00 by issuing 1,176,472 new no-par value bearer shares under exclusion of the shareholders’ statutory subscription rights.  

The new shares with dividend entitlement starting from January 1, 2018 were placed in a private placement as follows: 705,883 of the new shares with M&G International Investments Ltd., London, and 470,589 of the new shares with MagForce AG’s CEO, Dr. Ben Lipps, each at EUR 4.25 per new share. The gross proceeds of the capital increase accruing to the Company amount to EUR 5 million.

The additional capital will be mainly used to accelerate the on-going international expansion of MagForce, in particular in Europe.

In Germany and all member states of the European Union, NanoTherm therapy holds the official approval for the treatment of brain tumors, and has been available for commercial treatment at selected clinics installed with our patented therapy system. As we deal with a very aggressive form of cancer, fast access to therapy is of the highest priority. To make NanoTherm more broadly available, thus allowing for an accelerated treatment option, our market development team has successfully focused on identifying and building relationships with potential partner hospitals throughout Europe. In April of 2019, MagForce reported that the first hospital outside of Germany, the Independent Public Clinical Hospital No. 4 (SPKS4) in Lublin, Poland, has opened its NanoTherm treatment center and is now offering our innovative therapy as an additional treatment option for brain tumor patients from Poland and surrounding countries. In addition, MagForce recently entered into a cooperation agreement with a further German hospital, the Paracelsus Clinic in Zwickau, where a treatment center is planned to open over the summer. Once construction has been completed, Paracelsus Clinic Zwickau will be one of four clinics – together with the University Hospitals Cologne and Münster as well as the SPKS4 in Lublin, Poland - currently offering MagForces NanoTherm therapy for the commercial treatment of brain tumor patients. The new partnerships in Germany and Poland both cover geographically important regions, and therefore represent another important step in our European roll-out strategy.

MagForce continues to see great interest in NanoTherm therapy in Italy and Spain. Negotiations regarding first treatment centers there are ongoing, and we will update the market in due time once the next cooperation agreements have been concluded.

 

Geographic availability is, of course, a significant factor in the selection of a treatment plan, however, reimbursement and the certification of the treating neurosurgeons are of equal importance. Whereas reimbursement in Germany has been  achieved so far in a rather lengthy process for each individual patient, we now have the number of cases necessary for the NanoTherm treatment centers to be able to negotiate their budgets with health insurance providers. These negotiations are currently underway and we continue to support these clinics in every way we can in order to achieve the best possible result and facilitate the reimbursement process. In Poland, a small Investigator Initiated Trial (IIT) is currently being conducted in order to apply to the Agency for Health Technology Assessment and Tariff System for the reimbursement of NanoTherm therapy as a supplementary treatment. Additionally, in 2019, MagForce launched a comprehensive application training series consisting of three consecutive modules to certify surgeons in the use of our innovative NanoTherm technology. The first session, “Module A - the basics”, which took place end of January 2019, was met with great excitement from participants and we are planning for the next modules, covering  advanced techniques, to commence this summer.

 

Based on the highly satisfying treatment results, MagForce expects that the European roll-out, combined with reimbursement approval in the relevant countries, will significantly speed up revenue generation and profitability of the European business.

 

In the US, MagForce is progressing the clinical study for marketing authorization of NanoTherm therapy for the treatment of prostate cancer. The Company is moving towards completion of Stage I of this pivotal study and in parallel is preparing the next stage by extending patient recruitment and planning to open a third study site in the Western part of the country. In order to prepare for commercialization and hit the ground running after approval, NanoActivator chairs will be placed in selected urology programs where medical professionals will be able to gain experience on training phantoms, commonly used for new urological procedures.

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles.

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.

 

For more information, please visit: www.magforce.com      

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list

 

Press- and investor contact information:

Barbara von Frankenberg

VP Communications & Investor Relations 

T +49-30-308380-77

M bfrankenberg@magforce.com 

 

Disclaimer      

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG Publishes Financial Results for the Year 2018 and Operative Highlights

20.06.2019

MagForce AG Publishes Financial Results for the Year 2018
and Operative Highlights 

  • Continued implementation of refined European expansion strategy during 2018; new NanoTherm treatment centers in strategically important geographical regions in Poland and Germany (post period)
  • Gearing up towards the next stage of pivotal US prostate cancer trial following U.S. FDA IDE and IRB approval; enrollment of first patients in July 2018

Berlin, Germany, and Nevada, USA, June 20, 2019 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, published today its financial results as of and for the year ended December 31, 2018 as well as operative highlights.


Operative Highlights

2018 was a pivotal year for MagForce in which the Company passed several major milestones and made progress on key goals along its two defined paths.


European roll-out to enable faster access to treatment after brain cancer diagnosis

In Europe, MagForce has continued to pursue its refined expansion strategy for the commercialization of its innovative NanoTherm therapy for the treatment of brain cancer, i.e. the identification of partner hospitals with the goal to make NanoTherm more broadly available. As part of its accelerated European roll-out, MagForce developed a mobile treatment center enabling the Company to place NanoActivator devices more quickly and cost-effectively by avoiding protracted construction and allowing for easy integration into existing hospital infrastructures, facilitating faster access to the therapy for patients.

The refined strategy was well received with rising interest from clinics from all over Europe and the Company was able to sign its first collaboration agreement outside of Germany in July of 2018 with one of the leading brain tumor centers in Poland - the first European expansion target country. Here, Independent Public Clinical Hospital No. 4 (SPKS4) is now offering NanoTherm therapy as an additional treatment option for brain tumor patients from Poland and surrounding countries after the inauguration of the mobile NanoTherm treatment center in April of 2019. The collaboration with a Polish clinic was a natural progression as immediately when MagForce began treating patients commercially in Germany in late 2015 and early 2016, the Company saw an elevated interest for the therapy in patients from this country. With NanoTherm therapy now available in their home country, these patients will have a significantly reduced economic burden to receive treatment since non-NanoTherm therapy procedures are all reimbursed in Poland and travel will be limited. Consequently, only the NanoTherm therapy will have to be funded by private pay or crowdfunding until MagForce can get reimbursement for the treatment costs.

Post-period, the Company recently announced that it had also entered into an agreement with a further German hospital, the Paracelsus Clinic in Zwickau, where a treatment center is planned to open over the summer. Both new partnerships in Germany and Poland cover geographically important regions, marking another important step in our European roll-out strategy. Throughout 2018, we also continued to see increased interest in our therapy in Italy and Spain, where we are currently in negotiations regarding first treatment centers.

Development of a unique focal treatment option for Intermediate Risk Prostate Cancer in the US

In the US, 2018 started off with the news we all had been waiting for. In February, the U.S. FDA approved MagForce’s Investigational Device Exemption (IDE) application for the focal ablation of intermediate risk prostate cancer, after having reviewed all the safety and new preclinical data the Company provided in 2016 and 2017. Additionally, the Company re-conducted and updated its pre-clinical biocompatibility studies conducted in Germany more than ten years ago to the FDA’s latest preclinical standards.

The IDE approval allowed MagForce to commence with its pivotal clinical evaluation with the objective to demonstrate that NanoTherm can ablate prostate cancer lesions with minimal side effects and after having received Institutional Review Board (IRB) approval from the two clinical US sites, CHRISTUS Santa Rosa Hospital - Medical Center in San Antonio, Texas, and University of Washington in Seattle, the clinics started enrolling the first patients in July of 2018.

Building on the whole gland studies previously conducted in Germany more than a decade ago, MagForce USA over the past year has diligently worked to develop clinical procedures to allow accurate instillation of the NanoTherm particles with the latest, cutting-edge biopsy technology available into the  targeted human prostate Region of Interest (ROI) at the required concentration that would destroy the cancerous cells without side effects. The Company has successfully developed the clinical procedure and standardized the process such that the instillation of the particles is equal across all study physicians. The most important finding is that with the changes to the NanoActivator and the developed instillation procedure, MagForce has observed side effects that have not only significantly improved over the studies more than a decade ago, but are very similar to the ones associated with a routine biopsy.

Due the processes described above, however, Stage I has taken significantly longer than projected, but with the knowledge acquired the Company will make every effort to accelerate the study and expects to finalize the first stage soon. MagForce is already diligently working towards preparing and accelerating recruitment for the next stage. This includes the extended recruitment of eligible patitients, the addition of a third study site and, the introduction of ambulatory NanoActivator chairs to selected Active Survaillance Programs.

 

Results of operations, net assets and financial position

Revenues for the financial year amounted to EUR 67 thousand compared to EUR 716 thousand in the previous year. Revenues recorded as realized result mainly from commercial treatments of patients with NanoTherm therapy. The reimbursement of NanoTherm therapy by health insurance companies is in negotiation and thus such amounts are currently not reflected in revenues. Furthermore, treatments of foreign patients declined due to bureaucratic hurdles and extensive cross-border reimbursement procedures. In addition, intragroup deliveries and services were lower than previous year.

Other operating income increased significantly by EUR 11,280 thousand to EUR 14,909 thousand (previours year: EUR 3,629 thousand). Most of the operating income resulted from the transfer of 975,000 shares in MagForce USA, Inc. to MagForce USA Holding GmbH, with hidden reserves of EUR 13,895 thousand being lifted (previous year: EUR 2,024 thousand).

Personnel expenses, including bonus payments, amounted to EUR 3,921 thousand (previous year: EUR 3,298 thousand). The increase is primarily due to the exercise of stock options (EUR 308 thousand)   and regular salary increases . Other operating expenses decreased by EUR 3,931 thousand to EUR 3,174 thousand (previous year: EUR 7,105 thousand), largely due to the decrease in expenses for external financing measures. Furthermore, unlike previous years, in 2018 MagForce AG financed MedTech Engineering via contributions to the capital reserves. Thus, unscheduled amortization of contributions are presented within the financial result.

Consequently, the operating result for the financial year 2018 was positive at EUR 6,828 thousand (previous year: EUR -7,411 thousand). Without this extraordinary effect, mentioned under operating income above, the operating result would have been negative at EUR -7,067 thousand and as forecasted. The year 2018 closed with a net profit for the year of EUR 4,358 thousand (previous year: net loss of EUR 7,465 thousand). Interest and similar expenses increased from EUR 265 thousand to EUR 1,823 thousand in particular due to the first tranche of the EIB loan received in January 2018. The financial result was also impacted by the unscheduled depreciation of the funding granted to the subsidiary MT MedTech Engineering GmbH in the amount of EUR 877 thousand.

Cash outflows from operating activities amounted to EUR -7,106 thousand (previous year: EUR - 5,341 thousand). The higher cash outflow chiefly results from changes in net working capital. The cash outflow from operating activities was derived indirectly from the net profit for the year. Cash outflows were largely related to financing of the operating business.

Cash outflows from investing activities amounted to EUR -1,370 thousand (previous year: EUR - 578 thousand) and related primarily to contributions made in the reporting year to provide financial support for the subsidiary MT MedTech Engineering GmbH and the construction of the mobile NanoActivator therapy center.

Cash flows from financing activities amounted to EUR 9,304 thousand (previous year: EUR 5,970 thousand) and were mainly attributable to the draw-down of the first tranche of the EIB facility as well as proceeds from the exercise of stock options, which were offset by cash outflows from the repayment of previously existing loans and the payments of interest.

Cash and cash equivalents as of December 31, 2018 amounted to EUR 1,494 thousand (previous year: EUR 666 thousand).


Capital market transactions and funding of the Company

The first tranche of the loan from the European Investment Bank (EIB) in the amount of EUR 10.0 million was received by MagForce in January 2018. EIB financing covers a volume of up to EUR 35.0 million and enables the MagForce AG the liquidity to follow up its medium- and long-term targets.

In August 2018 a capital increase of the subsidiary MagForce USA, Inc. was successfully completed. The issuance of a total of 866,666 new shares generated gross proceeds of approximately USD 9.0 million for MagForce USA, Inc. Proceeds from the capital increase are used to finance the initiated pivotal clinical trial in the US with NanoTherm therapy for focal tumor ablation in intermediate risk prostate cancer and related business operations.

 

Outlook and financial prognosis of 2019and beyond

In the financial year 2019, the Company expects to expand its business activities to additional European countries, such as Italy and Spain, where it is currently in contract negotiations and by further executing operationally on the refined expansion strategy for NanoTherm therapy in the indication of brain tumors. In parallel, MagForce plans to intensify cooperations with local and international patient organizations to further establish NanoTherm as an alternative therapy option and to increase the number of patient inquiries. Additionaly, MagForce will continue to pursue new ways of reimbursement in Germany, Poland and selected countries to make NanoTherm therapy accessible to as many patients as possible. Another element in establishing MagForce's innovative cancer therapy is the continuation of the ‘NanoTherm Therapy School’ with the aim of certifying surgeons in the use of NanoTherm technology.

In the US, MagForce is progressing the clinical study for marketing authorization of NanoTherm therapy for the treatment of prostate cancer. The Company is moving towards completion of Stage I of this pivotal study and in parallel is preparing the next stage by extending patient recruitment and planning to open a third study site in the Western part of the country. In order to prepare for commercialization and hit the ground running after approval, NanoActivator chairs will be placed in selected urology programs where medical professionals will be able to gain experience on training phantoms, commonly used for new urological procedures.


Financial outlook

Due to the execution of the registration study and the preparations for commercialization in the US and market entry in Poland, an increase in production volumes of NanoTherm is expected. The ambulatory NanoActivator devices required for the treatment of prostate cancer will be produced depending on the progress of the prostate study.

Even if the European expansion strategy should bear first fruit with sales from Poland, a significant operating loss is expected for the financial year 2019, in particular due to the intensified continuation of the expansion strategy and the associated initiation of treatment series to obtain reimbursement as well as the necessary expansion of commercialization activities.

In the case of financing the expanded business activity by drawing additional tranches from the EIB loan or other loans, the financial result will continue to be more negative than in the previous year.

 

About MagForce AG and MagForce USA, Inc.
MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles.

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.   

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Disclaimer       
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG and the Paracelsus Clinic Zwickau announce cooperation agreement and the opening of a new NanoTherm treatment center

07.06.2019

MagForce AG and the Paracelsus Clinic Zwickau announce cooperation agreement and the opening of a new NanoTherm treatment center

  • With the treatment center at the Paracelsus Clinic in Zwickau another geographically important location will soon offer NanoTherm therapy for brain tumor patients
  • Construction is already underway; opening of the mobile NanoTherm treatment center is planned for Q3 2019

Berlin and Zwickau, June 7, 2019 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, and the Paracelsus Clinic in Zwickau, are pleased to announce on the 20th anniversary of World Brain Tumor Day that they have entered into a cooperation agreement and plan to open a new mobile NanoTherm treatment center for brain tumors.

Brain tumors belong to the category of cancers affecting the central nervous system. In Germany alone, more than 8,000 people a year are diagnosed with a primary brain tumor, according to current information from the Deutsche Hirntumorhilfe (German Brain Tumor Association). In the remaining 27 European countries, an additional 42,000 patients suffer from brain cancer. Despite major advances in treatment modalities, malignant tumors of the brain remain largely incurable. The localization and biology of these tumors make therapy particularly difficult and current treatment options - including surgery, radiation and chemotherapy - often are not successful at eliminating all of the cancer cells in the brain and prevent recurrences.

MagForce’s NanoTherm therapy provides a novel, nanotechnology-based approach for the treatment of solid tumors by introducing magnetic nanoparticles either directly into the tumor or into the resection cavity wall. These particles are subsequently heated by an alternating magnetic field that allows targeted treatment by irreparably destroying, or weakening, cancer cells making them more sensitive to concomitant radiotherapy or chemotherapy. Since the particles remain at the site of application due to their special coating, the surrounding healthy tissue is spared and repeated treatments as well as the integration into multimodal therapy concepts are made possible. MagForce AG was granted the European CE certificate ("European Certification") in 2011 and thus the official approval of NanoTherm therapy for the treatment of brain tumors in Germany and all member states of the European Union.

“With the establishment of the neurosurgery department at the Paracelsus Clinic in Zwickau in 1993, we have committed ourselves to treating patients at the highest medical level.This standard remains deeply rooted in our day-to-day work. The modern medicine we practice as neurosurgeons, is strongly influenced by technological developments. The Paracelsus Clinic in Zwickau is a regional and nationwide center for the treatment of brain tumors and in the future will play a pioneering role as an international treatment center for this therapy. We are always committed to introducing modern surgical and therapeutic procedures to our clinic and giving patients access to novel therapeutic approaches. Therefore, I am all the more pleased to be able to offer another highly innovative treatment option to patients suffering from brain tumors, which will further complement our neurosurgical spectrum. The treatment gives new hope to affected patients and opens up new treatment options for us. With this in mind, my team and I look forward to working with MagForce”, said Prof. Dr. med. habil. Jan-Peter Warnke, Senior Consultant in the Neurosurgical Clinic at the Paracelsus Clinic in Zwickau.

Uta Ranke, Clinical Manager of the Paracelsus Clinic in Zwickau, added:“Prof. Warnke and his team of highly qualified neurosurgeons and spinal specialists perform top-of-the-line medicine here in Zwickau every day. As one of the leading neurosurgical centers and the first Paracelsus Clinic in the Group, we are proud to be able to offer NanoTherm therapy in Zwickau and thereby give our patients access to this innovative treatment option.The foundation for the new mobile treatment center has already been laid and construction is progressing well. We expect to open the center in the third quarter of 2019 and then be able to start the treatment of first patients shortly thereafter.”

Paracelsus Clinic Saxony in Zwickau will be the fourth clinic in Europe currently to offer MagForce's NanoTherm therapy for the commercial treatment of brain tumours. The Paracelsus Clinic in Zwickau is a standard care hospital with 180 patient beds and around 400 employees in the specialist departments of internal medicine and trauma surgery / orthopedics, general, visceral and vascular surgery, pain therapy as well as the focus disciplines of neurology and neurosurgery. The preoperative, intraoperative and postoperative patient care is guaranteed by the most modern methods. In 2015, the second hybrid O.R. in all of West Saxony was installed at the Paracelsus Clinic in Zwickau. The Department of Neurosurgery cares for approximately 2,200 patients annually and performs an average of 1,500 surgeries per year, of which approximately 300 are primary gliomas.

“We are very pleased that with the Paracelsus Clinic in Zwickau another hospital in Germany will soon offer our NanoTherm therapy. The Department of Neurosurgery in Zwickau under the direction of Prof. Jan-Peter Warnke is internationally recognized for its excellence in this field and we look forward to working with their entire team. At the same time, the cooperation with Paracelsus in Zwickau covers a geographically important region in Germany and is therefore another important step in our European rollout strategy“,said Dr. Ben Lipps, Chief Executive Officer of MagForce AG and MagForce USA, Inc.

The role of NanoTherm therapy in the treatment of brain tumors
NanoTherm therapy is a relatively new procedure for the focal treatment of solid tumors. Summarized in simple terms: Magnetic nanoparticles are introduced either directly into the tumor or into the resection cavity wall. These particles are subsequently heated by an alternating magnetic field, thus destroying the cancer cells. 

Nanoparticles are tiny particles of iron oxide that are suspended - very finely distributed - in water, having a diameter of approximately 15 nanometers – while one nanometer corresponds one millionth millimeter. As soon as they are applied, they agglomerate and remain like an implant in the tissue to be treated. An alternating magnetic field, which changes its polarity up to 100,000 times per second, subsequently causes the particles to generate heat.

Depending on the therapeutic temperatures reached in the tumor or in individual remaining cancer cells in the resection cavity wall and the length of treatment, cancer cells are thereby irreparably destroyed, or they are weakened and made more sensitive to concomitant radiotherapy or chemotherapy. The way in which the nanoparticles are applied is decided individually by the attending neurosurgeon.

This new technology makes it possible to fight the tumor from the inside out or to ensure that individual remaining tumor cells in the resection cavity wall - which may be responsible for recurrence - can be fought and destroyed after the surgical removal of the tumor. The surrounding healthy tissue is spared since the particles remain at the site of application due to their special coating.

For photos, please visit our Download Center at: https://www.magforce.com/en/mediacenter/

About MagForce AG and MagForce USA, Inc.
MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles.

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.   

Get to know our Technology: video (You Tube)

Press and investor contact information:

Paracelsus Clinic Sachsen

Isabelle Georgi
Corporate Communications & Marketing
T 037464 85-1504
M isabelle.georgi@paracelsus-kliniken.de

MagForce AG
Barbara von Frankenberg
VP Communications & Investor Relations 
T +49-30-308380-77
M bfrankenberg@magforce.com 

Disclaimer       
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG: Inauguration ceremony marks official opening of new NanoTherm Treatment Center at Independent Public Clinical Hospital No. 4 in Lublin, Poland

04.04.2019

MagForce AG: Inauguration ceremony marks official opening of new NanoTherm Treatment Center at Independent Public Clinical Hospital No. 4 in Lublin, Poland  

  • Independent Public Clinical Hospital No. 4 in Lublin is the first hospital outside of Germany to offer NanoTherm Therapy for the treatment of brain tumor patients
  • Faster access to therapy after diagnosis adressing high unmet medical need in Poland

Berlin, Germany and Lublin, Poland, April 4, 2019 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, is pleased to announce the official opening of the new NanoTherm treatment center for brain tumors at the Independent Public Clinical Hospital No. 4 in Lublin (“Samodzielny Publiczny Szpital Kliniczny Nr 4 w Lublinie”, SPSK4), Poland.

The new NananoTherm treatment center was officialy inaugurated yesterday, April 3, 2019, with a ribbon-cutting ceremony followed by an invitation-only reception. Invited guests ranging from government officals, scientific researchers, patient organisations and members of the press celebrated the joyous occasion which noted a step forward in patient care. Participants of the ceremony were Krzysztof Żuk, Mayor of the City of Lublin, as well as representatives from MagForce and SPSK4, who gave remarks at the event. Dr Radoslaw Starownik Director of the SPSK4, commented on the opening:“I am glad that a highly innovative method of treatment for patients with brain tumors will be available in our hospital. It seems obvious that as one of the leading centers in the country dealing with the treatment of this type of diseases we are looking for the latest medical solutions to provide our patients with therapy at the highest world level. I would like to note that the treatment will be available to both patients from Poland and neighboring countries.”

Krzysztof Żuk, Mayor of the City of Lublin, praised SPSK4’s pioneering role in the provision of the new innovative treatment:"In recent years, Lublin has developed into a metrolpolis, becoming the leader of Eastern Poland and one of the most dynamically growing cities of the country. With health protection and healthcare services being one of the key economic sectors in our city, and at the heart of the well-being of our citizens, we strive to create the right conditions for further development and stimulate new innovative undertakings enhancing the quality of our healthcare. I am, therefore, very excited that one of our principal hospitals is once again taking on a leading role by pioneering another innovative treatment option that could make a huge difference for patients diagnosed with brain cancer.”

The NanoTherm treatment center at SPSK4 will be headed by Prof. Dr. hab. n. med. Tomasz Trojanowski, Head and Chairman of the Neurosurgery and Paediatric Neurosurgery Departments, State Consultant in Neurosurgery and a member of the Scientific Advisory Board for the Minister of Health, together with Prof. Dr. hab. n. med. Radoslaw Rola a new Head and Chairman of the Neurosurgery and Paediatric Neurosurgery Departments in SPSK4 in Lublin.

Dr. Ben Lipps, Chief Executive Officer of MagForce AG, added:“We are extremely pleased that the NanoTherm treatment center is now ready for use and Prof. Trojanowski and Prof. Radoslaw Rola, together with their team will be able to hit the ground running. With our innovative therapy, we are forging new paths in order to treat cancer successfully and gently. It is our aim, to make NanoTherm available to brain cancer patientes in Europe. Today, we are one step closer to this goal.”

The collaboration with Independent Public Clinical Hospital No. 4 in Lublin will be supported by the efforts of the Alivia Cancer Foundation, Poland. The Foundation's mission is to mobilize, empower and educate cancer patients, as well as give them the tools and necessary means to make decisions regarding their own health.


Notes for editors:

Photos from the event
Complementary photo material on the event is available at https://www.magforce.com/mediacenter/ 

Bringing innovation to the patient: Access to new treatment options in Poland remains a high unmet medical need
According to estimates, every fourth inhabitant of Poland is diagnosed with cancer during their life, and every fifth will die from it. Although recent years have brought about rapid progress in the knowledge of pathomechanisms underlying each cancer, and cancer itself, contributing to many new drugs and therapies being launched onto the market, access to effective treatment options in Poland remain limited. As a result, the average Pole has a lower chance to survive 5 years with cancer compared to citizens of other European countries.[1]

SPSK4 in Lublin is the first hospital outside of Germany to offer MagForce's NanoTherm therapy for the commercial treatment of brain tumor patients. The cooperation agreement, announced in June of 2018, will provide brain cancer patients with faster access to the therapy after diagnosis whilst allowing Polish patients to be treated with NanoTherm therapy in their home country. Due to the aggressive nature of glioblastoma, timely availability is a decisive factor in the treatment of brain tumors as there is only a narrow window for patients to receive treatment.

The Role of NanoTherm Therapy in the Treatment of Brain Tumors
NanoTherm therapy is a relatively new procedure for the focal treatment of solid tumors. Summarised in simple terms: Magnetic nanoparticles are introduced either directly into the tumor or into the resection cavity wall. These particles are subsequently heated by an alternating magnetic field, thus destroying the cancer cells. 

Nanoparticles are tiny particles of iron oxide that are suspended - very finely distributed - in water, having a diameter of approximately 15 nanometres – while one nanometer corresponds one millionth millimetre. As soon as they are applied, they agglomerate and remain like an implant in the tissue to be treated. An alternating magnetic field, which changes its polarity up to 100,000 times per second, subsequently causes the particles to generate heat.

Depending on the therapeutic temperatures reached in the tumor or in individual remaining cancer cells in the resection cavity wall and the length of treatment, cancer cells are thereby irreparably destroyed, or they are weakened and made more sensitive to concomitant radiotherapy or chemotherapy. The way in which the nanoparticles are applied is decided individually by the attending neurosurgeon.

This new technology makes it possible to fight the tumor from the inside out or to ensure that individual remaining tumor cells in the resection cavity wall - which may be responsible for recurrence - can be fought and destroyed after the surgical removal of the tumor. The surrounding healthy tissue is spared since the particles remain at the site of application due to their special surface structure.

About Independent Public Clinical Hospital No. 4 in Lublin, Poland
The Independent Public Clinical Hospital No. 4 in Lublin is the largest hospital in Lublin Province, comprising 22 highly specialized clinics and providing learning and research facilities for the Medical University in Lublin. The hospital serves patients from Lublin province as well as from other regions of the country and abroad. Over 1,600 patients receive surgery yearly, and about 6,000 consultations are given in an outpatient neurosurgical clinic.

In July 2010, due to high quality of the provided services and extensive treatment and diagnosis facilities, by the decision of the Minister of Health, the IPC Hospital no. 4 became a Trauma Centre for Lublin Province. In 2012 the hospital became one of the few hospitals in Poland that own a positron emission tomography scanner (PET).

About MagForce AG and MagForce USA, Inc.
MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles.

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.

For more information, please visit: www.magforce.com.       
Get to know our Technology:video (You Tube)
Stay informed and subscribe to our mailing list

Disclaimer       
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

 


[1] Oncology patients’ access to drug therapies in Poland in view of current medical knowledge, Report March 2017: https://www.alivia.org.pl/raport2017/ALIVIA_REPORT_EN_web.pdf

MagForce AG: Official opening ceremony for NanoTherm Treatment Center at the Independent Public Clinical Hospital No. 4 in Lublin, Poland

28.03.2019

MagForce AG: Official opening ceremony for NanoTherm Treatment Center at the Independent Public Clinical Hospital No. 4 in Lublin, Poland 

  • Celebratory ceremony will mark official opening of the new NanoTherm treatment center for brain tumors at the Independent Public Clinical Hospital No. 4 in Lublin
  • First hospital oustide of Germany begins treatment of brain tumor patients with Magforce’s NanoTherm therapy
  • Faster access to therapy after diagnosis adressing high unmet medical need in Poland

Lublin, Poland, March 28, 2019 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, is pleased to announce the official opening of the new NanoTherm treatment center for brain tumors at the Independent Public Clinical Hospital No. 4 in Lublin (“Samodzielny Publiczny Szpital Kliniczny Nr 4  w Lublinie”, SPSK4), Poland.

The ribbon-cutting ceremony followed by an invitation-only reception will be held on, April 3, 2019, in the presence of invited guests from government, science, patient organisations and the press. The ceremony will be hosted by Krzysztof Żuk, Mayor of the City of Lublin, as well as representatives from MagForce and SPSK4.

The NanoTherm treatment center at SPSK4 will be headed by Prof. Dr. hab. n. med. Tomasz Trojanowski, Head and Chairman of the Neurosurgery and Paediatric Neurosurgery Departments, State Consultant in Neurosurgery and a member of the Scientific Advisory Board for the Minister of Health, together with Prof. Dr. hab. n. med. Radoslaw Rola a new Head and Chairman of the Neurosurgery and Paediatric Neurosurgery Departments in SPSK4 in Lublin.

Bringing innovation to the patient: Access to new treatment options in Poland remains a high unmet medical need  

According to estimates, every fourth inhabitant of Poland is diagnosed with cancer during their life, and every fifth will die from it. Although recent years have brought about rapid progress in the knowledge of pathomechanisms underlying each cancer, and cancer itself, contributing to many new drugs and therapies being launched onto the market, access to effective treatment options in Poland remain limited. As a result, the average Pole has a lower chance to survive 5 years with cancer compared to citizens of other European countries.[1]

SPSK4 in Lublin is the first hospital outside of Germany to offer MagForce's NanoTherm therapy for the  treatment of brain tumor patients. The cooperation agreement, announced in June of 2018, will provide brain cancer patients from surrounding areas with faster access to the therapy after diagnosis whilst allowing Polish patients to be treated with NanoTherm therapy in their home country. Due to the aggressive nature of glioblastoma, timely availability is a decisive factor in the treatment of brain tumors as there is only a narrow window for patients to receive treatment.

"We are pleased to work with such a strong partner as the SPSK4 to bring NanoTherm therapy to Poland. We see a huge need for additional therapeutic options for the treatment of brain tumors in this country. It is underlined by the fact, that more than 50% of all patient inquiries who could qualify for NanoTherm therapy come from Poland, and that number continues to increase. Therefore, the opening of this NanoTherm treatment center  is a great success for MagForce and a chance for brain tumor patient to receive an alternative treatment option. I am encouraged by the positive response we have seen so far”, said Dr. Katarzyna Zarychta, Vice President Oncology Market Development Europe, MagForce AG.

The collaboration with Independent Public Clinical Hospital No. 4 in Lublin will be supported by the efforts of the Alivia Cancer Foundation, Poland. The Foundations's mission is to mobilize, empower and educate cancer patients, as well as give them the tools and necessary means to make decisions regarding their own health.


Notes for editors:

The Role of NanoTherm Therapy in the Treatment of Brain Tumors

NanoTherm therapy is a relatively new procedure for the focal treatment of solid tumors. Summarised in simple terms: Magnetic nanoparticles are introduced either directly into the tumor or into the resection cavity wall. These particles are subsequently heated by an alternating magnetic field, thus destroying the cancer cells. 

Nanoparticles are tiny particles of iron oxide that are suspended - very finely distributed - in water, having a diameter of approximately 15 nanometres – while one nanometer corresponds one millionth millimetre. As soon as they are applied, they agglomerate and remain like an implant in the tissue to be treated. An alternating magnetic field, which changes its polarity up to 100,000 times per second, subsequently causes the particles to generate heat.

Depending on the therapeutic temperatures reached in the tumor or in individual remaining cancer cells in the resection cavity wall and the length of treatment, cancer cells are thereby irreparably destroyed, or they are weakened and made more sensitive to concomitant radiotherapy or chemotherapy. The way in which the nanoparticles are applied is decided individually by the attending neurosurgeon.

This new technology makes it possible to fight the tumor from the inside out or to ensure that individual remaining tumor cells in the resection cavity wall - which may be responsible for recurrence - can be fought and destroyed after the surgical removal of the tumor. The surrounding healthy tissue is spared since the particles remain at the site of application due to their special surface structure.

 

About Independent Public Clinical Hospital No. 4 in Lublin, Poland

The Independent Public Clinical Hospital No. 4 in Lublin is the largest hospital in Lublin Province, comprising 22 highly specialised clinics and providing learning and research facilities for the Medical University in Lublin. The hospital serves patients from Lublin province as well as from other regions of the country and abroad. Over 1,600 patients receive surgery yearly, and about 6,000 consultations are given in an outpatient neurosurgical clinic.

In July 2010, due to high quality of the provided services and extensive treatment and diagnosis facilities, by the decision of the Minister of Health, the IPC Hospital no. 4 became a Trauma Centre for Lublin Province. In 2012 the hospital became one of the few hospitals in Poland that own a positron emission tomography scanner (PET).


About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles.

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.

For more information, please visit:www.magforce.com.      
Get to know our Technology:video (You Tube)
Stay informed and subscribe to our mailing list


Disclaimer      

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

 

 


[1] Oncology patients’ access to drug therapies in Poland in view of current medical knowledge, Report March 2017: https://www.alivia.org.pl/raport2017/ALIVIA_REPORT_EN_web.pdf

 

MagForce AG successfully completes installation of mobile NanoTherm treatment center for brain tumors in Poland

21.03.2019

MagForce AG successfully completes installation of mobile NanoTherm treatment center for brain tumors in Poland

  • First hospital outside of Germany to offer MagForce’s NanoTherm therapy for the commercial treatment of brain tumor patients
  • NanoActivator at Independent Public Clinical Hospital No. 4 in Lublin, Poland is now ready for use after successful audit

Berlin, Germany and Nevada, USA, March 21, 2019 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, announced today that the installation of their mobile NanoTherm treatment center at the Independent Public Clinical Hospital No. 4 in Lublin, Poland, one of the most prestigious brain tumor treatment centers in Poland, has been completed. Following the successful final inspection of the center by the regulatory authority, Prof. Dr. hab. n. med. Tomasz Trojanowski, Head and Chairman of the Neurosurgery and Paediatric Neurosurgery Departments, State Consultant in Neurosurgery and a member of the Scientific Advisory Board for the Minister of Health, together with Prof. Dr. hab. n. med. Radoslaw Rola a new Head and Chairman of the Neurosurgery and Paediatric Neurosurgery Departments in SPSK4 in Lublin, and their renowned medical team of qualified and experienced doctors and nurses will perform the treatments.

The Independent Public Clinical Hospital No. 4 in Lublin is the first hospital outside of Germany to offer MagForce’s NanoTherm therapy for the commercial treatment of brain tumor patients. The cooperation agreement, announced in June of 2018, is part of MagForce's European roll-out plan which aims to provide brain cancer patients with faster access to the therapy after diagnosis. To provide such accelerated treatment options, MagForce has developed a mobile solution for the placement of NanoActivator devices enabling the Company to place the devices more quickly and cost-effectively in further European countries by avoiding protracted construction and allowing for easy integration into the existing hospital infrastructure.

“Our team, Prof. Radoslaw Rola and I are extremely pleased with the successful completion of the installment and the positive audit from the regulatory authorities that will now allow us to commence commercial treatment, making NanoTherm therapy available to patients from Poland and other surrounding countries. The need for innovation in neuro-oncology is unmistakable as current treatments for brain tumors – including brain surgery, radiation and chemotherapy – often are not successful at eliminating all of the cancer cells from the brain. As one of the leading brain treatment centers in Poland, we are proud to be the first to offer an additional treatment option based on this highly innovative technology which has the potential to become a valuable option for patients diagnosed with the disease”, said Prof. Trojanowski, Head and Chairman of the Departments of Neurosurgery and Paediatric Neurosurgery at Independent Public Clinical Hospital No. 4.“Due to the mobile solution offered by MagForce we were able to rapidly integrate the NanoActivator device into our existing hospital infrastructure, without the need for reconstruction. We are excited to continue working together with MagForce to make NanoTherm therapy available to patients suffering from this devastating disease.”

The NanoTherm treatment center at the Independent Public Hospital No. 4 in Lublin will allow Polish patients to be treated with NanoTherm therapy in their home country. Due to the aggressive nature of glioblastoma, timely availability is a decisive factor in the treatment of brain tumors as there is only a narrow window for patients to receive treatment. With more than 50% of all patient inquiries who could qualify for NanoTherm therapy coming from, Poland, Poland, together with Germany and Italy make up a key market for MagForce’s NanoTherm therapy within Europe.

The collaboration with Independent Public Clinical Hospital No. 4 in Lublin will be supported by the efforts of the Alivia Cancer Foundation, Poland. The Foundations’s mission is to mobilize, empower and educate cancer patients as well as give them the tools and necessary means to make decisions regarding their own health.

“According to estimations, every fourth inhabitant of Poland is diagnosed with cancer during their life, and every fifth will die from it. Although therapeutic improvements have been achieved in recent years, access to new and innovative therapies as well as effective treatment options  in Poland is still limited. As a result, the average Pole has a lower chance to survive 5 years with cancer compared to citizens of other European countries”, said Bartosz Polinski, CEO of Alivia Cancer Foundation.We are committed to support patients from Poland to gain access to novel approaches for the treatment of brain tumors. NanoTherm is a promising, novel approach to the treatment of brain cancer - stand alone or for the enhancement of effects of standard therapy. We are delighted that patients diagnosed with the disease will soon be able to have faster and easier access to this therapy.”

About Independent Public Clinical Hospital No. 4 in Lublin, Poland

The Independent Public Clinical Hospital No. 4 in Lublin is the largest hospital in Lublin Province, comprising 22 highly specialised clinics and providing learning and research facilities for the Medical University in Lublin. The hospital serves patients from Lublin province as well as from other regions of the country and abroad. Over 1,600 patients receive surgery yearly, and about 6,000 consultations are given in an outpatient neurosurgical clinic.

In July 2010, due to high quality of the provided services and extensive treatment and diagnosis facilities, by the decision of the Minister of Health, the IPC Hospital no. 4 became a Trauma Centre for Lublin Province. In 2012 the hospital became one of the few hospitals in Poland that own a positron emission tomography scanner (PET).

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles.

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.

For more information, please visit: www.magforce.com.      
Get to know our Technology: video (You Tube)
Stay informed and subscribe to our mailing list

Disclaimer      

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG publishes shareholder letter

14.02.2019

MagForce AG Publishes Shareholder Letter

 

Berlin, Germany, and Nevada, USA, February 14, 2019 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today published its first Shareholder Letter 2019:

 

Dear MagForce Shareholders, 

2018 was a pivotal year for MagForce in which we made significant strides towards building the future of the Company and laying a strong foundation for future success. It was a year of realization, in which we passed several major milestones and made progress on key goals, as seen by the start of our pivotal US prostate cancer study and the first collaboration agreement with a clinic for our NanoTherm therapy for the commercial treatment of brain tumor patients outside of Germany. These achievements underline my confidence in our growth prospects as well as our ability to successfully execute our two-pronged strategy. 

As we enter 2019, I would like to take this opportunity to cover some of the highlights which will shape our direction for the new year and put our progress into context while providing you with an update on how MagForce continues to fulfill its vision to transform cancer therapy. 

 

US pivotal study for unique focal treatment option for prostate cancer progressing well 

Surely one of the most important milestones of 2018 was the U.S. FDA approval of our Investigational Device Exemption application which allowed us to commence with our pivotal clinical evaluation of NanoTherm therapy as focal ablation treatment for intermediate risk prostate cancer. We started treatment of the first patients in July. The purpose of our pivotal, staged, single-arm study that will enroll up to 120 men is to demonstrate that NanoTherm therapy can focally ablate prostate cancer lesions with minimal side effects. 

Three well-respected urological specialist centers - Texas Urology Group, University of Texas, San Antonio and University of Washington, Seattle - are currently actively enrolling patients for the trial. Enrollment interest in Stage 1 is strong, but MagForce has to proceed diligently since this is the first application of NanoTherm therapy as a focal treatment, which requires precise application of the particles to the suspected cancerous region. The results we have seen so far add to our confidence that the registration trial will prove NanoTherm therapy will allow men diagnosed with prostate cancer to have a higher quality of life, while delaying or even avoiding invasive treatments. 

This is what we have seen so far: 

1. The NanoActivator changes we made allowed patients to be treated effectively and without any discomfort as observed during whole gland studies previously conducted in Germany more than a decade ago. 

2. NanoTherm particles can be accurately instilled in the targeted treatment area in the minimally invasive procedure. To ensure that the installation process is further standardized across all study physicians, MagForce plans to further streamline the procedure during Stage I. 

3. As expected, only a few treatment related side effects were observed. They were tolerable and similar to those commonly associated with biopsies. 

 

Entering into an estimated 300 million USD prostate cancer market 

The instant and strong interest in enrollment we received from prostate cancer patients and their attending physicians, reflect the high unmet medical need for a focal therapy with decreased side effects in the US. Within the past two decades, over 250 US Active Surveillance Programs (ASPs) have been established to follow the slow growth of prostate cancer in order to avoid the side effects of definitive therapy (radiation or surgery), for as long as possible. The goal is clear: to ensure the highest quality of life possible for men with prostate cancer while delaying or even completely avoiding invasive treatments. Still, approximately 60 percent of the patients in these programs require definitive therapy, such as whole gland surgery or radiation, at some point once the small tumors have progressed to intermediate risk stage. 

The favorable initial findings encourage us in our goal to supplement the current standard therapy with a less invasive, effective, and well-tolerated treatment option from which potentially 50,000 to 100,000 men in Active Surveillance Programs in the US could benefit. Even though we are now approximately three to four months behind my targeted schedule, pushing targeted initial commercialization to early 2020, we believe NanoTherm therapy has a huge potential to tap into the prostate cancer market, worth an estimated 300 million USD, as a unique focal treatment option. To hit the ground running after approval, we will start preparing for commercialization in the second half of 2019 by placing NanoActivator chairs in urological practices (Active Surveillance Programs) throughout the US and train physicians in the use of NanoTherm therapy. 

 

Europe – first clinic outside of Germany to offer MagForce’s NanoTherm therapy; strong interest from further hospitals 

In our last letter to shareholders, we shared that our refined commercial strategy is starting to bear first fruits in Europe and this statement continues to ring true. 

As previously communicated, MagForce has developed a mobile treatment center enabling us to place the devices more quickly and cost-effectively in additional European countries by avoiding protracted 

construction and allowing for easy integration into existing hospital infrastructure. Our strategic refinement was well received and very soon the first hospital outside of Germany will offer our NanoTherm therapy for the commercial treatment of brain tumor patients. 

We are proud to have partnered with Independent Public Clinical Hospital No. 4 in Lublin, one of the most prestigious brain treatment centers in Poland, where Prof. Dr. hab. n. med. Tomasz Trojanowski, Head and Chairman of the Department of Neurosurgery and Paediatric Neurosurgery, State Consultant in Neurosurgery and a member of the Scientific Advisory Board for the Minister of Health, together with his successor Prof. Dr. hab. n. med. Radoslaw Rola, Head and Chairman of the Neurosurgery and Paediatric Neurosurgery Departments, with the support of their renowned medical team of qualified and experienced doctors and nurses, will provide access for brain cancer patients to be treated with NanoTherm therapy in Poland. Pending final approval following the center audit by authorities, the mobile NanoTherm treatment center will be ready for use. With the majority of all patient inquiries who could qualify for NanoTherm therapy coming from Poland, Poland, together with Germany and Italy, remains one of the key markets within Europe. 

Our market development team continues to diligently work on identifying and building relationships with other potential partner hospitals throughout Europe and we have made very good progress with the identification process for treatment centers in Italy and Spain where we see great interest for our therapy. In addition, we are delighted to report, that two additional hospitals in Germany have displayed strong interest in offering NanoTherm therapy, with which we are currently in the process of contract negotiations. Due to the complexity of compliance guidelines, contract negotiations are rigorous but we are confident, that we will soon be able to announce additional cooperation agreements. 

 

Bringing invention to the patient: launch of comprehensive application training series to certify surgeons in the use of NanoTherm technology 

We recently introduced a practice-oriented, unique, multifaceted application training for the use of NanoTherm Therapy in treating brain tumors. The NanoTherm® Therapy School series consists of three consecutive modules to certify surgeons in the use of the Company’s innovative NanoTherm technology. Developed in close collaboration with Prof Dr. Walter Stummer, Prof. Dr. Dr. Oliver Grauer, University Hospital Münster, and Prof. Dr. Johannes Wölfer, Hufeland Klinikum GmbH Mühlhausen, with their long-standing experience in the treatment of brain tumor patients with NanoTherm therapy, the NanoTherm® Therapy School series aims at introducing participants to the theoretical knowledge and practical techniques required to successfully apply MagForce’s NanoTherm therapy. 

The first session, “Module A - the basics”, took place end of January 2019 and was well received by the six participating neurosurgeons. 

 

New Corporate Website 

As we continue to grow, it is critical, that our brand represents who we are and where we are going. In the beginning of 2019, we therefore implemented a fully redesigned corporate website featuring a streamlined design, improved functionality and enriched content areas to assist patients, healthcare professionals and investors in making well-informed decisions. Available in both English and German, MagForce’s new online presence provides further patient material in an additional seven languages, to ensure that patients all over the world have up to date access to information on our innovative technologies. 

 

Remaining transparent and accountable 

Over the past two years, we have secured sufficient funding to drive MagForce through the next inflection points and deliver on our strategy. Your trust reinforces us in what we do and we will continue to place focus on communications in our Investor Relations to maintain that trust and to help our investors gain a thorough understanding of our business through consistent information disclosure. The new year looks promising for MagForce, our patients and you, our shareholders. In the past year, we have not only made great strides in developing our Company but also built a solid team, with the addition of two seasoned sales staff in Germany that can execute on our vision. 

As fiscal 2019 picks up steam, we remain committed to delivering progress that enhances the value of our Company. We look forward to an exciting 2019 with many inflection points ahead and thank you for your continued support. 

 

Sincerely, 

Dr. Ben Lipps   

Chief Executive Officer & 
Chairman of the Management Board

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. 

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries. www.magforce.com

 

Stay informed and subscribe to our mailing list.

Follow us on Twitter (@MagForce_AG) and LinkedIn (https://www.linkedin.com/company/magforce-ag/). 

 

Disclaimer       

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG: Newly launched ’NanoTherm® Therapy School’ kicks off with successful first training session

06.02.2019

MagForce AG: Newly launched ’NanoTherm® Therapy School’ kicks off with successful first training session

 

  • MagForce introduces practice-oriented, unique, multifaceted application training for the use of NanoTherm Therapy in treating brain tumors
  • Training concept developed in close partnership with leading experts Prof. Dr. Walter Stummer, PD Dr. Dr. Oliver Grauer, University Hospital Münster, and PD Dr. Johannes Wölfer, Hufeland Klinikum GmbH Mühlhausen

 

Berlin, Germany and Nevada, USA, February 06, 2019 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, is pleased to report the successful start of its newly launched NanoTherm® Therapy School series, a comprehensive application training series consisting of three consecutive modules to certify surgeons in the use of the Company’s innovative NanoTherm technology. The first session, “Module A – the basics”, took place end of January, 2019 in Berlin.

Targeted towards medical professionals working in the field of neuro-oncology, the NanoTherm® Therapy School series aims at introducing participants to the theoretical knowledge and practical techniques required to successfully apply MagForce’s NanoTherm technology for the treatment of brain tumors. In practicising their skills with human specimens, participants are able to familiarize themselves with the procedures and device usages in a stress-free environment under largely real operating conditions.

The NanoTherm® Therapy School is designed in three consecutive modules allowing participants to gain knowledge and understanding of the NanoTherm technology starting from basic application techniques (nanopasting) and building to advanced techniques and more experimental application forms in the final module. The practical section of the course is complemented by lectures on directly relevant aspects of Nano Therm therapy, as well as sample preparation and surgical videos. The equipment and facilities used during the course meet the requirements of today’s state of the art surgical equipment.

The training concept of NanoTherm® Therapy School was developed in close collaboration with Prof. Dr. Walter Stummer, PD Dr. Dr. Oliver Grauer, University Hospital Münster, and PD Dr. Johannes Wölfer, Hufeland Klinikum GmbH Mühlhausen, drawing on their long-standing experience in the treatment of brain tumor patients with NanoTherm therapy. The course is supervised with a ratio of three students to one lecturer and one technician, ensuring maximum learning success.

“Simulation-based medical education enables knowledge and skill acquirement in a safe, educational orientated and efficient environment. Becoming acquainted with a new treatment method in a stress-free yet largely realistic setting is a great way to introduce physicians to a new treatment option and is key to ensuring that patients will receive the highest quality of treatment”, said Prof. Dr. Walter Stummer, Director of the Department of Neurosurgery at the University Hospital Münster.

 Prof. Dr. med. habil. Jan-Peter Warnke, Director of the Department of Neurosurgery at the Chefarzt, Paracelcus Clinic Zwickau, participant of the Module A, added “Innovation is extremely important in medicine and has served our patients well.  Obtaining the appropriate training in new technologies and techniques is a vital part of adopting these advances into our standard treatment regimens. Practical trainings such as MagForce’s NanoTherm® Therapy School are therefore very welcomed as they allow neurosurgeons to ease into the method while developing the necessary skills. The mixture of academic and practical experience paired with the instructors’ and speakers’ long-standing experience with the technique is what sets this course apart. Embracing new methods of teaching advanced technology helps bridge the learning gap from invention to patient usage.”

For more information about NanoTherm Therapy® School, please contact:
Dipl.-Ing. Tobias Hanitsch (thanitsch@magforce.com)
Marcel Pilz (mpilz@magforce.com)

About MagForce AG and MagForce USA, Inc.
MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles.

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.

For more information, please visit: www.magforce.com.     
Get to know our Technology: video (You Tube)
Stay informed and subscribe to our mailing list

Disclaimer      
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG Publishes Financial Results for the First Half of 2018 and Operative Highlights

23.10.2018

MagForce AG Publishes Financial Results for the First Half of 2018 and Operative Highlights

  • Start of pivotal US prostate cancer study and treatment of first patients with NanoTherm therapy following U.S. FDA IDE approval in February and IRB approvals in April of this year
     
  • First ten patients expected to be treated until year-end 2018, results to be announced beginning of 2019
     
  • First collaboration agreement for NanoTherm therapy outside of Germany with one of the most prestigious brain cancer treatment centers in Poland
     
  • Successful capital increase of MagForce USA, Inc, with gross proceeds of USD 9.0 million (after period-end)
     

Berlin, Germany and Nevada, USA, October 24, 2018 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, published today its financial results for the first half of 2018, ending on June 30, 2018, and operative highlights.

“Whereas 2017 was a year in which we laid important cornerstones for our two-pillar strategy, 2018 has shaped up to be a year of delivering results,”commented Ben Lipps, CEO of MagForce AG and MagForce USA, Inc.Today, we are more confident than ever, that our strategy will pay off. We are excited to report the initial results of our prostate cancer study very soon and remain on target to start commercialization towards the end of 2019. We continue to see a huge market potential for our NanoTherm therapy in the US, which has the potential to tap into the prostate cancer market, worth an estimated 300 million USD, as a unique focal treatment option. In Europe, we will focus on establishing further treatment centers in selected European countries, obtaining domestic reimbursement and streamlining the cross-border reimbursement process. We look forward to a successful remaining 2018 and an exciting 2019 with many inflection points ahead.”
 

Operative Highlights:

US pivotal study for unique focal treatment option of prostate cancer progressing well
In February 2018, the U.S. FDA granted approval for MagForce’s IDE application. An important milestone and significant step towards the approval of MagForce’s therapy for the treatment of prostate cancer patients in the US that allowed the Company to commence with a pivotal clinical evaluation of NanoTherm therapy as focal ablation treatment for intermediate risk prostate cancer at selected medical centers in the US with the objective to demonstrate that this approach can ablate prostate cancer lesions.

After receiving Institutional Review Board (IRB) approval from the two clinical US sites, the CHRISTUS Santa Rosa Hospital - Medical Center and the University of Washington, MagForce USA, Inc. started enrolling the first patients in this pivotal, staged, single arm study in July 2018 with results of the first ten patients treated with NanoTherm therapy expected to be published beginning of 2019. The Company still expects that this initial assessment will demonstrate ablation effectiveness with minimal side effects, and that the registration trial will prove that NanoTherm therapy will allow men diagnosed with prostate cancer to have a higher quality of life, while delaying or even avoiding invasive treatments. Subject to a successful completion of the trial, MagForce targets initial commercialization towards the end of 2019. Management continues to see a huge market potential for the Company’s NanoTherm therapy in the US, which has the potential to tap into the prostate cancer market, worth an estimated 300 million USD, as a unique focal treatment option.


Refined strategy accelerates European roll-out to provide brain cancer patients fast access to therapy
In Europe, the Company’s refined commercial strategy is starting to bear first fruits. To provide accelerated treatment options, speed up the European roll-out and drive uptake, MagForce has, for one, developed a mobile solution for the placement of NanoActivator devices enabling the Company to place the devices sooner and more cost-effectively in further European countries. The response to this strategic revision was well received and MagForce signed the first collaboration agreement with one of the most prestigious brain treatment centers in Poland, the Independent Public Clinical Hospital No. 4 in Lublin, in June of this year.  Prof. Dr. hab. n. med. Tomasz Trojanowski, Head and Chairman of the Department of Neurosurgery and Paediatric Neurosurgery, with the support of his renowned medical team of qualified and experienced doctors and nurses will introduce and provide access for brain cancer patients to be treated with NanoTherm therapy in the country. For that purpose, preparations for the installation of a mobile container containing a NanoActivator device towards the end of the year are currently underway. With a majority of all patient inquiries who could qualify for NanoTherm therapy coming from this country, Poland, together with Germany and Italy, makes up one of the key markets for MagForce’s NanoTherm therapy within Europe.

MagForce’s market development team continues to diligently work on identifying and building relationships with further possible partner hospitals throughout Europe and management is confident, that the Company will soon be able to announce additional collaboration agreements.
 

Results of operations, net assets and financial position
Revenue and other operating income
 amounted to EUR 9,222 thousand (previous year: EUR 1,289 thousand). The increase mainly stems from the the transfer of shares in MagForce USA, Inc. to MagForce USA Holding GmbH and the resulting disclosure of hidden reserves in the amount of EUR 8,769 thousand.

Personnel expenses remained on last year’s level with EUR 1,729 thousand (previous year: EUR 1,707 thousand). Other operating expenses decreased to EUR 1,527 thousand (previous year: EUR 1,876 thousand) mainly due to the absence of financing costs in connection with the borrowing transactions of the previous year.

In total, the Company generated a net profit for the period of EUR 4,106 thousand compared to a net loss of EUR 3,023 thousand in the previous year.

The cash outflows from operating activities amounted to EUR -4,009 thousand (previous year: EUR -3,154 thousand). The cash outflow from operating activities was derived indirectly  from the net profit for the half-year. The cash outflows mainly relate to the financing of operating activities.

The cash outflows from investing activities amounted to EUR -516 thousand (previous year: TEUR -3 thousand).

The cash flows from financing activities amounted to EUR 9,189 thousand (previous year: EUR 10,285 thousand) and is in the reporting period mainly attributable to the call of the first tranche of the EIB loan, in the previous year to the issue of the convertible bond and the capital increase.

Cash and cash equivalents increased by EUR 4,664 thousand to EUR 5,330 thousand (December 31, 2017: EUR 666 thousand).


Financing transactions of the Company
To improve liquidity and to accelerate the on-going international expansion, the Company executed the following financing measures during the first half of the year.

On January 8, 2018, the first tranche of EUR 10.0 million of the financing agreement with the European Investment Bank (EIB) signed in the third quarter of 2017, was disbursed. The first tranche has a maturity of 5 years.

To finance the initiated pivotal clinical trial in the USA with NanoTherm therapy for focal tumor ablation in intermediate risk prostate cancer and associated business operations, MagForce subsidiary MagForce USA, Inc. carried out a successful capital increase by exercising 700,000 subscription rights of MagForce USA, Inc. and by issuing 166,666 new shares in MagForce USA, Inc. The subscription rights were issued to US investors as part of a growth financing round in 2014 and had a term limit of four years. There are no outstanding subscription rights remaining after the exercise. The new MagForce USA, Inc. shares were subscribed by a new US investor. The issuance of a total of 866,666 new shares generated gross proceeds of approximately USD 9.0 million for MagForce USA, Inc.

Following the issue of the new shares, MagForce AG holds 67.9 percent of the shares in MagForce USA, Inc. and will continue to retain a majority ownership position in the US subsidiary. Post transaction ownership structure MagForce USA, Inc.: MagForce AG 67.9 percent, Lipps & Associates 17.0 percent, other US investors 15.1 percent.


Outlook and financial prognosis 2018 and beyond
The outlook for the year 2018, as reported in the 2017 annual report, published on May 3, 2018 was reaffirmed by the management

For the remainder of the financial year 2018, MagForce will continue to focus on executing its two-prongued approach in its key markets the US and Europe.

In the US, MagForce plans to conduct its pivotal prostate cancer study as quickly as possible targeting to start commercialization towards the end of 2019. In Europe the Company anticipates to enter into additional collaboration agreements and establish further treatment centers in selected European countries, obtain domestic reimbursement and streamline the cross-border reimbursement process.

 

About MagForce AG and MagForce USA, Inc.
MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles.

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.
 

Get to know our Technology: video (You Tube)
 

Disclaimer      

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct 

MagForce AG to host Lunch Symposium on Local Therapies for Malignant Gliomas at the 18th European Congress of Neurosurgery (EANS2018)

18.10.2018

MagForce AG to host Lunch Symposium on Local Therapies for Malignant Gliomas at the 18th European Congress of Neurosurgery (EANS2018)

 

Berlin, Germany and Nevada, USA, October 18, 2018 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, is pleased to announce that it will host a scientific lunch symposium titled "Local Therapies for Malignant Gliomas" on Tuesday, October 23, 2018 at the 18thEuropean Congress of Neurosurgery in Brussels, Belgium. 

 

Chaired by Prof. Dr. Walter Stummer, Director of the Department of Neurosurgery at the University Hospital Münster, Germany, the one-hour lunch symposium will feature two key note speeches: After an introduction and overview on topical therapies for the treatment of malignant gliomas by Prof. Dr. Stummer, Prof. Colin Watts, MD PHD, Professor of Neurosurgery and Chair of the Birmingham Brain Cancer Program, University of Birmingham, will be talking about the current understanding of surgery and wafers. The session will end with a report by Prof. Dr. Stummer titled “Hyperthermia and radiotherapy: The NanoPaste experience”. 


The symposium details are as follows:

Title:

"Local Therapies for Malignant Gliomas"

Date:

Tuesday, October 23, 2018

Time:

1.15-2.15 p.m. CEST

Location:

Gold Hall, Square-Brussels Convention Centre, Brussels, Belgium

Speakers:

Prof. Dr. Walter Stummer (Chair)
University Hospital Münster, Germany
Introduction and overview on topical therapies

Prof. Colin Watts, MD PHD 
University of Birmingham, UK 
Surgery and wafers: Current understanding 

Prof. Dr. Walter Stummer 
University Hospital Münster, Germany 
Hyperthermia and radiotherapy: The NanoPaste experience

 

In addition, MagForce will be represented by a booth (No. 12) at the EANS2018 and will be available for questions regarding its NanoTherm therapy for the treatment of glioblastoma and other brain tumors.

 

For more information on the EANS2018 programme, please click here: http://eans2018.com/programme-and-abstracts/scientific-programme.html.  


About EANS2018

The European Association of Neurosurgical Societies (EANS) is both an independent federation of European national neurosurgical societies and a fast-developing association of individual neurosurgeons from around the world, aiming to enhance the quality of neurosurgical patient care through training, education and research. A key way in which the association fulfils this objective is by facilitating the exchange of scientific information at the highest level through the organisation of meetings, symposia and educational courses – with the annual congress as its flagship event.

 

This year’s congress will focus on Neurosurgery 2018 - facts, fiction, and future. The pre-congress course as well as the keynote speeches will be organized around the future in the discipline of neurosurgery. Participants will have the opportunity to discuss on eye level topics and improvements in neurosurgery and exchange ideas during interesting sessions.  


About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. 

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries. 

 

Get to know our Technology: video (You Tube)
 

Disclaimer       

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG to participate in nine upcoming international conferences in H2 2018

03.09.2018

MagForce AG to participate in nine upcoming international conferences in H2 2018

 

Berlin, Germany and Nevada, USA, September 3, 2018 - MagForce AG (Frankfurt, Scale, Xetra: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today announced its participation in nine upcoming scientific and investor conferences in the second half of 2018: 
 

  • German Fall Conference
    Date: September 3-4, 2018
    Location: Frankfurt, Germany
    Presentation: Christian von Volkmann, CFO of MagForce AG, Tuesday, September 4, 2018
  • Goldman Sachs European Medtech and Healthcare Conference
    Date: September 5-6, 2018
    Location: London, UK
    Presentation: Ben J. Lipps, CEO of MagForce AG, Thursday, September 6, 2018
     
  • Berenberg & Goldman Sachs Seventh German Corporate Conference
    Date: September 24-26, 2018
    Location: Munich, Germany
    Presentation: Ben J. Lipps, CEO of MagForce AG, Tuesday, September 25, 2018
  • 13th Meeting of the European Association of Neuro-Oncology (EANO 2018)
    Date: October 10-14, 2018
    Location: Stockholm, Sweden
  • 18th European Congress of Neurosurgery (EANS 2018)
    Date: October 21-25, 2018
    Location: Brussels, Belgium
    Booth: No. 12
    Lunch Symposium: “Local Therapies For Malignant Gliomas”
    Speakers: Prof Dr Walter Stummer, Director of the Department of Neurosurgery at the University Hospital Muenster, Germany;
    Colin Watts, MD PHD, University of Birmingham, Institute of Cancer and Genomic Sciences, College of Medical and Dental Sciences, Birmingham, Great Britain
    Date & Time: Golden Hall, Tuesday, October 23, 2018; 1.15-2.15pm CEST
  • MEDICA 2018
    Date: November 12-15, 2018
    Location: Düsseldorf, Germany
    Community booth: Berlin Partner für Wirtschaft und Technologie GmbH No. F 42, hall 15
  • 23rd Annual Scientific Meeting and Education Day of the Society for Neuro-Oncology (SNO)
    Date: November 15-18, 2018
    Location: New Orleans, Louisiana, USA
     
  • German Equity Forum 2018
    Date: November 26-28, 2018
    Location: Frankfurt, Germany
    Presentation: Ben J. Lipps, CEO of MagForce AG, Tuesday, November 27, 2018
     
  • Prior Capital Market Conference
    Date: December 4, 2018
    Location: Dreieich, Germany
    Presentation: Barbara von Frankenberg, Vice President Communications & Investor Relations of MagForce AG, Tuesday, December 4, 2018

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. 

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries. 

Get to know our Technology: video (You Tube)

 

Disclaimer       

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG announces positive results of 2018 Annual General Meeting

MagForce AG announces positive results of 2018 Annual General Meeting

 

Berlin, Germany, and Nevada, USA, August 9, 2018 - MagForce AG (Frankfurt, Scale, Xetra: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, held its Annual General Meeting in Berlin today. The Annual General Meeting approved all resolution items with a clear majority of more than 98 percent. 

The CEO and Chairman of the Management Board, Dr. Ben J. Lipps, reported on the current operational developments and provided an overview of the 2017 fiscal year, as well as an outlook for the current year. Subsequently, he gave an update on the status of the strategic plan. 

Further details of the Annual General Meeting 2018, including the Management Board presentation and voting results, are available on the MagForce website at www.magforce.de/en/presse-investoren/hauptversammlung.

About MagForce AG and MagForce USA, Inc. 
MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. 

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries. 

For more information, please visit: www.magforce.com 
Get to know our Technology: video (You Tube)

Disclaimer 
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG announces successful capital increase of the subsidiary MagForce USA, Inc.

08.08.2018

MagForce AG announces successful capital increase of the subsidiary MagForce USA, Inc.

 

Berlin, Germany, and Nevada, USA, August 8, 2018 - MagForce AG (Frankfurt, Scale, Xetra: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today announced the successful completion of a capital increase of its subsidiary MagForce USA, Inc. The capital increase was carried out by exercising 700,000 subscription rights of MagForce USA, Inc. and by issuing 166,666 new shares in MagForce USA, Inc. The subscription rights were issued in 2014 to US investors as part of a growth financing round and had a term limit of four years. There are no outstanding subscription rights remaining after the exercise. The issuance of a total of 866,666 new shares will generate gross proceeds of approximately USD 9.0 million for MagForce USA, Inc. The new MagForce USA, Inc. shares were subscribed by a new US investor. 

Following the issue of the new shares, MagForce AG holds 67.9 percent of the shares in MagForce USA, Inc. and will continue to retain a majority ownership position in the US subsidiary. Post transaction ownership structure MagForce USA, Inc.: MagForce AG 67.9 percent, Lipps & Associates 17.0 percent, other US investors 15.1 percent. 

Proceeds from the capital increase will be used to finance the initiated pivotal clinical trial in the USA with NanoTherm Therapy for focal tumor ablation in intermediate risk prostate cancer and associated business operations. 

“The exercise of the subscription rights shows our US investors’ trust in MagForce’s NanoTherm therapy. This funding will allow MagForce USA, Inc. to demonstrate that NanoTherm therapy can be successfully applied with minimal side effects for focal prostate cancer ablation. The aim is to destroy carcinogenic lesions, thus allowing patients to remain in ‘Active Surveillance Programs’ and avoid definitive treatments, such as surgical resection or radiation of the entire prostate, which are accompanied by its well-known side effects. The inclusion of the first patient in the pivotal clinical trial that we recently announced was a very important milestone. I am very optimistic regarding the US market, which offers great market potential for the treatment of prostate cancer,” commented Ben J. Lipps, CEO of MagForce AG and Managing Director of MagForce USA, Inc. “Upon successful completion of the trial, the first commercial treatment of prostate cancer patients with our NanoTherm therapy is projected to begin in late fourth quarter of 2019.” 

About Active Surveillance Progams 
Within the past two decades, Active Surveillance Programs have been developed in the USA to follow the slow growth of Prostate Cancer in order to avoid the side effects of definitive therapy (radiation or surgery), for as long as possible. Currently, there are over 250 Active Surveillance Programs in the USA. Active Surveillance is the merging of watchful waiting and active management into a program that is interactive for the patient, ultimately allowing a man diagnosed with Prostate Cancer to monitor his disease and have the highest quality of life possible while delaying or even completely avoiding invasive treatments. 

For the past decade, these Active Surveillance Programs have been seeking a focal therapy which would ablate the small tumors that have progressed to the intermediate risk stage because approximately 60% of the patients in Active Surveillance Programs who have participated in these programs for an extended period of time require definitive therapy such as whole gland surgery or radiation. 

About MagForce AG and MagForce USA, Inc. 
MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. 

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries. 

For more information, please visit: www.magforce.com 
Get to know our Technology: video (You Tube)

Disclaimer 
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce Announces Enrollment of First Patient in its Pivotal, Three-Stage, Single-Arm Study of Focal Ablation of Prostate Cancer with NanoTherm Therapy

02.07.2018

MagForce Announces Enrollment of First Patient in its Pivotal, Three-Stage, Single-Arm Study of Focal Ablation of Prostate Cancer with NanoTherm Therapy

 

  • Single arm study will include up to 120 men under active surveillance which have progressed to intermediate risk prostate cancer
  • The objective of the study is to demonstrate that focal NanoTherm therapy can ablate prostate cancer lesions

 

Berlin, Germany, and Nevada, USA, July 2, 2018 - MagForce AG (Frankfurt, Scale, Xetra: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, together with its subsidiary MagForce USA, Inc. today announced MagForce USA has enrolled the first patient in its pivotal clinical evaluation with the Company's innovative NanoTherm selective ablation. Following the Investigational Device Exemption (IDE) approval by the US Food and Drug Administration (FDA) announced earlier this year, recruitment in the trial is underway at the two trial sites, the CHRISTUS Santa Rosa Hospital - Medical Center and the University of Washington.

 

The purpose of this focal thermal ablation registration study that will enroll up to 120 men in a single arm study is to demonstrate that NanoTherm therapy can focally ablate cancer lesions with minimal side effects for patients who have progressed to intermediate risk prostate cancer stage and are under active surveillance. By focally ablating these cancer lesions, it is anticipated that patients will be able to be maintained in Active Surveillance Programs and to avoid definitive therapies such as surgery or whole gland radiation with their well-known side effects.

 

NanoTherm therapy represents a new concept for interstitial hyperthermia of the prostate. This method is based on the controlled transfer of energy from an alternating magnetic field to biocompatible, superparamagnetic nanoparticles injected into the tumor. The resulting amount of heat generated is suitable to directly destroy cancer cells.

 

The study will be conducted at medical centers in the US, where NanoActivator devices have been installed: at the University of Washington in Seattle, and the CHRISTUS Santa Rosa Hospital - Medical Center in San Antonio, Texas. Dr. Ian M. Thompson, Jr., President of CHRISTUS Santa Rosa Hospital - Medical Center and Director Cancer Therapy and Research Center, a National Cancer Institute-designated Cancer Center at the University of Texas Health Science Center at San Antonio, and Dr. Dan W. Lin, Chief of Urologic Oncology and Professor in the Department of Urology at the University of Washington School of Medicine in Seattle, have agreed to be co-principal investigators in the Focal Thermal Ablation Registration study.

 

"Enrolling our first patient in this clinical study marks an important milestone for MagForce and is a significant step towards the approval of NanoTherm therapy for the treatment of prostate cancer patients in the USA. The NanoTherm trial in prostate cancer is designed to provide definitive safety and effectiveness data on our innovative therapy. We are very confident that the data from our planned prostate cancer study will fulfill all requirements for commercial registrations," commented Ben Lipps, CEO of MagForce AG and MagForce USA, Inc.

 

About Active Surveillance Progams

Within the past two decades, Active Surveillance Programs have been developed in the USA to follow the slow growth of Prostate Cancer in order to avoid the side effects of definitive therapy (radiation or surgery), for as long as possible. Currently, there are over 250 Active Surveillance Programs in the USA. Active Surveillance is the merging of watchful waiting and active management into a program that is interactive for the patient, ultimately allowing a man diagnosed with Prostate Cancer to monitor his disease and have the highest quality of life possible while delaying or even completely avoiding invasive treatments.

 

For the past decade, these Active Surveillance Programs have been seeking a focal therapy which would ablate the small tumors that have progressed to the intermediate risk stage because approximately 60% of the patients in Active Surveillance Programs who have participated in these programs for an extended period of time require definitive therapy such as whole gland surgery or radiation.

 

About MagForce AG and MagForce USA, Inc.

 

MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm(R) therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles.

 

NanoTherm(R), NanoPlan(R), and NanoActivator(R) are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.

 

For more information, please visit: www.magforce.com

Get to know our Technology: video (You Tube)

 

Disclaimer 

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

 

Contact:

Barbara von Frankenberg
Vice President
Communications & Investor Relations

T +49-30-308380-77
E-Mail: bfrankenberg@magforce.com

 

MagForce AG Co-Sponsors the University Hospital of Münster’s Annual Brain Cancer Patient Event

14.06.2018

MagForce AG Co-Sponsors the University Hospital of Münster’s Annual Brain Cancer Patient Event 

 

Berlin, Germany and Nevada, USA, June 14, 2018 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, is delighted to announce that the Company will again co-sponsor an event for brain cancer patients and their relatives held on the occasion of the 2018 World Brain Tumor Day. The event will be hosted by the University Hospital of Münster’s Brain Tumor Center and will take place on June 16, 2018. 

 

Under the slogan “Wieder unterwegs! Von der Klinik in die Welt (On the road again! From the clinic into the world)” this year’s event will feature speeches from brain tumor patients reporting on their travels after diagnosis. Sharing their experiences, both trying and beautiful, with others affected by the disease, the 2018 event is dedicated to encouraging brain tumor patients, and their loved ones, to overcome not only national borders but also their own fears. 

 

The event will take place at the Restaurant Bakenhof in Münster, Germany, on Saturday, June 16, 2018, from 10am to 2pm CEST. MagForce will be available for questions regarding its NanoTherm therapy for the treatment of brain tumors and will be represented by an informational booth at the venue. 

 

The University Hospital of Münster was the second medical center in Germany to install a NanoActivator device, following the Charité University Hospital in Berlin. Recently, the Team of Prof. Dr. med. Walter Stummer, Director of the Neurosurgery Department at the University Hospital Münster and Chair of the UKM Brain Tumor Centre, which has been treating brain tumor patients with MagForce’s NanoTherm Therapy since early 2015, reported their experiences with NanoTherm therapy during a symposium entitled “Local Therapies for Malignant Gliomas” at the 69th Annual Meeting of the German Society of Neurosurgery, DGNC 2018. MagForce was pleased by the significant interest in the symposium and NanoTherm therapy reflected by more than 120 attendees from the scientific and medical community. Increased attention shown by a number of clinics and first-class neurosurgeons from other European countries is especially valuable to MagForce, since the Comapny continues to expand its commercialization to further European sites in order to allow patients treatment with NanoTherm therapy in their home countries.

 

For further information regarding the program (German only) and registration, please visit: https://bit.ly/2kIIst4  

 

Role of NanoTherm Therapy in the Treatment of Brain Tumors

NanoTherm therapy is an intratumoral thermotherapy which aims to help patients with brain tumors. With NanoTherm therapy, the paramagnetic fluid injected into a tumor is heated through a very fast alternating magnetic field. Through the heat, tumor cells are either destroyed or sensitized for additional therapies such as radiotherapy and/or chemotherapy; thus, the efficacy of the additional therapies is improved.

 

MagForce AG has CE mark (European Certification) in Germany and in the EU 28 to treat brain tumors with NanoTherm therapy.

 


About the World Brain Tumor Day

This commemoration day was initialised by the Deutsche Hirntumorhilfe e.V. (German Brain Tumor Association) in 2000. Because brain tumors occur rather seldom in comparison to other cancers, they are little-noticed by the public. With the aim of directing public attention to the situation of brain tumor patients and appealing for solidarity with patients and their dependants, the World Brain Tumor Day takes place every year on June 8th. It is also a reminder directed at the responsible persons in the fields of politics and economy to assume their social responsibility. Active support of research and an increased interdisciplinary collaboration are the ways to develop new therapies and improve the chances of healing. Until that, it is essential to campaign together to advance the quality of life of patients, to give hope and show solidarity – it is essential to send a signal.

 


About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. 

 

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries. 


For more information, please visit: www.magforce.com.       

Get to know our Technology: video (You Tube)

 

Disclaimer       

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG Announces Collaboration Agreement for NanoTherm® Therapy with Independent Public Clinical Hospital No. 4, Lublin, Poland

12.06.2018

MagForce AG Announces Collaboration Agreement for NanoTherm® Therapy with Independent Public Clinical Hospital No. 4, Lublin, Poland

 

Berlin, Germany and Nevada, USA, June 12, 2018 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today announced that it has entered into a collaboration agreement with Independent Public Clinical Hospital No. 4 in Lublin, Poland, one of the most prestigious brain treatment centers in Poland. 

 

Pursuant to the agreement, Independent Public Clinical Hospital No. 4 will introduce and provide access for brain cancer patients to be treated with NanoTherm® therapy in Poland. For this purpose a mobile container with a NanoActivator® device will be installed in the hospital in Lublin. Commercial treatment is anticipated to commence in the course of 2018. The NanoTherm®treatment center at Independent Public Clinical Hospital No. 4 will be headed by Prof. Dr. hab. n. med. Tomasz Trojanowski, Head and Chairman of the Department of Neurosurgery and Paediatric Neurosurgery, State Consultant in Neurosurgery and a member of the Scientific Advisory Board of the Minister of Health, with the support of his renowned medical team of qualified and experienced doctors and nurses.

 

The Independent Public Clinical Hospital No. 4 in Lublin is the largest hospital in Lublin Province, providing learning and research facilities for the Medical University in Lublin. The hospital serves patients from Lublin province as well as from other regions of the country and abroad. Over 1,600 patients are operated yearly, and about 6,000 consultations are given in an outpatient neurosurgical clinic. 

 

The cooperation agreement with Independent Public Clinical Hospital No. 4 is MagForce’s first collaboration outside of Germany as part of MagForce’s European roll-out plan and will allow Polish patients to be treated with NanoTherm® therapy in their home country; providing faster access to the therapy after diagnosis. Due to the aggressive nature of glioblastoma, timely availability is a decisive factor in the treatment of brain tumors as there is only a narrow window for patients to receive treatment. To provide accelerated treatment options, MagForce’s European roll-out plan aims to place its NanoActivator® devices in a number of European countries. The development of a mobile solution for the placement of NanoActivator® devices, as is the case at Independent Public Clinical Hospital No. 4 in Lublin, enables MagForce to place the devices sooner and more cost-effectively in suitable treatment centers all over Europe.

 

The collaboration with Independent Public Clinical Hospital No. 4 in Lublin will be supported by the efforts of the Alivia Cancer Foundation, Poland. The Foundations’s mission is to mobilize, empower and educate cancer patients as well as give them the tools and necessary means to make decisions regarding their own health.

 

We are delighted to team up with Prof. Dr. Tomasz Trojanowski and his team at the renowned Independent Public Clinical Hospital No. 4, the first collaboration agreement for our NanoTherm® therapy with a clinic outside of Germany. Over the past year, our Market Development teamheaded by Dr. Katarzyna Zarychta, Vice President Oncology Market Development Europe, has worked diligently to identify and build relationships with possible partner hospitals in further European countries as part of our European roll-out plan. The collaboration with Independent Public Clinical Hospital No. 4 in Poland, one of the initial target countries of this plan, is the first result of our dedicated marketing efforts,“ said Ben Lipps, Chief Executive Officer of MagForce AG and MagForce USA, Inc. “Brain treatment inquiries from patients in Poland, Germany and Italy have continued to increase with approximately 60 percent of the patients who could qualify for NanoTherm® therapy being from Poland. We are therefore very excited, that we will be able to provide patients from Poland and from surrounding countries with an additional treatment option and to be working with Prof. Trojanowski and his team with their exceptional experience and knowledge. With further negotiations underway, we are confident, that we will be able to announce more cooperations with clinics outside of Germany in the course of the year.” 

 

“My Team and I are excited to be working together with MagForce to make NanoTherm® therapy available to patients from Poland and other surrounding countries. NanoTherm® is a promising, novel approach to the treatment of brain cancer - stand alone or for the enhancement of effects of standard therapy - and could become a valuable option for patients diagnosed with the disease,”  said Prof. Trojanowski, Head and Chairman of the Department of Neurosurgery and Paediatric Neurosurgery at Independent Public Clinical Hospital No. 4. 

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. 

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries. 

 

For more information, please visit: www.magforce.com.       

Get to know our Technology: video (You Tube)

 

Disclaimer       

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG to host Lunch Symposium about Local Therapies for Malignant Gliomas at the 2018 meeting of the German Society of Neurosurgery (DGNC)

04.06.2018

Berlin, Germany and Nevada, USA, June 4, 2018 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, is pleased to announce that it will host a scientific lunch symposium titled “Local Therapies for Malignant Gliomas” at the 69th Annual Meeting of the German Society of Neurosurgery (DGNC). The joint meeting with the Mexican Society of Neurological Surgery (MSNS) and Colombian Association of Neurosurgery (ACNCX) is held from June 3 - 6, 2018, in Münster, Germany. 

 

Chaired by Prof Dr Walter Stummer, Director of the Department of Neurosurgery at the University Hospital Münster, Germany, the one hour lunch symposium will be held Tuesday, June 5 from 12:30 - 1:30 p.m. CEST and will feature three key note speeches: Besides an introduction of the current status of local therapies for malignant glioblastoma by Prof. Dr. Walter Stummer, PD Dr. Johannes Woelfer, Chief Physician at Hufeland Klinikum Muelhausen, and PD Dr. Dr. Oliver Grauer, Head of Neuro-Oncology at the Department of Neurology at the University Hospital Münster, will be discussing technical aspects of applying Nanotherm therapy with malignant gliomas tumor resections as well as immunological aspects and future approaches with regard to intracavitary thermotherapy with superparamagnetic iron oxide nanoparticles.

 

The symposium details are as follows: 

Title:

“Local Therapies for Malignant Gliomas”

Date:

Tuesday, June 5, 2018

Time:

12:30 – 1:30 p.m. CEST

Location: 

Roter Saal 1, Messe und Congress Centrum Halle Münsterland, Münster

Speakers:

Prof. Dr. Walter Stummer (Chair/Moderation)
University Hospital Münster
Local therapies for malignant gliomas: Current status

PD Dr. Johannes Woelfer
Hufeland Klinikum Muelhausen
lntracavitary thermotherapy with superparamagnetic iron oxide 
nanoparticles: Technical aspects and NanoPaste technique

 

PD Dr. Dr. Oliver Grauer
University Hospital Münster
lntracavitary thermotherapy with superparamagnetic iron oxide nanoparticles: lmmunological aspects and future approaches

In addition, MagForce will be represented with a booth (Booth No. 2, Nordfoyer, Main Exhibition) at the 2018 DGNC and will be available for questions regarding its NanoTherm therapy for the treatment of glioblastoma and other brain tumors.

 

Focal Therapy is an important option in the treatment of glioblastoma. These tumors are the most common and most aggressive brain tumors. In Europe, over 20,000  glioblastoma cases are diagnosed each year. Prognosis for glioma patients is still dim as often times, even after the most successful surgery, residual microscopic tumor remains and usually regrows in direct vicinity of the original resection cavity. For more local control of remaining tumour infiltration, the concept of thermotherapy for tumor ablation and as a radiosensitiser in glioma therapy could be very promising. 

 

For more information on the 2018 DGNC Meeting programme, please click here

 

 

About the 69th Annual Meeting of the German Society of Neurosurgery (DGNC)

The 69th Annual Meeting of the German Society of Neurosurgery held in Münster, Germany, from June 3–6, 2018 at the Messe und Congress Centrum Halle Münsterland in Münster, will be the first joint meeting with two Latin American Societies, the Mexican Society of Neurological Surgery and the Colombian Association of Neurosurgery.

 

Leading neurosurgeons will present scientific findings, discuss new innovative treatments and exchange information about the most recent research results and future visions. The scientific programme of the annual meeting reflects a wide range of aspects on key areas of the neurosurgical field. Next to the main topic spinal surgery, the 69th Annual Meeting will be focusing on neuro-oncology, including the rapidly expanding field of intra-operative imaging. The scientific programme is complemented by plenty of workshops, satellite symposia and plenary sessions.

 

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. 

 

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.

 

Get to know our Technology: video (You Tube)

 

 

Disclaimer      

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG publishes Directors' Dealings

03.05.2018

MagForce AG publishes Directors' Dealings

MagForce AG Publishes Financial Results for the Year 2017 and Operative Highlights

MagForce AG Publishes Financial Results for the Year 2017 and Operative Highlights

 

  • Following a contructive cooperation with the FDA during 2017, MagForce USA received Investigational Device Exemption approval to conduct a clinical trial with NanoTherm therapy as focal ablation treatment for intermediate risk prostate cancer in February 2018 (after period-end)
  • Implementation of a focused European expansion strategy  during 2017; Poland and Italy have been identified as two initial target countries outside of Germany
  • Successful capital increase with renowned UK-based M&G International Investments with gross proceeds for MagForce AG of EUR 5.0 million
  • MagForce and the European Investment Bank (EIB) entered into a financing agreement for up to EUR 35 million

 

Berlin, Germany, and Nevada, USA, May 3, 2018 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, published today its financial results as of and for the year ended December 31, 2017 as well as operative highlights. 

 

Operative Highlights:

Treatment of Intermediate Risk Prostate Cancer in the USA: 

Throughout 2017, MagForce focused in the US on achieving its key objective, i.e. the start of the clinical trial with NanoTherm therapy as focal ablation treatment for intermediate risk prostate cancer and achieved an important milestone in February 2018, when the US FDA granted approval for MagForce’s IDE application. Management sees a huge market potential for our NanoTherm therapy in the US, which has the potential to tap into the prostate cancer market, worth an estimated 300 million USD, as a unique focal treatment option. 

 

Within the past two decades, in the US over 250 Active Surveillance Programs (ASPs) have been established to follow the slow growth of Prostate Cancer in order to avoid the side effects of definitive therapy (radiation or surgery), for as long as possible. The goal is clear: to ensure the highest quality of life possible for men with prostate cancer while delaying or even completely avoiding invasive treatments. Still, approximately 60 percent of the patients in these programs require definitive therapy such as whole gland surgery or radiation at one point once the small tumors have progressed to intermediate risk stage. ASPs have therefore been seeking a focal therapy for the past decade which would ablate these small tumors to enable patients to remain in active surveillance. If approved, NanoTherm could become such a less invasive, effective and well-tolerated addition to the current treatment options for prostate cancer patients and management believes, that NanoTherm will be able to allow patients to remain in active surveillance as long as possible.  

 

In April 2018, MagForce USA received Institutional Review Board (IRB) approval from the clinical sites (University of Washington, Seattle and Christus Santa Rosa, San Antonio) for the clinical trials. Patient recruitment is anticipated to start in Q2 2018. Then, the treatment of the first ten patients is expected to demonstrate ablation effectiveness with minimal side effects. MagForce believes the registration trial will prove that NanoTherm therapy will allow men diagnosed with Prostate Cancer to have a high quality of life, while delaying or even avoiding invasive treatments. According to the Company’s plans, after a successful completion of the trial, the start of the commercialization of NanoTherm therapy is targeted for Q4 2019.

 

 

European roll-out to provide brain cancer patients fast access to therapy

Regarding commercialisation, the year 2017 was characterized by the search and identification of partner hospitals in European countries outside of Germany. MagForce AG continues to work relentlessly to make its innovative NanoTherm therapy available to brain cancer patients across the continent. Due to the aggressive nature of glioblastoma, there is a narrow window for patients to receive treatment. In order for patients to benefit from our NanoTherm therapy, access has to be fast.

 

To provide accelerated treatment options, MagForce has developed a European roll-out plan and anticipates treatment centers to be opened in selected European countries soon to allow patient treatment in their home countries. In this context, MagForce developed a mobile solution for the placement of NanoActivator devices which enables the Company to place the devices sooner and more cost-effective in other European countries.

 

Brain treatment inquiries from patients in Poland, Germany and Italy continue to increase. Approximately 60 percent of patient inquiries who could qualify for NanoTherm therapy are from Poland - the first European expansion target country. Over the past year, MagForce’s market development team has worked diligently on identifying and building relationships with possible partner hospitals in further European countries and management is confident that the Company soon will be able to announce a first cooperation with a clinic outside of Germany. 

 

The costs for treatments in connection with NanoTherm therapy and costs covered by the health care systems vary from country to country. Through the placement of NanoAcivator devices in European countries and obtaining domestic reimbursement a treatment with NanoTherm therapy becomes for many patients affordable that had to refuse a treatment before.

 

 

Results of operations, net assets and financial position

Revenues increased to EUR 716 thousand compared to EUR 474 thousand in the previous year. Furthermore, due to the development of an ambulatory NanoActivator finished goods increased by EUR 291 thousand so that operating performance increased from EUR 474 thousand to EUR 1,007 thousand.

 

Other operating income increased significantly by EUR 2,522 thousand to EUR 3,629 thousand (prior year: EUR 1,107 thousand). The increase stems mainly from the transfer of shares of MagFore USA, Inc. to MagForce USA Holding GmbH, which accounts for approximately EUR 2.0 million increase in results.

 

Personnel expenses were stable with an increase of only EUR 46 thousand to EUR 3,298 (prior year: EUR 3,252 thousand). Other operating expenses increased to EUR 7,105 thousand (prior year: EUR 4,309 thousand) mainly related to the increased business activity of the company and the external financing measures implemented in the financial year. 

 

In consequence, the operating result of EUR -7,410 thousand was almost at the previous year’s level of EUR -7,461 thousand. In total net loss for the business year was stable and amounted to EUR 7,465 thousand (prior year: EUR 7,231 thousand).

 

Cash outflows from operating activities amounted to EUR -5,341 thousand (prior year: EUR -6,575 thousand). Net cash used in operating activities indirectly derived from the net loss for the reporting period. The cash outflows largely relate to financing of the operating business.

 

Cash outflows from investing activities amounted to EUR -578 thousand (prior year: cash inflow of EUR 3,073 thousand). 

 

Cash flows from financing activities amounted to EUR 5,970 thousand (prior year: EUR 2,723) and related mainly to the issuance of a convertible loan as well as the capital increase in June, which was offset by cash outflows from the repayment of previously existing loans.

 

Cash and cash equivalents as of December 31, 2017 amounted to EUR 666 thousand (prior year: EUR 614 thousand). 

 

 

 

Capital market transactions and funding of the Company

To improve liquidity and to accelerate the on-going international expansion the Company executed various financing measures during the year.

 

In Q1 2017, the Company issued a convertible bond of EUR 5.0 million with a maturity of three years, an interest rate of 5% p.a., and a conversion price at EUR 5.00 per share. 

 

In a private placement in Q2 2017, M&G International Investments Ltd., London, subscribed for shares with gross proceeds for MagForce AG of EUR 5 million.

 

In Q3 2017, the European Investment Bank (EIB) and MagForce signed a financing agreement that allows the Company to borrow up to EUR 35 million in the following three years if specific milestones are achieved. The EIB financing supports the European wide launch of NanoTherm therapy for the treatment of brain tumors. Moreover, it will help MagForce to apply for the EU- and worldwide admission of the therapy for the treatment of prostate cancer. Finally it will help MagForce to develop the next generation of NanoTherm particles that generates not only heat but can be used for the delivery of medicines. 

 

 

Outlook and financial prognosis 2018 and beyond

In Q1 2018, MagForce drew EUR 10 million from the EIB line of credit.

 

During 2018, MagForce will focus on executing on the planned expansion strategy for NanoTherm therapy in Europe for the treatment of brain tumors in the first countries, reimbursement in selected European countries, the start of the clinical study for marketing authorization of NanoTherm therapy for the treatment of prostate cancer in the USA through its subsidiary MagForce USA, Inc., and, the start of the production of ambulatory NanoActivator devices for the treatment of prostate cancer in the USA. 

 

The Company expects to expand its business activities in the financial year 2018 beyond Germany by executing operationally on the planned European expansion strategy for the NanoTherm therapy in the indication of brain tumors. In parallel, MagForce plans to further intensify cooperations with local and international patient organizations to further establish NanoTherm therapy and to increase the number of patient inquiries. Additionaly, new ways for reimbursement in Germany and selected countries will be established to make NanoTherm therapy available to as many patients as possible. The Company plans to start a cooperation program to receive reimbursement in the participating countries.

 

The Company expects for the business year 2018 a higher operational loss due to increasing commercial activities.

 

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. 

 

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries. 

 

 

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list.

 

Disclaimer       

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG Publishes Shareholder Letter

19.02.2018

MagForce AG Publishes Shareholder Letter

 

  • USA: FDA IDE Approval to conduct a clinical trial with NanoTherm®therapy as focal ablation treatment for intermediate risk prostate cancer
  • Europe: financing agreement with the European Investment Bank (EIB) of up to EUR 35.0 million; key addition to Senior Team with the recruitment of Dr. Lutz Helmke, joining MagForce as Executive Vice President and Managing Director Europe
  • MagForce share included in the newly launched Scale 30 Index of Deutsche Börse (German Stock Exchange)

 

Berlin, Germany, and Nevada, USA, February 19, 2018 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today published its first Shareholder Letter 2018:

 

“Dear MagForce Shareholders,

 

I am very happy to tell you that the year 2018 begins with the news that we were all eagerly waiting for and that will allow us to progress in full speed now towards our set strategic goals: NanoTherm® therapy has been granted FDA IDE approval so that we can start our focal thermal ablation registration study in intermediate risk prostate cancer. This is a significant milestone in the development of NanoTherm® therapy for the treatment of prostate cancer patients in the USA and a significant step towards our goal - to supplement the current standard therapy with a less invasive, effective, and well-tolerated form of treatment. But let me come back to this in more detail a little later. I would like to use the opportunity to update you on our activities and progress that we have made on both of our defined paths:

 

Path 1: Treatment of brain cancer in Europe
Path 2: Treatment of intermediate risk prostate cancer in the USA

 

Treatment of Brain Cancer in Europe: 

 

Our objectives are clear: MagForce AG is continuing to work relentlessy on making our innovative NanoTherm® therapy available to brain cancer patients across all of Europe. Due to the aggressiveness of glioblastoma, there is a limited time interval to achieve treatment. In order to give patients the benefit from our NanoTherm® treatment, access to therapy has to be fast. 

 

Consequently, we are focusing on two main aspects in our European roll-out: This is for one the establishment of treatment centers in selected European countries to allow patients to be treated in their home countries. Our commercial and medical teams are in the due diligence process to identify suitable treatment centers, in a first step in Poland and Italy, and are working towards establishing sustainable relationships with the clinics and patient organizations in the respective areas. With patient enquiries steadily increasing and negotiations underway, we are confident, that we will soon be able to announce first cooperations with clinics outside of Germany. Our second focus is on easier reimbursement directly in the selected European countries where MagForce has the CE Mark tor the treatment of brain tumors. 

 

To execute this strategy and reach our set commercialization objectives, MagForce AG has reached two important milestones:

 

  1. The financing agreement with the European Investment Bank (EIB) announced/signed in August 2017, allowing the Company to borrow up to EUR 35.0 million over the coming three years, has given us the financial base to significantly expand our marketing efforts and implement our European roll-out plan. We are currently working very closely together with the marketing department of the EIB in a comprehensive advertising campaign to increase the awareness of the value of NanoTherm® therapy and to encourage patients and neurosurgeons to consider NanoTherm® therapy as an innovative cancer therapy following diagnosis.
  2. I am delighted to announce a key addition to our Senior Team with the recruitment of Dr. Lutz Helmke, a seasoned manager from the medical technology industry. Dr. Helmke will be joining MagForce as Executive Vice President and Managing Director Europe. He has a profound expertise in the area of reimbursement. He started his career 25 years ago with a global marketing position at the Berlin based company Biotronik. After that he joined St. Jude Medical where he held different management positions for 22 years. When in Germany the DRG system was introduced (Diagnosis Related Groups, a billing system based on fixed payments for hospital patients) he established within St. Jude Medical a reimbursement department in order to advise German hospitals in DRG funding matters. For the last seven years he managed St. Jude’s neuromodulation division. Dr. Helmke holds a PHD in Chemistry and resides with his family in Berlin. 

 

As part of our increased marketing efforts, we are continuing to participate in scientific conferences and congresses to increase the awareness of our unique therapy within the main target groups, such as patient advocacy groups, patients, their relatives, caregivers, and the medical community and are happy to report, that we have seen a growing interest from the medical community in our approach but also increasingly receive positive feedback from patients regarding their experiences with our NanoTherm® therapy. These examples, one of which we are showing in a new video on our website www.magforce.de, are an important driver for the commercialization of our innovative therapy.

 

Since the last Shareholder Letter we presented at EANS 2017, the International Brain Tumour Alliance (IBTA) Patient’s Advocate Conference, MEDICA 2017 as well as at the 22nd Annual Scientific Meeting and Education Day of the Society for Neuro-Oncology (SNO). We are very happy that the Team of Prof Dr Walter Stummer, Director of the Department of Neurosurgery at the University Hospital Münster, Germany, that is treating patients with NanoTherm® therapy, were once again chosen to present an abstract regarding their work with NanoTherm® at SNO which is a very a prestigious scientific conference. 

 

Management is confident that the European expansion started in 2017, when combined with reimbursement approval in these countries, will significantly speed up revenue and profit generation in Europe.

 

Treatment of Intermediate Risk Prostate Cancer in the USA: 

 

The U.S. Food and Drug Administration (FDA) has just granted our US subsidiary MagForce USA, Inc. the Investigational Device Exemption (IDE) to conduct a clinical trial with NanoTherm® therapy as focal ablation treatment for intermediate risk prostate cancer. The approval of this IDE now allows MagForce to conduct a pivotal clinical evaluation with our innovative therapy at selected medical centers in the US. 

 

The purpose of this focal thermal ablation registration study that will enroll up to 120 men in a single arm study is to demonstrate that NanoTherm® can focally ablate cancer lesions for patients who have progressed  to intermediate risk Prostate Cancer stage and are under active surveillance. By focally ablating these cancer lesions, it is anticipated that patients will be able to be maintained in Active Surveillance Programs and to avoid definitive therapies such as surgery or whole gland radiation with their well-known side effects. Potentially 50,000 to 100,000 men in active surveillance programs in the US could benefit from this focal therapy after registration.

 

In order to conduct the study, we have already installed two NanoActivator®devices, magnetic field applicators in which the NanoTherm® therapy is performed, at University of Washington Medical Center in Seattle and at CHRISTUS Santa Rosa Hospital - Medical Center in San Antonio.

 

We are very excited to work with the teams of Dr. Ian M. Thompson, Jr., President of CHRISTUS Santa Rosa Hospital - Medical Center and Director, Cancer Therapy and Research Center, a National Cancer Institute-designated Cancer Center at the University of Texas Health Science Center at San Antonio, and Dr. Dan W. Lin, Chief of Urologic Oncology and Professor in the Department of Urology at the University of Washington School of Medicine in Seattle, who have agreed to be co-principal investigators in the Focal Thermal Ablation Registration study.

 

MagForce anticipates to initiate patient enrollment in this study in the coming months and I believe the registration trial will prove that NanoTherm® therapy can fulfill the desired outcome - allowing a man diagnosed with Prostate Cancer having the highest quality of life possible while delaying or even completely avoiding invasive treatments.

 

While we are approximately one year behind our schedule, we are still confident and will make every effort to achieve our original targets in terms of market entry and commercialization of NanoTherm® therapy in the USA.

 

Investor Relations

 

We are also happy to report that the MagForce share has been included in the newly launched Scale 30 Index of Deutsche Börse (German Stock Exchange). The selection index tracks the performance of the 30 most liquid companies listed in the SME segment Scale. Eligibility for index inclusion depends on order book turnover on Xetra and Börse Frankfurt. MagForce is listed in the Scale segment of Deutsche Börse that has replaced the Entry Standard for equities and corporate bonds in which the Company’s share has been included previously, since the Scale segment was launched in March 2017. 

 

As in the past, the Company continues to work on increasing the awareness for its shares and its equity story in the financial community and sets great store on a regular dialog with its shareholders. The goal is to communicate the Company’s strategy and development reliably and transparently to gain investor confidence in MagForce and achieve a fair valuation of its shares.

 

Outside of the Annual General Meeting, management presented at various renowned investor conferences in Europe and in the US. During those events and in the course of the international road shows, MagForce handled numerous one-on-one meetings with existing and potential new international shareholders.

 

In the second half of 2017, MagForce presented at: Goldman Sachs Fourteenth Annual European Medtech and Healthcare Services Conference 2017 in London; Berenberg & Goldman Sachs Sixth German Corporate Conference 2017 in Munich; German Equity Forum and at the Prior Kapitalmarktkonferenz in Frankfurt. During the first half of 2018, MagForce will present at various conferences in Europe and in the USA, we will shortly announce our participation in detail.  

 

Supervisory Board extends Management contracts

The Supervisory Board of MagForce AG decided in its last meeting unanonimously to extend the contract of all members of the Management Board, i.e. Dr. Ben J. Lipps, Chief Executive Officer, Prof. Dr. Hoda Tawfik, Chief Medical Officer and Christian von Volkmann, Chief Financial Officer, ahead of schedule for a further 2-year term until end of 2020. I am proud to be part of this exceptional management team and convinced that with this decision we underline our commitment to the set goals and strategy we implemented at MagForce and ensure continuity and stability in the Company’s leadership in order to create further shareholder value. 

 

Dear Shareholders, after this good and productive start into 2018 we are very grateful for your continuous support of our efforts.

 

Sincerely,

 

Dr. Ben Lipps   

Chief Executive Officer & 

Chairman of the Management Board” 

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. 

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries. www.magforce.com

 

Stay informed and subscribe to our mailing list.

Follow us on Twitter (@MagForce_AG) and LinkedIn (https://www.linkedin.com/company/magforce-ag/). 

 

Disclaimer       

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG to participate at SNO 2017 Annual Meeting from November 16-19 in San Francisco, USA

14.11.2017

MagForce AG to participate at SNO 2017 Annual Meeting from November 16-19 in San Francisco, USA

 

Berlin, Germany, and Nevada, USA, November 14, 2017 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today announced its participation in the 22nd Annual Scientific Meeting and Education Day of the Society for Neuro-Oncology, SNO 2017, held from November 16-19, 2017, in San Francisco, California, USA.
 

Reporting on their experiences with NanoTherm® therapy, PD Dr Dr Oliver Grauer, Head of Neuro-Oncology at the Department of Neurology (Director: Prof. Dr. Heinz Wiendl) and part of the team of Prof Dr Walter Stummer, Director of the Department of Neurosurgery at the University Hospital Münster, Germany, that are treating patients with NanoTherm® therapy, will  give an oral presentation on the Münster Team’s experience with intracavitary thermotherapy with iron-oxide nanoparticles in combination with radiotherapy as a promising treatment modality in recurrent glioblastoma. The oral presentation will be held on Friday, November 17, 2017, 13:45 PDT as part of the session on 'Experimental Therapeutics and Tumor Models'. 
 

"We are looking forward to presenting results from our research at this outstanding conference and discussing those with experts in the field”, said PD Dr. Dr. med. Oliver Grauer. "Even today, the prognosis for glioblastoma is extremely poor, since recurrence is very likely (>90%) and treatment options for patients at the time of recurrence are still limited. Most glioma recurrences are observed in the direct vicinity of the original resection cavity after the tumor has been removed. To address this, tumor cavities were, after resection, covered with superparamagnetic iron-oxide nanoparticles to create high local particle concentrations for subsequent heating in an alternating magnetic field. Patients underwent six 1-hour hyperthermia sessions and received concomitant or sequential radiotherapy. In our work we were able to demonstrate that local NanoTherm® treatment combined with radiotherapy can induce a persistent inflammatory reaction at the resection cavity which might lead to long-term stabilization of recurrent GBM patients. These results warrant further investigations and we are aiming to continue investigating this interesting effect during the treatment of further patients.”
 

MagForce will be presenting its NanoTherm® therapy for the treatment of glioblastoma and other brain tumors at booth #204 in the Golden Gate foyer, Level B1 of the Marriott Marquis Hotel in San Francisco, California, USA.
 

Presentation Details:

Speaker:

PD Dr. Dr. med. Oliver Grauer, Head of Neuro-Oncology, University Hospital Münster

Authors:

Grauer O, Jaber M, Hess K, Weckesser M, Maring S, Schwindt W, Stummer W, Wölfer J

Dpts. of Neurology, Neurosurgery, Neuropathology, Nuclear Medicine, Radiooncology, and Radiology, University Hospital Münster, Germany

Presentation (oral):

EXPERIMENTAL THERAPEUTICS AND TUMOR MODELS:
"Combined intracavitary thermotherapy with iron-oxide nanoparticles and radiotherapy as a promising treatment modality in recurrent GBM" (SURG-32)

Date of presentation:

Friday, November 17, 2017, 13:45 PDT, Session 2C

Location:

Marriott Marquis, San Francisco, California, USA

MagForce booth:

No. 204, Golden Gate foyer, Level B1

About SNO 2017

The Society for Neuro-Oncology is a multidisciplinary organization dedicated to promoting advances in neuro-oncology through research and education. This year’s Scientific Meeting will highlight a number of the 10 Blue Ribbon Panel recommendations related to the Cancer Moonshot program. Building on the success of past SNO meetings, sunrise sessions, plenary and concurrent sessions will be featured with oral abstract presentations, enhanced oral eTalk electronic poster presentations, and poster presentations. Special lunch tutorials and industry-sponsored symposia will provide in-depth information on evolving technologies and therapeutics. Circulated for viewing throughout the meeting will be webcasts with “Meet the Expert” recordings of esteemed scientists and clinicians on topics such as mouse models, The Cancer Genome Atlas, telomeres, genetics and epigenetics of pediatric brain tumors, and immunology checkpoint inhibitors.
 

In keeping with the main meeting theme, the Education Day will focus on two of the Cancer Moonshot Blue Ribbon Panel recommendations: “Developing Ways to Overcome Resistance” and “Minimizing Cancer Treatments Debilitating Side Effects.” Concurrent tracks in both basic science and applied neuro-oncology will offer a comprehensive look at these two recommendations.

MagForce AG publishes Directors' Dealings

27.10.2017

MagForce AG publishes Directors' Dealings

 

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MagForce AG Publishes Financial Results for the First Half of 2017 and Operative Highlights

29.09.2017

MagForce AG Publishes Financial Results for the First Half of 2017 and Operative Highlights 

 

  • Continued expansion of commercialization of NanoTherm therapy for the treatment of brain tumors in Europe; obtaining domestic reimbursement ahead and streamlined implementation of cross-border process 
  • Second clinical site for the treatment of intermediate prostate cancer in the US established at CHRISTUS Santa Rosa Hospital - Medical Center in San Antonio, Texas; IDE approval process with the FDA progressing 
  • Solid liquidity position of EUR 7.7 million following successful financing initiatives, laying the groundwork for future development
  • Additional agreement in the amount of up to EUR 35.0 million loan financing over the coming three years signed with European Investment Bank (after period end)
  • Outlook and financial prognosis for 2017 confirmed


Berlin, Germany, and Nevada, USA, September 29, 2017 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, published today its financial results for the first half of 2017, ending on June 30, 2017, and operative highlights.

 

Operative Highlights:

 

Treatment of Brain Cancer in Europe: 

 

MagForce AG is continuing to expand the commercialization of its innovative NanoTherm therapy for the treatment of brain cancer in Europe. In their quest to improve patient care, the neurosurgeons applying NanoTherm therapy to the treatment of brain tumors, continue to find additional medical benefits when NanoTherm therapy is incorporated into their primary treatment regimen.

 

In August, and thus after period-end, the European Investment Bank (EIB) and MagForce have signed a financing agreement which will allow the Company to borrow up to EUR 35.0 million over the coming three years, subject to achieving a set of agreed performance criteria. The transaction with MagForce was made possible by the European Fund for Strategic Investments (EFSI). EFSI is the central pillar of the Investment Plan for Europe, in which the EIB Group and the European Commission as strategic partners aim to boost the competitiveness of the European economy.

 

EIB loan financing will support NanoTherm's Europe-wide roll-out for brain cancer. Furthermore, it will support European and global approval for prostate cancer - another oncological condition, which can be treated with NanoTherm therapy. In addition, MagForce is working on next generation nanoparticles, which will not only be able to generate heat but can also be used as drug transport mechanisms.

 

The facility granted by the EIB enables MagForce to pursue its mid to long term strategic goals with financing flexibility - with the following cornerstones:

 

  • The first tranche of EUR 10.0 million is available after closing and the remaining tranches can be drawn over three years with repayment in five years.
  • These four additional tranches can be provided depending on the achievement of operating and regulatory milestones with no commitment fees and no obligation to draw the tranches.

In Germany, there are annually around 7,000 new brain cancer incidences, in the remaining European countries another 42,136 people suffering from this disease, and the numbers are growing yearly by more than four percent. For that reason, the European roll-out includes the establishment of treatment centers in selected European countries and thus to allow patients to be treated in their home countries. This makes MagForce's NanoTherm therapy more timely available for patients with aggressive brain tumors. Further, easier reimbursement will be available directly in the selected European countries where MagForce has the CE Mark tor the treatment of brain tumors.

 

Treatment of Intermediate Risk Prostate Cancer in the USA:

 

MagForce USA, Inc. had filed an Investigational Device Exemption (IDE) with the USA Food and Drug Administration (FDA) for NanoTherm therapy to treat Intermediate Risk Prostate Cancer. During 2016, MagForce USA repeated and updated the pre-clinical studies (originally conducted in Germany about 10 years ago) with its clinical NanoActivator installed at University of Washington 2015.

 

The results of these pre-clinical studies and the proposed clinical trial protocol were submitted to the FDA in late fourth quarter, 2016. MagForce has had many constructive discussions with the FDA in 2017 and the Company believes that it can address their remaining clinical protocol concerns in 2017.

 

The key to achieving MagForce's goals is to continue to establish its clinical treatment sites and obtain the necessary administrative approvals. The Company has completed the installation of the NanoActivator at its second site located at CHRISTUS Santa Rosa Hospital - Medical Center in San Antonio, Texas.

 

While MagForce is now approximately nine months behind schedule, the Management is still confident and will make every effort to achieve the original targets in terms of market entry and commercialization of NanoTherm therapy in the USA.

 

Results of operations, net assets and financial position

 

Non GAAP financial measures are used by MagForce's management to make operating decisions because they facilitate internal comparisons of MagForce's performance to historical results. The Non GAAP measures are presented in this interim financial report as MagForce's management believes that they will provide investors with means of evaluating, and an understanding of how MagForce's management evaluates, MagForce's performance and results on a comparable basis that is not otherwise apparent on a German GAAP basis, since many non-recurring, infrequent or non-cash items that MagForce's management believes are not indicative of the core performance of the business may not be excluded when preparing financial measures under German GAAP. 

 

These Non GAAP measures should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with German GAAP.

 

Net loss for the first half year was reduced to EUR 3,023 thousand (prior year: EUR 3,193 thousand) and Non GAAP net loss also slightly dereased to EUR 2,181 thousand (prior year: EUR 2,184 thousand).
Compared to the prior year reporting period personnel expenses increased by EUR 35 thousand to EUR 1,707 thousand (prior year: EUR 1,672 thousand) chiefly due to changes in personell structure and one-off expenses related to financing measures. Non GAAP personnel expenses decreased therefore to EUR 1,632 thousand (prior year: EUR 1,672 thousand).

 

Revenue and other operating income amounted to EUR 1,289 thousand (prior year: EUR 745 thousand) and Non GAAP revenue and other operating income amounted to EUR 1,271 thousand (prior year: EUR 745 thousand). The increase mainly stems from cost recharges for biocompatibility studies requested by the FDA, development costs for the ambulatory NanoActivator, as well as stocking up of inventories in preparation for the upcoming prostate cancer study in the US.

 

Other operating expenses have been reduced slightly to EUR 1,876 thousand (prior year: EUR 1,938 thousand), while Non GAAP operating expenses have been increased to EUR 1,344 thousand (prior year: EUR 1,202 thousand). This is mainly due to prior year allowance adjustments of intercompany loans to MT MedTech GmbH in the amount of EUR 735 thousand.

 

Cash outflows from operating activities amounted to EUR -3,154 thousand (prior year: EUR -3,413 thousand).

 

Cash flows from investing activities amounted to EUR -3 thousand (prior year: EUR 3,118 thousand), and cash flows from financing activities amounted to EUR 10,285 thousand (prior year: EUR 2,268 thousand).

 

Liquid funds of the Company including cash, cash equivalents amounted to EUR 7,742 thousand as of June 30, 2017 (December 31, 2016: EUR 614 thousand).

 

Capital market transactions and funding of the Company 

 

In addition to the EUR 35.0 million financing agreement with European Investment Bank (EIB) that MagForce announced after period end (see above), the Company successfully completed two more financing measures:

 

To improve liquidity and to ensure the development of new products beyond 2017 the Company issued a EUR 5.0 million convertible loan on March 2, 2017 with a maturity of 3 years, an interest rate of 5% p.a., and a conversion price at EUR 5.00 per share.

 

In addition on June 28, 2017 MagForce AG resolved and successfully implemented a capital increase from authorized capital. The Company's share capital was therefore increased from EUR 25,622,711.00 to EUR 26,343,172.00 by issuing 720,461 new no-par-value shares at a price of EUR 6,94 per share by partially utilising existing authorised capital against cash contributions. All new shares were subscribed by UK-based M&G International Investments Ltd. in a private placement. Gross proceeds for MagForce AG amount to EUR 5.0 million. The additional capital will be mainly used to accelerate the on-going international expansion of MagForce, in particular in Europe.

 

Outlook and financial prognosis 2017 and beyond

 

The outlook for the year 2017, as reported in the 2016 annual report, published on June 30, 2017 was reaffirmed by the management:

 

In 2017, MagForce will focus on establishing an expansion strategy in Europe for the treatment of brain tumors, initiating a study to ensure refund of treatment expenses in selected European countries, starting the clinical study for marketing authorization for the treatment of prostate cancer in the US and initiating the production of related ambulatory NanoActivator devices.

 

The Company expects an extension of its business activity due to the planned expansion strategy in Europe. This is accompanied with a study to ensure reimbursement of treatment expenses in participating countries. As a result from the increased activity, MagForce expects higher commercial expenses and in 2018 an increased net loss.

 

For the years 2017 and 2018, the Company plans to intensify cooperation with local and international patient organizations to further establish NanoTherm therapy and to increase the number of patient inquiries. Furthermore, new ways for reimbursement in Germany and selected countries will be established to make NanoTherm therapy available to as many patients as possible. Also, the Company plans to enhance its presence at appropriate events and with foreign patient organizations. MagForce's management has executed the necessary measures and set up a plan to finance the Company's expansion targets for Europe in 2017 and 2018.

 

Contact:


Barbara von Frankenberg
Vice President
Communications & Investor Relations

T +49-30-308380-77
E-Mail: bfrankenberg@magforce.com




About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm(R) therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles.

 

NanoTherm(R), NanoPlan(R), and NanoActivator(R) are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.

 

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Disclaimer 

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG to participate in seven upcoming international conferences in H2/2017

05.09.2017

MagForce AG to participate in seven upcoming international conferences in H2/2017

 

Berlin, Germany and Nevada, USA, September 05, 2017 - MagForce AG (Frankfurt, Scale, Xetra: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today announced its participation in seven upcoming scientific and investor conferences in the second half of 2017: 

 

  • Goldman Sachs Fourteenth Annual European Medtech and Healthcare Services Conference 2017
    Date: September 6-7, 2017
    Location: London, UK
    Presentation: Ben J. Lipps, CEO of MagForce AG, Thursday, September 7, 2017; 16:00 BST
     
  • Berenberg & Goldman Sachs Sixth German Corporate Conference 2017
    Date: September 18-20, 2017
    Location: Munich, Germany
    Presentation: Ben J. Lipps, CEO of MagForce AG, Tuesday, September 19, 2017; 11:00 CET
  • 17th European Congress of Neurosurgery (EANS 2017)  
    Date: October 1-5, 2017
    Location: Venice, Italy
    Booth: L, level: first floor
  • International Brain Tumour Alliance (IBTA) Patient’s Advocate Conference
    Date: October 19-22, 2017
    Location: London, UK
  • MEDICA 2017
    Date: November 13–16, 2017
    Location: Düsseldorf, Germany
    Community booth: Berlin Partner für Wirtschaft und Technologie GmbH No. 15F42, hall 15
  • 22nd Annual Scientific Meeting and Education Day of the Society for Neuro-Oncology (SNO)
    Date: November 16-19, 2017
    Location: San Francisco, California, USA
    Booth: Golden Gate foyer , level: B1
    Presentation: EXPERIMENTAL THERAPEUTICS AND TUMOR MODELS,
    "Combined intracavitary thermotherapy with iron-oxide nanoparticles and radiotherapy as a promising treatment modality in recurrent GBM" (SURG-32)
    Presenter: Team of Prof. Dr. med. Walter Stummer, Director of the Clinic for Neurosurgery, University Hospital Münster
    Speaker: PD Dr. Dr. med. Oliver Grauer, Head of Neuro-Oncology Team, University Hospital Münster
    Date of presentation: Session 2C,  Friday, November 17, 2017, 13:45 PDT
     
  • German Equity Forum 2017
    Date: November 27-29, 2017
    Location: Frankfurt, Germany
    Presentation: Ben J. Lipps, CEO of MagForce AG, Tuesday, September 28, 2017; 16:30 CET
    Room: Oslo  

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. 
 

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.

    

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Disclaimer       

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG publishes Directors' Dealings

16.08.2017

MagForce AG publishes Directors' Dealings

MagForce AG publishes Directors' Dealings

16.08.2017

MagForce AG publishes Directors' Dealings

MagForce AG publishes Directors' Dealings

14.08.2017

MagForce AG publishes Directors' Dealings

MagForce AG announces positive results of 2017 Annual General Meeting

10.08.2017

MagForce AG announces positive results of 2017 Annual General Meeting

  • The Annual General Meeting approves all agenda items with a clear majority
  • Klemens Hallmann elected as new Supervisory Board member, replacing Stephan Jakober - Dr. Wiebke Rösler and Norbert Neef re-elected as Supervisory Board members

Berlin, Germany, and Nevada, USA, August 10, 2017 – MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, held its Annual General Meeting in Berlin today. The Annual General Meeting approved all resolution items with a clear majority of more than 98 percent.

 

The CEO and Chairman of the Management Board, Dr. Ben J. Lipps, reported on the current operational developments and provided an overview of the 2016 fiscal year, as well as an outlook for the current year. Subsequently, he gave an update on the status of the strategic plan and touched upon the recently announced finance agreement with the European Investment Bank through which the Company is optimally positioned to roll out MagForce’s NanoTherm therapy across Europe. It will also support the development and global commercialisation of prostate cancer solutions and MagForce’s next generation NanoTherm.

 

At the Annual General Meeting 2017, Dr. Wiebke Rösler and Norbert Neef were re-elected as Supervisory Board members. Supervisory Board member Stephan Jakober will leave the Supervisory Board with effect from the close of today's meeting. To replace him, the Annual General Meeting elected Klemens Hallmann as new member. Mr. Hallmann, who, together with Hallmann Holding, is one of MagForce’s core shareholders, is an Austrian entrepreneur and investor. The term of Mr. Hallmann ends, like the term of the other Supervisory Board members, with the close of the General Meeting resolving on the approval of the activities of the Supervisory Board during fiscal year 2021.

 

The Management Board and Supervisory Board were pleased about the successful election results, and thanked Mr. Jakober for his engagement. Dr. Ben J. Lipps stated, “I am grateful for Mr. Jakober’s commitment to MagForce and his contribution during his term of office and wish him all the best for his future endeavour. Furthermore, I would like to welcome Klemens Hallmann to the Supervisory Board of MagForce AG.”

AIOS GmbH Wirtschaftsprüfungsgesellschaft, Steuerberatungsgesellschaft, Berlin, was apointed as the new auditor for fiscal year 2017.

 

The Management Board presentation is available on the Company’s website at www.magforce.de/en/presse-investoren/hauptversammlung.

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles.

 

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.

 

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list


Disclaimer

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

Investment Plan for Europe: EIB backs German cancer therapy developer MagForce with up to EUR 35m

08.08.2017

Investment Plan for Europe: EIB backs German cancer therapy developer MagForce with up to EUR 35m 

 

CORPORATE NEWS

Luxembourg and Berlin, August 8, 2017

 

Investment Plan for Europe: EIB backs German cancer therapy developer MagForce with up to EUR 35m 

 

Patients who suffer from the most aggressive type of brain cancer, glioblastoma, will soon have broader access to a new form of treatment thanks to financing by the European Investment Bank (EIB). The EIB and German medical device company MagForce, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), signed a financing agreement which will allow the company to borrow up to EUR 35 million over the coming three years, subject to achieving a set of agreed performance criteria. 

 

The transaction with MagForce was made possible by the European Fund for Strategic Investments (EFSI). EFSI is the central pillar of the Investment Plan for Europe, in which the EIB Group and the European Commission as strategic partners aim to boost the competitiveness of the European economy.

 

MagForce has developed NanoTherm therapy, a new approach to the local treatment of solid tumours. The method is based on the principle of introducing magnetic nanoparticles directly into a tumour and then heating them in an alternating magnetic field. Depending on the duration of treatment and the temperatures achieved within the tumour, the tumour cells are either irreparably damaged or sensitised for additional chemo or radiotherapy. 

 

This approach makes it possible to combat the tumour from within, while sparing surrounding healthy tissue. The side effects of the treatment are significantly lower than those in the standard methods currently used. In addition, the NanoTherm therapy displays a high degree of efficacy proven in clinical studies. It received regulatory approval for brain cancer in Europe, and patients are already successfully treated in Germany. 

 

EIB financing will support NanoTherm’s Europe-wide roll-out for brain cancer. Furthermore, the facility will support European and global approval for prostate cancer – another oncological condition, which can be treated with NanoTherm therapy. In addition, MagForce is working on next generation nanoparticles, which will not only be able to generate heat but can also be used as drug transport mechanisms. 

 

 “More than 20 million people worldwide are expected to live with cancer in the year 2030 – a 50% increase from the levels of 2012,” said Ambroise Fayolle, Vice-President of the EIB and responsible for operations in Germany. “The therapy developed by MagForce has the potential to considerably ease the burden for some of those patients, and I am proud that EIB backing will actually help save people’s lives. The EU bank provides long-term and stable capital support to the company’s R&D which will enable MagForce to accelerate the market launch of new treatments. It’s this type of support for innovative companies that is crucial to strengthening Europe’s competitiveness.” 

 

Ben Lipps, Chief Executive Officer of MagForce, commented: “We are honored that MagForce is backed by the European Fund for Strategic Investments. The loan will significantly enhance our financial standing and help us to roll-out MagForce’s NanoTherm therapy across Europe. It will also support the development and global commercialisation of prostate cancer solutions and MagForce's next generation NanoTherm.”

 

European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: "The European Commission is committed to promoting investment in research and innovation. I am delighted that, with today's agreement, the Plan is contributing to the development of sophisticated new treatments for cancer patients. This is a very tangible example of the powerful impact EU support for investments can bring about."

 

Background information

 

About the EIB

The EIB is the long-term lending institution of the EU. It is owned by and represents the interests of the European Union countries. The Bank makes long-term finance available for sound investment in order to contribute towards EU policy goals. The EIB works closely with other EU institutions to implement EU policy.

 

About MagForce 

Founded in 1997 and based in Berlin, MagForce AG is a pioneer in the field of nanomedicine focused on oncology.Its objective is to establish a novel cancer therapy alongside conventional treatment methods such as surgery, radiation and chemotherapy. The company’s proprietary NanoTherm therapy enables the targeted treatment of solid tumours via heat generated directly in the tumour and activated through superparamagnetic nanoparticles. MagForce was the first company in the world to receive European approval for a medical product using nanoparticles. It has 26 employees, plus a production company with another 14 staff.

 

The Investment Plan for Europe

The Investment Plan for Europe, the so-called Juncker Plan, is one of European Commission President Jean-Claude Juncker's top priorities. It focuses on boosting European investments to create jobs and growth by making smarter use of new and existing financial resources, removing obstacles to investment and providing visibility and technical assistance to investment projects.

 

The European Fund for Strategic Investments (EFSI) is the central pillar of the Investment Plan. It, allows the EIB to invest in more, often riskier, projects. EFSI is already showing concrete results. The projects and agreements approved for financing under EFSI so far are expected to mobilise EUR 225bn in total investments and support some 445 000 SMEs across all 28 Member States.

 

The latest EFSI figures by sector and by country are available here.

 

 

Press and investors contacts:

 

EIB: Antonie Kerwien; a.kerwien@eib.org - tel.: +352 4379 82175 / mobile: +352 6912 85497
Website: www.eib.org/press - Press Office: +352 4379 21000 – press@eib.org
Follow us on Twitter @eib

 

MagForce AG: Barbara von Frankenberg; bfrankenberg@magforce.com; tel.: +49-30-308380-77; fax: +49-30-308380-99; mobile+49 173-2792768
Website:  www.magforce.com

 

Disclaimer       

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG Publishes Financial Results for the Year 2016 and Operative Highlights

30.06.2017

MagForce AG Publishes Financial Results for the Year 2016 and Operative Highlights

 

  • Continued expansion of commercialization of NanoTherm therapy for the treatment of brain tumors in Europe; obtaining domestic reimbursement ahead and streamlined implementation of cross-border process
     
  • Second clinical treatment site for the treatment of intermediate prostate cancer in the US established at CHRISTUS Santa Rosa Hospital – Medical Center in San Antonio, Texas; IDE approval process with the FDA progressing
     
  • Successful capital increase with renowned UK-based M&G International Investments with gross proceeds of EUR 5.0 million mainly to accelerate the on-going international expansion (after period-end)

Berlin, Germany, and Nevada, USA, June 30, 2017 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, published today its financial results as of and for the year ended December 31, 2016 as well as operative highlights. 
 

Operative Highlights:

Treatment of brain cancer in Europe: 

MagForce AG is continuing to expand the commercialization of its innovative NanoTherm therapy for the treatment of brain cancer in Europe. In their quest to improve patient care, the neurosurgeons applying NanoTherm therapy for the treatment of brain tumors continue to find additional medical benefits when NanoTherm therapy is incorporated into their primary treatment regimen.  
 

MagForce presented at many renowned conferences and congresses, which increases the awareness of its unique therapy within the main target groups, such as the medical community, patient advocacy groups, patients, their relatives, and caregivers. The Company is also increasingly receiving positive feedback from patients regarding their experiences with the NanoTherm therapy.
 

During 2016, MagForce has streamlined the implementation of the cross-border reimbursement process, however, due to the aggressiveness of glioblastoma, there is a limited time interval to achieve treatment. In order to give patients the benefit from the NanoTherm treatment, the Company continues to increase the medical awareness of the value of NanoTherm therapy to encourage patients and neurosurgeons to consider NanoTherm therapy earlier following the diagnosis of their tumor status. 
 

The current roll-out plan sees MagForce placing its NanoActivator devices in a number of European countries and thus enabling patients to be treated in their home countries. Facilitating treatment of patients in their home countries will also simplify reimbursement in those countries where MagForce already has the CE mark approval for the treatment of brain tumours. Amongst others, MagForce’s commercial and medical teams have identified Poland, Italy, Switzerland and Spain as suitable countries for NanoTherm treatment centres. 

 

At the same time, MagForce is in the process of obtaining domestic reimbursement for NanoTherm therapy in Germany.

 

Treatment of Intermediate Risk Prostate Cancer in the USA: 

MagForce USA, Inc. had filed an Investigational Device Exemption (IDE) with the USA Food and Drug Administration (FDA) for NanoTherm therapy to treat Intermediate Risk Prostate Cancer. During 2016, MagForce USA repeated and updated the pre-clinical studies (originally conducted in Germany about 10 years ago) with its clinical NanoActivator installed at University of Washington 2015. 
 

The results of these pre-clinical studies and the proposed clinical trial protocol were submitted to the FDA in late fourth quarter, 2016. An in-person follow-up meeting with FDA representatives was held in early January 2017 to discuss MagForce’s submissions and identify required clarification. This meeting was again very productive and MagForce believes it can successfully address their questions.
 

MagForce plans another in-person meeting with the FDA in the near future to determine, if its proposed approach to address their requests is accepted.
 

The key to achieving the Company’s goals is to continue to establish clinical treatment sites and obtain the necessary administrative approvals. MagForce has completed the installation of the NanoActivator at a second site located at CHRISTUS Santa Rosa Hospital – Medical Center in San Antonio, Texas.
 

While MagForce is now approximately six months behind schedule, the Management is still confident and will make every effort to achieve its original targets in terms of market entry and commercialization of NanoTherm therapy in the USA – which is projected for 2018.

 

 

Results of operations, net assets and financial position

Non GAAP financial measures are used by MagForce’s management to make operating decisions because they facilitate internal comparisons of MagForce’s performance to historical results. The Non GAAP measures are presented in the year-end financial publication as MagForce’s management believes that they will provide investors with means of evaluating, and an understanding of how MagForce’s management evaluates, MagForce’s performance and results on a comparable basis that is not otherwise apparent on a German GAAP basis, since many non-recurring, infrequent or non-cash items that MagForce’s management believes are not indicative of the core performance of the business may not be excluded when preparing financial measures under German GAAP. 
 

These Non GAAP measures should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with German GAAP.
 

Net loss for the business year was EUR 7,231 thousand (prior year: EUR 1,547 thousand). Non GAAP net loss remained almost stable at EUR 5,107 thousand (prior year: EUR 5,050 thousand).
 

Compared to the prior year period personnel expenses increased by EUR 262 thousand to EUR 3,252 thousand (prior year: EUR 2,990 thousand) due to an increased average number of employees in 2016 (29; prior year: 23).  
 

Revenue and other operating income amounted to EUR 1,581 thousand (prior year: EUR 7,702), while Non GAAP revenue and other operating income increased by EUR 136 thousand to EUR 1,581 thousand (prior year: EUR 1,445 thousand). The Non GAAP increase chiefly stems from higher recharges to subsidiaries. Revenue and other operating income were adjusted to arrive at Non GAAP figures by the prior-year amounts resulting from the extension of the distribution and development rights for the countries Canada and Mexico in January 2015 (EUR 3,033 thousand), the sale of four NanoActivator devices to MagForce USA, Inc. (EUR 2,421 thousand) and by the write-up of the loans of MT MedTech GmbH (EUR 803 thousand).
 

Other operating expenses increased to EUR 4,309 thousand (prior year: EUR 3,173 thousand), while Non GAAP operating expenses remained almost stable at EUR 6,918 thousand (prior year: EUR 6,824 thousand). Other operating expenses were adjusted for the impairment of the loans to MT MedTech GmbH in the amount of EUR 1,218 thousand (prior year: nil) to arrive at Non GAAP. 
 

Cash outflows from operating activities amounted to EUR -6,575 thousand (prior year: EUR -5,185 thousand). 
 

Cash inflows from investing activities amounted to EUR 3,073 thousand (prior year: Cash outflow of EUR -2,575 thousand). Cash inflows for the year 2016 are largely due to repayments of short term loans in the amount of EUR 3,000 thousand. Cash flows from financing activities amounted to EUR 2,723 (prior year: EUR nil). 
 

Cash and cash equivalents as of December 31, 2016 amounted to EUR 614 thousand (prior year: EUR 1,393 thousand). 

 

Capital market transactions and funding of the company after the end of period

To improve liquidity and to ensure the development of new products beyond 2017 the Company issued a EUR 5.0 million convertible loan on March 2, 2017 with a maturity of 3 years, an interest rate of 5% p.a., and a conversion price at EUR 5.00 per share. Furthermore Lipps & Associates LLC continues providing lines of funds to support expansion plans as a means of non-dilutive funding.
 

In addition on June 28, 2017 MagForce AG resolved and successfully implemented  a capital increase from authorized capital. The Company’s share capital will therefore be increased from EUR 25,622,711.00 to EUR 26,343,172.00 by issuing 720,461 new no-par-value shares at a price of EUR 6,94 per share by partially utilising existing authorised capital against cash contributions. All new shares were subscribed by UK-based M&G International Investments Ltd. in a private placement. Gross proceeds for MagForce AG amount to EUR 5.0 million. The additional capital will be mainly used to accelerate the on-going international expansion of MagForce, in particular in Europe. 

 

Outlook and financial prognosis 2017 and beyond

In 2017, MagForce will focus on establishing an expansion strategy in Europe for the treatment of brain tumors, initiating a study to ensure refund of treatment expenses in selected European countries, starting the clinical study for marketing authorization for the treatment of prostate cancer in the US and initiating the production of related ambulatory NanoActivator devices.
 

The Company expects an extension of its business activity due to the planned expansion strategy in Europe. This is accompanied with a study to ensure reimbursement of treatment expenses in participating countries. As a result from the increased activity, MagForce expects higher commercial expenses and in 2018 an increased net loss. 
 

For the years 2017 and 2018, the Company plans to intensify cooperation with local and international patient organizations to further establish NanoTherm therapy and to increase the number of patient inquiries. Furthermore, new ways for reimbursement in Germany and selected countries will be established to make NanoTherm therapy available to as many patients as possible. Also, the Company plans to enhance its presence at appropriate events and with foreign patient organizations. MagForce’s management has executed the necessary measures and set up a plan to finance the Company’s expansion targets for Europe in 2017 and 2018. 

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. 
 

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries. 

 

Get to know our Technology: video (You Tube)

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Disclaimer       

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG Announces Successful Share Capital Increase from Authorized Capital

28.06.2017

MagForce AG Announces Successful Share Capital Increase from Authorized Capital

 

Berlin, Germany, and Nevada, USA, June 28, 2017 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today successfully completed the capital increase from authrized capital resolved on June 28, 2017. The Company’s share capital will therefore be increased from its current level of EUR 25,622,711.00 to EUR 26,343,172.00 by issuing 720,461 new no-par-value shares at a price of EUR 6,94 per share by partially utilising existing authorised capital against cash contributions. The transaction is accompanied by Hauck & Aufhaeuser Privatbankiers. All new shares were subscribed by UK-based M&G International Investments Ltd. in a private placement. Gross proceeds for MagForce AG amount to EUR 5.0 million.

The additional capital will be mainly used to accelerate the on-going international expansion of MagForce, in particular in Europe.


The current roll-out plan sees MagForce placing its NanoActivators in a number of European countries and thus enabling patients to be treated in their home countries. This will allow patients to be treated with MagForce’s NanoTherm therapy as quickly and conveniently as possible following diagnosis.


Facilitating treatment of patients in their home countries will also simplify reimbursement in those countries where MagForce already has the CE mark approval for the treatment of brain tumours. Amongst others, MagForce’s commercial and medical teams have identified Poland, Italy, Switzerland and Spain as suitable countries for NanoTherm treatment centres.


Based on the highly satisfying treatment results, management expects that the European roll-out, combined with reimbursement approval in the relevant countries, is expected to significantly speed up revenue generation and profitability of the European business.

 

About MagForce AG and MagForce USA, Inc.
MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles.


NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.


Get to know our Technology: video (You Tube)
Stay informed and subscribe to our mailing list.


Disclaimer
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG hosts live demonstration of NanoTherm® Therapy at Long Night of the Sciences 2017 in Berlin on June 24, 2017

21.06.2017

MagForce AG hosts live demonstration of NanoTherm® Therapy at Long Night of the Sciences 2017 in Berlin on June 24, 2017

 

Berlin, Germany, and Nevada, USA, June 21, 2017 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, is pleased to be part of this year’s Long Night of the Sciences (“Lange Nacht der Wissenschaften”) on Saturday, June 24, 2017 in Berlin and Potsdam, Germany. MagForce joins more than 70 universities, research institutes, universities of applied science, and technology-oriented companies for this annual event, now in its 16th year. Each year, scientific institutions, laboratories, libraries as well as companies developing cutting-edge technologies, which are usually closed to the public, open their doors to allow visitors the chance to take a nocturnal look at the diverse worlds of science and research.

 

MagForce invites all interested parties to a close-up research experience to gain in-depth information about the Company’s NanoTherm® therapy – an innovative, nanotechnology-based approach to the focal treatment of solid tumors. The method is based on the principle of introducing superparamagnetic nanoparticles (NanoTherm®) directly into a tumor. The particles are activated by an alternating magnetic field that changes its polarity up to 100,000 times per second, generating heat. With this new procedure, it is possible to combat the tumor from within, while sparing surrounding healthy tissue.

 

With their event named: “Nanoparticles – the making-of, composition and properties of nanoparticles and how superparamagnetism can be used to treat brain tumours”, MagForce provides interested parties, patients and their families with a unique insight into its scientific work and its medical application in an interactive environment. The lectures and live demonstration will be hosted in German and will cover topics such as “What is superparamagnetism” and “Physical background of a magnetic field applicator”. Furthermore, experiments and demonstrations will illustrate how nanoparticles are produced in a test tube, how the coating will affect and change the properties of the particles and how magnetism can become visible. Participants will then be able to experience how magnetic nanoparticles behave in an alternating magnetic field applicator and witness a practical application of NanoTherm® Therapy.

 

Programme overview:

  • "Nanoparticles - the Making-of, composition and properties of nanoparticles and how superparamagnetism can be used to treat brain tumours", experiments and live demonstration presented by MagForce A (German language)
  • June 24, 2017 - 19:00 - 23:00 CET
  • Every 60 minutes, duration approc. 45 minutes
  • Charité campus Virchow-Klinikum, Mittelallee 10, Glashalle CVK, 13353 Berlin
  • "Meeting Point Magforce" at Glashalle CVK

About the Long Night of the Sciences

On June 24th 2017, more than 70 universities, research institutes, universities of applied science, and technology-oriented companies in Berlin and the Telegrafenberg in Potsdam are opening their doors from late afternoon to midnight to give an insight into their work, conduct exciting experiments and offer the latest research findings. The more than 2000 events in research centres, institutes, laboratories and archives cover all aspects of science, from natural sciences to social sciences, attracting around 28,000 visitors every year.

 

What makes the Long Night of the Sciences so special is the personal encounter between scientists and citizens, the thrilling experience of discovering usually "hidden" places, and the vivid atmosphere of a nightly event. Above all, it's not only the visitors who learn a lot this night - the scientists, too, get inspiration and useful feedback from their dialogue with the public. Therefore discussion groups and join-in activities have increased from year to year, including over 300 events for children.

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles.

 

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.

 


For more information, please visit: www.magforce.com

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list.

 


Disclaimer 

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG Co-Sponsors Brain Cancer Patient Event of University Hospital Münster held on occasion of the 2017 World Brain Tumor Day

08.06.2017

MagForce AG Co-Sponsors Brain Cancer Patient Event of University Hospital Münster held on occasion of the 2017 World Brain Tumor Day 

 

Berlin, Germany and Nevada, USA, June 08, 2017 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, is delighted to announce that the Company is again co-sponsoring an event for brain cancer patients and their relatives held on occasion of the 2017 World Brain Tumor Day. The event will be hosted by the Brain Tumor Center of the University Hospital Münster and will take place on June 10, 2017.

 

Under this year’s slogan “Wir rocken das! Psychoonkologische Begleitung mit viel Schwung! (We will rock that! Dynamic psycho-oncological support program)!” the event will, through a series of dance and creative workshops, feature engaging exercises aimed at involving all senses. Creative arts therapies are the focal point of the program. Such complimentary therapies have been found to help manage the emotional and psychological side effects that often result from cancer diagnosis and treatment. Furthermore, participants will have the opportunity for one-on-one discussions with experts in the fields of individual coaching, art therapy and psycho-oncology throughout the day. The event will take place at the premises of the University Münster Sports Center in Münster, Germany, on Saturday, June 10, 2017, from 11am to 2.30pm CET. MagForce will be available for questions regarding its NanoTherm® Therapy for the treatment of brain tumors and will be represented by a booth right at the venue.

 

The University Hospital Münster was the second medical center in Germany to install a NanoActivator® device, following the Charité University Hospital in Berlin. Prof. Dr. med. Walter Stummer, Director of the Neurosurgery Department at the University Hospital Münster and Chair of the UKM Brain Tumor Centre, has initiated the NanoTherm® Therapy for treatment of brain tumors patients beginning of 2015.

 

For further information regarding program (German only) and registration, please visit: http://klinikum.uni-muenster.de/index.php?id=hirntumorzentrum-aktuell

 

About the World Brain Tumor Day

This commemoration day was initialised by the Deutsche Hirntumorhilfe e.V. (German Brain Tumor Association) in 2000. Because brain tumors occur rather seldom in comparison to other cancers, they are little-noticed by the public. With the aim of directing public attention to the situation of brain tumor patients and appealing for solidarity with patients and their dependants, the World Brain Tumor Day takes place every year on June 8th. It is also a reminder directed at the responsible persons in the fields of politics and economy to assume their social responsibility. Active support of research and an increased interdisciplinary collaboration are the ways to develop new therapies and improve the chances of healing. Until that, it is essential to campaign together to advance the quality of life of patients, to give hope and show solidarity – it is essential to send a signal.

 

Role of NanoTherm® Therapy in the Treatment of Brain Tumors

NanoTherm® therapy is an intratumoral thermotherapy which aims to help patients with brain tumors. It can be used as a monotherapy or in combination with radiotherapy and/or chemotherapy to enhance their effectiveness.

 

With NanoTherm® therapy, the magnetic fluid injected into a tumor is heated through a very fast alternating magnetic field. Through the heat, tumor cells are either destroyed or sensitized for additional therapies such as radiotherapy and/or chemotherapy; thus, the efficacy of the additional therapies is improved.

 

MagForce AG has CE mark (European Certification) in Germany and in the EU 28 to treat brain tumors with NanoTherm® therapy.

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles.

 

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.

 

 

For more information, please visit: www.magforce.com.        

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list.

 

Disclaimer       

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

 

Contact:

Barbara von Frankenberg
Vice President
Communications & Investor Relations
T +49-30-308380-77
E-Mail: bfrankenberg@magforce.com

 

MagForce AG reports highlights of Symposium for Focal Therapy in Glioblastoma at WFNOS 2017 Meeting

10.05.2017

MagForce AG reports highlights of Symposium for Focal Therapy in Glioblastoma at WFNOS 2017 Meeting

 

LUNCH SYMPOSIUM SAW RECORD NUMBER OF 300 ATTENDEES, HIGH AND INCREASING INTERNATIONAL INTEREST FOR COMPANY’S NANOTHERM®THERAPY

 

Berlin, Germany, and Nevada, USA, May 10, 2017 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, is pleased to announce that the Company was the host of the very successful Scientific Symposium titled “Focal Therapy in Glioblastoma - Current Status / What’s New?” that was held at the 5th Quadrennial Meeting of the World Federation of Neuro-Oncology Societies (WFNOS) from May 4-7, 2017, in Zurich, Switzerland.

 

The one-hour lunch symposium featured three key note speeches:

 

Prof. Dr. Michael Weller, Chairman of the Department of Neurology at the University Hospital Zurich and President of EANO and WFNOS 2017, moderated the symposium and gave an introduction of the current state of the art for glioma treatment.

 

Secondly, Prof. Michael Vogelbaum, MD/PhD, Chair for Neuro-Oncology and Neurosurgery, Cleveland Clinic, presented a latest update on focal therapy in gliomas and reported some therapeutic successes with this approach.

 

As a third key note speaker, Prof. Walter Stummer, MD, Director of the Department of Neurosurgery at the University Hospital Münster, talked about new aspects of thermotherapy in brain tumors. He and his team are working with MagForce’s NanoTherm® therapy in Münster and he presented an update and overview on their achievements and results.

 

Dr. Ben J. Lipps, CEO of MagForce AG and MagForce USA, Inc., commented: “The WFNOS meetings are amongst the most renowned international events in neuro-oncology and we are proud to have been part of WFNOS 2017 as a sponsor. We are very pleased to see such a high interest in our innovative NanoTherm® therapy from the scientific and medical community with 300 attendees at our symposium. The increased attention by a number of clinics and first-class neurosurgeons from other European countries is especially valuable to MagForce, since we continue to expand our commercialization to additional European sites in order to allow patient treatment with NanoTherm® therapy in their home countries.

 

Focal Therapy is an important option in the treatment of glioblastoma. These tumors are the most common and most aggressive type of tumor found in the brain. In Europe, around 13,000 glioblastoma cases are diagnosed each year. Prognosis for glioma patients is still dim as often times, even after the most successful surgery, residual microscopic tumor remains and usually regrows in direct vicinity of the original resection cavity. For more local control of remaining tumour infiltration, the concept of thermotherapy for tumor ablation and as a radiosensitiser in glioma therapy could be very promising.

 

MagForce’s NanoTherm® therapy is a new approach to the focal treatment of solid tumors. The method is based on the principle of introducing superparamagnetic nanoparticles (NanoTherm®) directly into a tumor. The particles are activated by an alternating magnetic field that changes its polarity up to 100,000 times per second, generating heat. With this new procedure, it is possible to combat the tumor from within, while sparing surrounding healthy tissue.

 

For more information on NanoTherm® therapy, please visit our Download Center.

 

About WFNOS 2017 Meeting

Hosted by the European Association of Neuro-Oncology (EANO), the 5th Quadrennial Meeting of the World Federation of Neuro-Oncology Societies (WFNOS), held in Zurich from May 4-7, 2017, invited those involved in neuro-oncology to join this outstanding event for Neuro-Oncology worldwide. Owed to joined efforts of EANO, the US Society for Neuro-Oncology (SNO), the Asian Society for Neuro-Oncology (ASNO) and an increasing number of National Neuro-Oncology societies, WFNOS has become an active umbrella organization seeking to promote Neuro-Oncology in all aspects of care and research, and everywhere across the globe. Thus, WFNOS 2017 provided an opportunity to share up-to-date advances in basic science, translational and clinical research in a multidisciplinary setting. The four day programme featured among others, clinical and research updates, key note lectures and poster presentations as well as a symposium on the current status and future of focal therapy in glioblastoma.

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles.

 

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.

 


For more information, please visit: www.magforce.com

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list.

 

Disclaimer

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated. 

 

Contact:

Barbara von Frankenberg
Vice President
Communications & Investor Relations
T +49-30-308380-77
E-Mail: bfrankenberg@magforce.com

 

MagForce AG publishes Directors' Dealings

09.05.2017

MagForce AG publishes Directors' Dealings

 

 

MagForce AG publishes Directors' Dealings

05.05.2017

MagForce AG publishes Directors' Dealings

MagForce AG to host Symposium for Focal Therapy in Glioblastoma at WFNOS 2017 Meeting

25.04.2017

MagForce AG to host Symposium for Focal Therapy in Glioblastoma at WFNOS 2017 Meeting 

 

Berlin, Germany, and Nevada, USA, April 25, 2017 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, is pleased to announce that it will host a Scientific Symposium titled “Focal Therapy in Glioblastoma - Current Status / What’s New?” at the 5th Quadrennial Meeting of the World Federation of Neuro-Oncology Societies (WFNOS). Sponsored by the European Association of Neuro-Oncology (EANO), the WFNOS is held from May 4-7, 2017, in Zurich, Switzerland.

 

Moderated by Prof. Dr. Michael Weller, Chairman of the Department of Neurology at the University Hospital Zurich and President of EANO and WFNOS 2017, the one hour lunch symposium will be held Saturday, May 6 from 12:15 - 1:15 p.m. CEST in the Kongresssaal of the Kongresshaus Zurich and will feature three key note speeches: Besides an introduction of the current state of the art for glioma treatment by Prof. Weller, Prof. Michael Vogelbaum, MD/PhD, Chair for Neuro-Oncology and Neurosurgery, Cleveland Clinic, will present a latest update on focal therapy in gliomas and Prof. Walter Stummer, MD, Director of the Department of Neurosurgery at the University Hospital Münster, will talk about new aspects of thermotherapy in brain tumors.

 

The symposium details are as follows: 

Title:

“Focal Therapy in Glioblastoma - Current Status / What’s New?”

Date:

Saturday, May 6, 2017

Time:

12:15 - 1:15 p.m. CEST

Location: 

Kongresssaal at Kongresshaus Zurich

Speakers:

Prof Michael Weller, MD (Chair/Moderation)
University Hospital Zurich
Topic I Introduction, Current State of the Art for Glioma treatment

Prof Michael Vogelbaum, MD/PhD
NeuroOncology Center, Cleveland Clinic
Topic I Focal Therapy in Gliomas – Latest Update

Prof Walter Stummer, MD
University Hospital Münster
Topic I New Aspects of Thermotherapy in Brain Tumors – NanoTherm® Therapy

In addition, MagForce will be represented at WFNOS 2017 with a booth and will be available for questions regarding its NanoTherm® therapy for the treatment of glioblastoma and other brain tumors.

 

Focal Therapy is an important option in the treatment of glioblastoma. These tumors are the most common and most aggressive type of tumor found in the brain. In Europe, around 13,000 glioblastoma cases are diagnosed each year. Prognosis for glioma patients is still dim as often times, even after the most successful surgery, residual microscopic tumor remains and usually regrows in direct vicinity of the original resection cavity. For more local control of remaining tumour infiltration, the concept of thermotherapy for tumor ablation and as a radiosensitiser in glioma therapy could be very promising. 

 

For more information on the WFNOS 2017 Meeting programme, please click here

 

About WFNOS 2017 Meeting

Hosted by the European Association of Neuro-Oncology (EANO), the 5th Quadrennial Meeting of the World Federation of Neuro-Oncology Societies (WFNOS), held in Zurich from May 4-7, 2017, invites those involved in neuro-oncology to join this outstanding event for Neuro-Oncology worldwide. Owed to joined efforts of EANO, the US Society for Neuro-Oncology (SNO), the Asian Society for Neuro-Oncology (ASNO) and an increasing number of National Neuro-Oncology societies, WFNOS has become an active umbrella organization seeking to promote Neuro-Oncology in all aspects of care and research, and everywhere across the globe. Thus, WFNOS 2017 will provide an opportunity to share up-to-date advances in basic science, translational and clinical research in a multidisciplinary setting. The four day programme will feature among others, clinical and research updates, key note lectures and poster presentations as well as a symposium on the current status and future of focal therapy in glioblastoma.

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc. 

 

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.

 

For more information, please visit: www.magforce.com.        

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list.

 

Disclaimer       

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

 

Contact:
Barbara von Frankenberg
Vice President
Communications & Investor Relations
T +49-30-308380-77
E-Mail: bfrankenberg@magforce.com

 

MagForce AG participates in six upcoming international conferences in Q2 2017

12.04.2017

MagForce AG participates in six upcoming international conferences in Q2 2017

 

Berlin, Germany and Nevada, USA, April 12, 2017 - MagForce AG (Frankfurt, Scale, Xetra: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today announced its participation in six upcoming scientific and investor conferences in the second quarter 2017: 
 

  • 5th Quadrennial Meeting of the World Federation of Neuro-Oncology Societies (WFNOS) Date: May 04-07, 2017
    Location: Zurich, Switzerland
    Lunch Symposium: “Focal Therapy in Glioblastoma - Current Status I What’s New?!” 
    Saturday, May 06, 2017, 12:15-13:15 CEST
  • 8th DVFA Spring Conference 2017
    Date: May 08-10, 2017
    Location: Frankfurt am Main, Germany 
    Presentation: Ben J. Lipps, CEO of MagForce AG, Wednesday, May 10, 2017
  • Goldman Sachs European Small & Mid-Cap Symposium
    Date: May 11, 2017
    Location: London, United Kingdom
    Presentation: Ben J. Lipps, CEO of MagForce AG, Thursday, May 11, 2017
  • Berenberg European Conference USA 2017
    Date: May 22-24, 2017
    Location: Tarrytown, New York, USA
    Presentation: Ben J. Lipps, CEO of MagForce AG, Tuesday, May 23, 2017
  • Deutsche Bank 20th Annual dbAccess German, Swiss & Austrian Conference
    Date: June 21-23, 2017
    Location: Berlin, Germany
    Presentation: Ben J. Lipps, CEO of MagForce AG, Wednesday, June 21, 2017
  • Long Night of the Sciences (Lange Nacht der Wissenschaften)
    Date: June 24, 2017
    Location: Berlin and Potsdam, Germany 
     

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the new Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc.

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.

 

For more information, please visit: www.magforce.com         

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list

 

Disclaimer       

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG Publishes its First Shareholder Letter 2017

02.03.2017

MagForce AG Publishes its First Shareholder Letter 2017

 

 
  • Speeding up of European Expansion
  • US Commercialization expected to start early 2018
  • Issuance of Convertible, subscribed by Lansdowne Partners Austria

Berlin, Germany, and Nevada, USA, March 02, 2017 - MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today published its first Shareholder Letter 2017:

 

“Dear MagForce Shareholders,

 

Since the publication of our last Shareholder Letter, we have continued our joint efforts on both of our defined paths to create additional shareholder value:

 

       Path 1: Treatment of brain cancer in Europe
       Path 2: Treatment of intermediate risk prostate cancer in the USA

 

We are pleased to give you an interim update on the respective developments.

 

Treatment of brain cancer in Europe:

 

MagForce AG is continuing to expand the commercialization of its innovative NanoTherm® therapy.We successfully installed NanoActivator® devices in 2014 and 2015 in Germany to assist the neurosurgeons and radiologists as they became familiar with our NanoTherm® therapy and its applicability.

 

In their quest to improve patient care, the neurosurgeons applying NanoTherm® therapy to the treatment of brain tumors continue to find additional medical benefits when NanoTherm® therapy is incorporated into their usual treatment regimen. Such a postive finding for example was described by Dr. med. Johannes Wölfer, Deputy Director of the Neurosurgical Department, Clinic and Policlinic for Neurosurgery, University Hospital Münster and part of the team of Prof. Dr. med. Walter Stummer, Director of the Department of Neurosurgery at the University Hospital Münster and President of the German Neurosurgical Society (DGNC), as described in our press release as of December 2, 2016.

 

Since the last Shareholder Letter we presented at the following conferences and congresses:

 

  • 13th AIO Autumn Convention - Oncology in Internal Medicine Working Group (AIO) Update Medical Oncology - November 17-19, 2016, Berlin
  • 21st Annual Scientific Meeting and Education Day of the Society for Neuro-Oncology (SNO) - November 17-20, 2016Scottsdale, Arizona
    Presentation: “Inflammatory response after modified NanoTherm® and radiotherapy of recurrent glioblastoma”
    Presenter: Team of Prof. Dr. med. Walter Stummer, Director of the Clinic for Neurosurgery, University Hospital Münster
    Speaker: Dr. Dr. med. Oliver Grauer, Head of Neuro-Oncology Team, University Hospital Münster
  • NOA Winter School 2016 – Neuro-oncological Working Group - December 1-2, 2016, Münster
    Presentation: “Local Hyperthermia as an adjuvant for malignant glioblastoma – NanoTherm and NanoPaste”
    Speaker: Dr. med. Johannes Wölfer, Deputy Director of the Neurosurgical Department, Clinic and Policlinic for Neurosurgery, University Hospital Münster
  • European CanCer Organization (ECCO) - January 27-30, 2017, Amsterdam
  •  

MagForce’s participation in these conferences and congresses increases the awareness of our unique therapy within the main target groups, such as patient advocacy groups, patients, their relatives, caregivers, and the medical community. We increasingly receive positive feedback from patients regarding their experiences with our NanoTherm® therapy. These examples, one of which we are showing in a new video on our website www.magforce.de/en/home.html, are an important driver for the commercialization of our innovative therapy.

 

During 2016, we have streamlined the implementation of the cross-border reimbursement process, however, due to the aggressiveness of glioblastoma, there is a limited time interval to achieve treatment. In order to give patients the benefit from our NanoTherm® treatment, we will continue to increase the medical awareness of the value of NanoTherm® therapy to encourage patients and neurosurgeons to consider NanoTherm® therapy earlier following the diagnosis of their tumor status.

 

Further, we have developed a European roll-out plan, anticipating treatment centers in selected European countries to allow patient treatment in their home countries. From this approach we expect advantages in the areas of reimbursement and timely availability of NanoTherm® therapy.

 

At the same time, we are in the process of obtaining domestic reimbursement for NanoTherm® therapy in Germany and we are preparing the same for those selected countries in the EU where MagForce has the CE Mark for the treatment of brain tumors. Our commercial and medical teams have identified the respective countries and clinics which qualify as NanoTherm® treatment centers.

 

Based on the very gratifying medical results, management is confident that the European expansion starting in 2017, when combined with reimbursement approval in these countries, will significantly speed up revenue and profit generation in Europe.

 

Treatment of intermediate risk prostate cancer in the USA: 

 

MagForce USA, Inc. in 2015, filed an Investigational Device Exemption (IDE) with the USA Food and Drug Administration (FDA) for NanoTherm® therapy to treat Intermediate Risk Prostate Cancer. Our objective with this early filing was to obtain FDA guidance as to their required pre-clinical studies to allow a pivotal clinical evaluation with our innovative and unknown NanoTherm® therapy.

 

During 2016, MagForce USA repeated and updated its pre-clinical studies, which were previously conducted in Germany approximately ten years ago, at the recommendation of the FDA. MagForce USA repeated all of the previous biocompatibility studies designed to assess the toxicity and possible migration of MagForce’s nanoparticles once instilled into the prostate. These studies again confirmed the lack of toxicity and lack of migration of the nanoparticles.

 

The results of these pre-clinical studies and the proposed clinical trial protocol were submitted to the FDA in late fourth quarter, 2016. An in-person follow-up meeting with FDA representatives was held in early January, 2017 to discuss MagForce’s submissions and identify required clarification. This meeting was again very productive and MagForce believes we can successfully address their questions.

 

While we are now approximately three months behind our schedule, we are still confident and will make every effort to achieve our original targets in terms of market entry and commercialization of NanoTherm® therapy in the USA – which is projected for early 2018.

 

The key to achieving our goals is to continue to establish our clinical treatment sites and obtain the necessary approvals to treat patients. After having announced Seattle Washington in 2015 for pre-clinical and clinical studies, we have now identified a second planned site to exclusively participate in the pivotal clinical studies.

 

In addition to our lead site at The University of Washington in Seattle, Washington, our second site is now located at CHRISTUS Santa Rosa Hospital - Medical Center in San Antonio, Texas. Ian M. Thompson Jr., MD, our Co-Principle Investigator, has been newly appointed as President of CHRISTUS Santa Rosa Hospital - Medical Center among his many responsibilities. This clinical site will encompass both a clinical office and the NanoActivator® treatment center.

 

CHRISTUS Santa Rosa Health is an international Catholic, faith-based, not-for-profit health system, and comprised of over 500 services and facilities, including more than 50 hospitals and long-term facilities and 275 clinics and outpatient centers. CHRISTUS Santa Rosa’s services can be found in over 100 cities in the United States, Chile, Mexico and Colombia, and employs over 40,000 associates and has more than 10,000 physicians on medical staff.

 

We are very excited to work with the team of CHRISTUS Santa Rosa Hospital – Medical Center with its exceptional experience and knowledge. This partnership also gives MagForce the potential to utilize CHRISTUS Santa Rosa’s established network once the FDA approval is obtained and our partners at CHRISTUS Santa Rosa Hospital – Medical Center are satisfied with the treatment regimen.

 

Financing

 

MagForce’s management is persuing non/low dilutive financing options to reach our European expansion goals.

 

In addition, in order to bolster liquidity and facilitate new product development beyond 2017, we have issued a three-year convertible note. Product development includes laying the groundwork for expanding MagForce's therapy to additional tumors, like brain metastasis, and to also use our nano-particles as a drug delivery mechanism. The note is in the amount of EUR 5 million, will bear an interest rate at 5% p.a. and have a conversion price at 5,00 EUR/share. The note has been issued to an investment vehicle managed by Lansdowne Partners Austria.

 

Dear Shareholders, we are very grateful for your continuous support of our efforts, and we are very confident that 2017 will turn out to be the best and most defining year in the history of MagForce.

 

Sincerely,

 

Dr. Ben Lipps

 

Chief Executive Officer & 
Chairman of the Management Board”

 

About MagForce AG and MagForce USA, Inc.

 

MagForce AG, listed in the new Scale segment of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc.

 

NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.

 

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list.

 

Disclaimer 

 

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated. 

 

Contact
 


Barbara von Frankenberg
Vice President
Communications & Investor Relations


T +49-30-308380-77
E-Mail: bfrankenberg@magforce.com

MagForce AG presents NanoTherm™ therapy for the treatment of brain tumors at ECCO2017 from January 27-30, 2017 in Amsterdam

23.01.2017

MagForce AG presents NanoTherm™ therapy for the treatment of brain tumors at ECCO2017 from January 27-30, 2017 in Amsterdam

 

THE COMPANY WILL ALSO ATTEND ESSO 37 ONE-DAY EDUCATIONAL CONFERENCE HELD IN CONJUNCTION WITH ECCO2017

 

Berlin, Germany and Nevada, USA, January 23rd, 2017 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, announced today its attendance at ECCO2017, the European Cancer Congress held by the European CanCer Organisation (ECCO) from January 27-30, 2017, in Amsterdam, The Netherlands. The ECCO2017 Conference is an important meeting event for international key opinion leaders attending clinical symposia and sessions on multidisclipinary tumor boards focussing, amongst other indications, on the central nervous system.

 

This multidisciplinary oncology congress promotes close interaction between neurosurgeons, surgical oncologists and fellow oncology professionals.

 

At ECCO2017 congress, where new treatments of value to patients will be discussed and presented, MagForce will be represented by a booth (No. IH17) and will be available for questions regarding its NanoTherm™ therapy for the treatment of glioblastoma and other brain tumors.

 

About ECCO2017

 

ECCO2017 is a unique, clinically oriented, multidisciplinary annual congress with a strong educational focus for practicing oncologists and other health care professionals who need to be updated on the relevant clinical information which will impact on their daily practice. ECCO2017 is organized by European CanCer Organisation (ECCO)which, through its 25 Member Societies - representing over 80.000 professionals - is the only multidisciplinary organisation that connects and responds to all stakeholders in oncology Europe-wide.

 

The programme is built around the four key pillars multidisciplinarity, outcome research, health economics of cancer care and organisation of cancer care delivery.

 

ESSO 37 at ECCO2017

 

The European Society of Surgical Oncology invites all surgical oncologists and fellow oncology professionals from all disciplines to the ESSO society day at ECCO2017 on January 27th 2017.

 

Developed together with the Dutch Society for Surgical Oncology (NVCO), this one-day educational meeting will take place in conjunction with the European Cancer Congress (ECCO2017) to allow the closest interaction between surgical oncologists and fellow oncology professionals.

 

About MagForce AG and MagForce USA, Inc.

 

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm™ therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc.

 

NanoTherm™, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm™, NanoPlan, and NanoActivator® are trademarks of MagForce AG in selected countries.

 

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list

 

For meeting arrangements or any further questions, please contact us at:
 

Patient Advocacy
Dr. Katarzyna Zarychta
+49 30 95 477 95-66
kzarychta@magforce.com 
 
Media & Investors
Barbara von Frankenberg
+49 30 30 83 80-77
bfrankenberg@magforce.com
 
 

 

Disclaimer 
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG supports NOA Winter School 2016 from December 01-02 in Münster, Germany

02.12.2016

MagForce AG supports NOA Winter School 2016 from December 01-02 in Münster, Germany

 

  • Team of Prof. Dr. med. Walter Stummer, Director of the Department of Neurosurgery, University of Münster, introduces nanoparticles application technique ‘NanoPaste’
  • Data recently presented at SNO Annual Meeting 2016 in Arizona, USA, indicate strong immune-stimulating potential in addition to tumor ablation

Berlin, Germany and Nevada, USA, December 02, 2016 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today announced that the Company supports NOA Winter School 2016 held by the Neuro-Oncological Working Group (Neuroonkologische Arbeitsgemeinschaft, NOA) on December 01 and 02, 2016, in Münster, Germany, as one of the main sponsors. 

 

Reporting on their experiences with NanoTherm therapy, Dr. med. Johannes Wölfer, Deputy Director of the Neurosurgical Department, Clinic and Policlinic for Neurosurgery, University Hospital Münster and part of the team of Prof. Dr. med. Walter Stummer, Director of the Department of Neurosurgery at the University Hospital Münster and President of the German Neurosurgical Society (DGNC), will hold a presentation titled “Local Hyperthermia as an adjuvant for malignant glioma – NanoPaste and NanoTherm” on Friday, December 02, 2016 at 3pm local time. 

 

As winner of the EANS 2016 Best Abstract Award, the team of the University Hospital of Münster will be introducing its new nanoparticles application technique called ‘NanoPaste’ that was developed for the use with NanoTherm thermotherapy in glioblastoma and used first in man at the Department of Neurosurgery in Münster. 

 

Furthermore, Dr. Dr. med. Grauer, Associate Professor and Deputy Head of Neuro-Oncology Center at University Hospital Münster, recently presented a poster on the “Inflammatory response after modified NanoTherm and radiotherapy of recurrent glioblastoma” at the 21st Annual Meeting and Education Day of the Society for Neuro-Oncology (SNO). The SNO 2016 Annual Meeting, which, with over 2000 participants, is one of the most important congresses for the Neuro-Oncological community worldwide was held mid-November in Arizona, USA.

 

The presentation at SNO attracted great interest among the conference attendees. Priv.-Doz. Dr. Dr. med. Oliver Grauer explained the approach of the Münster team in more detail: “Immune therapy is currently one of the most interesting approaches in cancer treatment. Therefore it is important to investigate any possible immune-related effect of NanoTherm Therapy in addition to the tumor ablation. In our poster presentation during the SNO conference in November 2016, we reported about our data demonstrating that the combination of modified NanoTherm therapy with radiotherapy can induce a strong reaction at the resection cavity assuming that large amounts of cellular debris are released in situ, which can serve as a source of tumor antigens to elicit host CD8+ T-cell mediated adaptive immune responses against the tumor. These are first observations indicating an immune stimulatory effect of modified NanoTherm therapy in patients. We are very excited about these observations and are aiming to continue investigating this interesting effect during the treatment of further patients to decipher the NanoTherm immune-related effects.”

 

About the NOA Winter School 2016

NOA is the Neuro-Oncological Working Group within the German Cancer Society. For the NOA Winter School 2016, renowned neuro-oncology researchers and clinicians from all over Germany have been invited to share their knowledge. Conference topics will include a wide variety of subjects from advice on “how to deliver bad news” or “how do molecular markers influence therapy decisions?” to “therapy options for meningeoma” to “Medulloblastoma treatment in children and adults” as well as “current developments in the field clinical studies” and “Gliom news”. In addition to presenting latest research results, the NOA Winter School is a platform for exchange and discussion with individual experts and sharing experiences.  

 

About SNO 2016

The Society for Neuro-Oncology (SNO) is a multidisciplinary organization dedicated to promoting advances in neuro-oncology through research and education. Building upon the success of past SNO meetings, the 2016 Scientific Meeting featured concurrent and plenary sessions, highlighted by focused minisymposia, oral abstract presentations, rapid reports, and poster presentations. New this year were the enhanced e-talk poster presentations, “Meet the Experts” and “SNO Daily Highlights” webcasts. Special lunch tutorials and industry-sponsored symposia provided in-depth information on a variety of timely issues impacting CNS tumor research and treatment including the 2016 revision of the WHO classification of CNS tumors and Epigenetics. 

The Education Day focused on Precision Medicine and the new WHO classification of CNS tumors and offered innovative and informative presentations in Translational Science, Clinical and Applied Neuro-Oncology. Highlights included mock integrative diagnostic and molecular tumor boards. 

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm™ therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc. 

 

NanoTherm™, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm™, NanoPlan®, and NanoActivator® are trademarks of MagForce AG in selected countries. 

 

 

For more information, please visit: www.magforce.com         

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list

 

Contact

Barbara von Frankenberg
+49 30 30 83 80-77
bfrankenberg@magforce.com

 

Disclaimer 

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG participates in four upcoming international conferences in Q4 2016

27.10.2016

MagForce AG participates in four upcoming international conferences in Q4 2016

 

Berlin, Germany and Nevada, USA, October 27, 2016 - MagForce AG (Frankfurt, Entry Standard, Xetra: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today announced its participation in four upcoming scientific and investor conferences in the fourth quarter 2016: 

 

  • 13th AIO Autumn Convention - Oncology in Internal Medicine Working Group (AIO) – Update Medical Oncology
    Date: November 17-19, 2016
    Location: Berlin, Germany
    Booth: No. 24, level 1 
  • 21st Annual Scientific Meeting and Education Day of the Society for Neuro-Oncology (SNO)
    Date: November 17-20, 2016
    Location: Scottsdale, Arizona, USA
    Presentation: “Inflammatory response after modified NanoTherm® and radiotherapy of recurrent glioblastoma”
    Presenter: Team of Prof. Dr. med. Walter Stummer, Director of the Clinic for Neurosurgery, University Hospital Münster
    Speaker: Dr. Dr. med. Oliver Grauer, Head of Neuro-Oncology Team, University Hospital Münster
    Date of presentation: Friday, November 18, 2016; Poster session 19:00 MST
  • German Equity Forum
    Date: November 21-23, 2016
    Location: Frankfurt, Germany
    Presentation: Ben J. Lipps, CEO of MagForce AG, Monday, November 21, 2016, 14:00 CET Room: Oslo 
  • NOA Winter School 2016 – Neurological Working Group
    Date: December 1-2, 2016
    Location: Münster, Germany
    Presentation: “Local Hyperthermia as an adjuvant for malignant glioblastoma – NanoTherm and NanoPaste”
    Speaker: Dr. med. Johannes Wölfer, Deputy Director of the Neurosurgical Department, Clinic and Policlinic for Neurosurgery, University Hospital Münster
    Date of presentation: Thursday, December 1, 2016, 15:00 CET 

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm™ therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc. 

 

NanoTherm™, NanoPlan®, and NanoActivator®  are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries. 

 

For more information, please visit: www.magforce.com         

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list

 

 For meeting arrangements or any further questions, please contact us at:

Patient Advocacy

Dr. Katarzyna Zarychta
+49 30 30 83 80-66
kzarychta@magforce.com

Medical Liaison

Dr. Ulrike Boettcher
+49 89 95 477 95-64
uboettcher@magforce.com

Media & Investors

Barbara v. Frankenberg
+49 30 30 83 80-77
bfrankenberg@magforce.com

 

Disclaimer       

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG publishes Directors' Dealings

11.10.2016

MagForce AG publishes Directors' Dealings

MagForce AG publishes Directors' Dealings

06.10.2016

MagForce AG publishes Directors' Dealings

MagForce AG publishes Directors' Dealings

05.10.2016

MagForce AG publishes Directors' Dealings

MagForce AG publishes Directors' Dealings

30.09.2016

MagForce AG publishes Directors' Dealings

MagForce AG Publishes Financial Results for the First Half of 2016 and Operative Highlights

30.09.2016

MagForce AG Publishes Financial Results for the First Half of 2016 and Operative Highlights 

 

  • Accelerated commercial efforts to establish NanoTherm™ therapy in Germany and the EU leads to growing interest in applying NanoTherm™ therapy for the treatment of brain tumors;  medical results very gratifying
     
  • Good progress in the US toward adapting NanoTherm™ therapy as a focal treatment for prostate cancer; interim results of ongoing preclinical studies clearly support the earlier European data 
     
  • Outlook for 2016 confirmed

Berlin, Germany, and Nevada, USA, September 30, 2016 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, published today its financial results for the first half of 2016, ending on June 30, 2016, and operative highlights. 

 

Operative Highlights:

Brain Cancer NanoTherm™ Therapy at MagForce AG

In Europe, MagForce AG is continuing to expand the commercialization phase of its valuable NanoTherm™ therapy: The first phase was to install NanoActivators® in Germany and assist the neurosurgeons and radiologists as they became familiar with NanoTherm™ therapy and its applicability. The second phase was to initiate the Company’s commercialization efforts with the goal of increasing patient inquiries to 100 per month. The combination of clinical success and marketing efforts will result in the Company achieving the targeted patient inquiry level. MagForce is currently half way there. In the third phase, cross-border reimbursement processes have been optimized based on the fact that a majority of the patients requesting treatment require the implementation of the Cross-Border Directive of the European Union. However, the medical procedure for treating glioblastoma generally requires surgery and radiation resulting in the patient’s obligation to fund the country differential costs for surgery and radiation in his home country and the higher costs for these treatments in Germany, as well as for the NanoTherm™ therapy.

 

During 2016, MagForce has streamlined the implementation of the cross-border reimbursement process, however, due to the aggressiveness of glioblastoma, there is a limited time interval to achieve treatment. Toward that end, the Company will continue its efforts to increase the medical awareness of the value of NanoTherm™ therapy to allow earlier patient inquiries.

 

Phase four of the Commercialization Program will be to obtain domestic reimbursement for NanoTherm™ therapy in Germany and selected countries in the EU where MagForce has the CE Mark for the treatment of brain tumors.

 

As mentioned three months ago, Management is actively exploring financing options, such as third-party leases of NanoActivator® equipment, or other non-equity financing options in order to further accelerate MagForce’s expansion in Europe.

 

Prostate Cancer Therapy at MagForce USA, Inc.

In the USA, MagForce USA, Inc.’s has filed an Investigational Device Exemption (IDE) with the USA Food and Drug Administration (FDA) for NanoTherm™ therapy to treat Intermediate Risk Prostate Cancer in 2015. MagForce is still working with the FDA to update preclinical studies, which were conducted approximately ten years ago, to current US regulatory standards and continues making very good progress toward adapting NanoTherm™ therapy as a focal treatment for prostate cancer. NanoTherm™ therapy for the focal treatment of prostate cancer is viewed as a very promising complement to current treatment approaches. These preclinical studies are underway with interim results clearly supporting the earlier European data.

 

The purpose of the proposed Focal Thermal Ablation Registration study that will enroll up to 120 men is to demonstrate that NanoTherm™ can ablate cancer lesions for patients who have Gleason Score 7 prostate cancer and are under active surveillance. By ablating the lesions, patients will be able to maintain active surveillance and avoid surgery and other treatments with their well-known side effects.

 

“I am still confident we will achieve our original targets in terms of market entry and commercialization of NanoTherm™ therapy in the USA because we clearly have a “time safety factor” built in our business plan, plus we have accelerated the ambulatory prostate NanoActivator® chair development to ensure timely delivery of this device. In Europe, our commercial treatment rate is still too slow but the medical results are very gratifying. The experiences we made from our commercialization efforts over the past 18 months pinpointed how to reach our commercialization targets, and we are enforcing the respective implementation. We are on the right path and overall making progress with our brain cancer Commercialization Program in Europe,” commented Dr. Ben J. Lipps, CEO of MagForce AG and MagForce USA, Inc. “In summary, I am very optimistic that MagForce will develop and expand our NanoTherm™ therapy into a valued therapy for the treatments of brain cancer and prostate cancer and move towards achieving the goals set in the five year target plan. The growing interest in applying NanoTherm™ therapy for the treatment of brain tumors and the progress of our work with the FDA are very encouraging. Thus, we are successfully moving forward on our exciting and challenging path.”

 

Financial Results and Outlook:

Results of operations, net assets and financial position

MagForce adopted new revenue reporting rules for periods starting after December 31, 2015. In addition, MagForce reports for the first time Non-GAAP financial measures that are used by MagForce’s management to make operating decisions, as they facilitate internal comparisons of MagForce’s performance to historical results. MagForce’s management believes that Non-GAAP measures  provide investors with means of evaluating, and an understanding of how MagForce’s management evaluates, MagForce’s performance and results on a comparable basis that is not otherwise apparent on a German GAAP basis, since many non-recurring, infrequent or non-cash items that MagForce’s management believes to be not indicative of the core performance of the business may not be excluded when preparing financial measures under German GAAP. 

 

These Non-GAAP measures should not be considered in isolation from, as substitutes for, or superior to financial measures prepared in accordance with German GAAP. 

 

Due to the adoption of new revenue reporting rules (sec. 277 para. 1 HGB as amended by BilRuG) for periods starting after December 31, 2015, revenue includes also management recharges to subsidiaries that were included in other operating income in prior years. For additional information we refer to the Notes to the Interim Financial Statements.

 

Net loss (prior year: profit) for the first half year was EUR 3.2 million (prior year: EUR 0.5 million) while Non-GAAP net loss slightly decreased for the half year by EUR 0.1 million to EUR 2.2 million (prior year: EUR 2.3 million). 

 

Compared to the prior year reporting period personnel expenses increased by EUR 0.2 million to EUR 1.7 million chiefly due to the formation of a new commercial team to accelerate the Company’s efforts to establish NanoTherm™ therapy in Germany and the EU. The additional expenses attached to this indispensable staffing were compensated by frugal use of MagForce’s resources in other areas of controllable expense spending. 

 

Revenues and other operating income amounted to EUR 0.7 milllion (prior year: EUR 4.9 million), while Non-GAAP revenue and other operating income increased by EUR 0.1 million to EUR 0.7 million (prior year: EUR 0.6 million). Revenues and other operating income include revenues from commercial treatment of patients with NanoTherm™ therapy on a cash basis as well as reimbursement of treatment costs by third parties and recharges to subsidiaries. The Non-GAAP increase chiefly stems from higher personnel recharges to subsidiaries of EUR 0.4 million compared to EUR 0.3 million in the prior year period. 

 

Revenue and other operating income were adjusted to Non-GAAP for the extension of the distribution and development rights for the countries Canada and Mexico in January 2015 amounting to EUR 3.0 million as well as the sale of two NanoActivator® devices to MagForce USA, Inc. in the first half year of 2015 in the amount of EUR 1.2 million. Revenue includes also management recharges to subsidiaries that were included in other operating income in prior years. 

 

Cash outflows from operating activities amounted to EUR -3.4 million (prior year: EUR -3.8 million). Cash inflows from investing activities amounted to EUR 3.1 million (prior year: EUR 0.1 million), and cash flows from financing activities amounted to EUR 2.3 million (prior year: EUR nil). 

 

Liquid funds of the Company including cash and cash equivalents of EUR 3.4 million (December 31, 2015: EUR 1.4 million) as well as short term loans of EUR nil (December 31, 2015: EUR 3.1 million) amounted to EUR 3.4 million at the end of the period (December 31, 2015: EUR 4.5 million). 

 

Financial outlook 2016

For the financial year 2016 the Company expects an increase in revenues from the treatment of patients with NanoTherm™ therapy compared to last year. A more economical enterprise resource planning will result in further reduced operating costs. Adjusted for the special effects of the out-licensing transaction in 2015 that reduced the net loss by EUR 3.0 million, the Company expects a reduction of the net loss for the fiscal year 2016. With its liquidity and current plans, the Company will be able to cover its operating expenses through 2017.

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm™ therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc. 

 

NanoTherm™, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator  are trademarks of MagForce AG in selected countries. 

 

For more information, please visit: www.magforce.com.   

 

Get to know our Technology: video (You Tube)

 

Stay informed and subscribe to our mailing list.

 

Disclaimer       

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce congratulates team of Prof. Stummer of University Hospital Münster on winning Best Abstract Award at EANS 2016 in Athens, Greece

19.09.2016

MagForce congratulates team of Prof. Stummer of University Hospital Münster on winning Best Abstract Award at EANS 2016 in Athens, Greece

 

 

Berlin, Germany and Nevada, USA, September 20, 2016 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, congratulates Prof Dr Walter Stummer, Director of the Department of Neurosurgery, and the lead investigator of the Post-Marketing study at the University Hospital Münster and his team on winning the prestigious “EANS2016 Best Abstract Award”. The 2016 EANS Congress was held by the European Association of Neurosurgical Societies from September 4-8, 2016 in Athens, Greece.


The award for the winning abstract titled “’NanoPaste’: Thermotherapy via nanoparticles directly instilled onto glioma resection cavity walls - technique and feasibility[1]” was handed to Dr Mohammed Jaber, who also held the oral presentation in Athens, during the EANS 2016 Closing Ceremony on Thursday, September 8, 2016.


“The abstract introduces a new nanoparticles application technique called ‘NanoPaste’ that was developed for use during thermotherapy in the treatment of glioblastoma and used first in man at our department. The results of our new technique show that we were able to create sufficient nanoparticle concentrations to reach effective thermotherapy in the glioma resection cavity wall and its vicinity. In comparison to stereotactic techniques with all their imponderabilities in scarred and pretreated tissues, application was technically easy, controllable, and quick to perform,” said Dr. Johannes Woelfer, deputy director of the neurosurgical department, Clinic and Policlinic for Neurosurgery, University Hospital Münster, and co-presenter at the 2016 EANS Congress. 


The authors state that the prognosis for glioma patients is still dim especially because most glioma recurrences are observed in the direct vicinity of the original resection cavity after the tumor has been removed. For more local control of remaining tumour infiltration, they conclude, that the promising concept of thermotherapy for tumor ablation and as a radiosensitiser in glioma therapy could be boosted by better applicability of heat-focussing nanoparticles around the resection rim as demonstrated by their "NanoPaste" method. The concept in itself awaits evaluation of survival times and of the cumulative toxic potential of this multimodal regimen, as is currently underway. 


“MagForce congratulates the team of Prof. Stummer and Dr. Woelfer of the University Hospital Münster on this winning abstract,” said Ben Lipps, CEO of MagForce AG. “With keen interest, we follow the developments of the neurosurgeons and radiologists working with NanoTherm™ and their experiences.  We are excited that the "NanoPaste" method, utilizing our proprietary NanoTherm® particles, could be an effective technique for improving treatment outcome for patients.”

 

About EANS 2016

The European Association of Neurosurgical Societies (EANS) is a fast-developing independent association, both of European neurosurgical societies and of individual neurosurgeons from all over the world which arranges congresses, scientific meetings and symposia, including the biennial European Congress of Neurosurgery, the Annual EANS Meetings and European Training courses.


This year’s congress topic of EANS was “Neurosurgery: from the Classics to the future." Exploring the past, present and future of the neurosurgical specialty, the European Congress took an in-depth look at current standards, advances in this field, and gave an outlook for the profession and developments in neurosurgery. The Scientific Porgramme covered the whole neurosurgical spectrum. Invited speakers, most eminent neurosurgeons from both within Europe and throughout the world, considered the benefits of tried and tested ‘classical’ neurosurgical techniques, and compared them with their cutting-edge alternatives, often minimally invasive techniques.  

 

Role of NanoTherm™ Therapy in the Treatment of Brain Tumors

NanoTherm™ therapy is an intratumoral thermotherapy which aims to help patients with brain tumors. It can be used as a monotherapy or in combination with radiotherapy and/or chemotherapy to enhance their effectiveness.


With NanoTherm™ Therapy, the magnetic fluid injected into a tumor is heated through a very fast alternating magnetic field. Through the heat, tumor cells are either destroyed or sensitized for additional therapies such as radiotherapy and/or chemotherapy; thus, the efficacy of the additional therapies is improved.


MagForce AG has CE mark (European Certification) in Germany and in the EU 28 to treat brain tumors with NanoTherm™ Therapy.

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm™ therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc. 


NanoTherm™, NanoPlan®, and NanoActivator®  are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm™, NanoPlan, and NanoActivator®  are trademarks of MagForce AG in selected countries. 

 

For more information, please visit: www.magforce.com         

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list

For any further questions, please contact us at:

Patient Advocacy

Dr. Katarzyna Zarychta
+49 30 95 477 95-66
kzarychta@magforce.com


Media & Investors

Barbara v. Frankenberg
+49 30 30 83 80-77
bfrankenberg@magforce.com

Medical Liaison

Dr. Ulrike Boettcher
+49 89 95 477 95-64
uboettcher@magforce.com

 
 

Disclaimer       

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.
 


[1]M.Jaber1, M.Yavuz1, S. Maring2, W. Stummer1, J.Wölfer; 

1Universitätsklinikum Münster, Neurosurgery, Münster, Germany, 2Universitätsklinikum Münster, 2 Radiation Oncology, Münster, Germany


MagForce AG to present its NanoTherm™ therapy for the treatment of brain tumors at 36th ESSO Congress in Poland

08.09.2016

MagForce AG to present its NanoTherm™ therapy for the treatment of brain tumors at 36th ESSO Congress in Poland 

 

Berlin, Germany and Nevada, USA, September 8, 2016 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today announced its attendance at 36th ESSO Congress, held by the European Society of Surgical Oncology from September 14-16, 2016, in Krakow, Poland.

 

MagForce will be presenting its NanoTherm™ therapy for the treatment of glioblastoma and other brain tumors at booth no. 3.

 

“Every year more than 152 thousand Poles are diagnosed with cancer and over 95 thousand die each year from their disease. Although therapeutic improvements were achieved in the recent years there is still a high medical need for effective treatment options to help patients suffering from cancer disease. Developing and implementing new therapeutic approaches and making them available to patients all over Europe is of utmost importance. We are committed to support patients from Poland to gain access to those valuable approaches such as NanoTherm™ therapy for the treatment of brain tumors. We are therefore pleased to see that thoughtleaders as well as innovative companies in the field of oncology are meeting at the 36th ESSO Congress in Poland.” said Bartosz Polinski, CEO of Alivia – Young People Oncology Foundation. 

 

About ESSO Congress

ESSO’s (European Society of Surgical Oncology) mission is to support its members in advancing the science and practice of surgical oncology for the benefit of cancer patients through a range of activities including education, research and leadership in multidisciplinary care.

The 36th ESSO Congress in partnership with the Polish Society of Surgical Oncology focuses on bridging the disparity between minimum standards of care across Europe, the overarching theme of the Congress is ‘Optimising European Cancer Surgery’.

ESSO 36 is building on the success of previous congresses, lauded for top-quality scientific programmes and exceptional speakers, by providing delegates with unique educational opportunities and a platform to interact and establish new collaborations and engage with key opinion leaders. The Congress will provide insight into state-of-the-art technology and the latest healthcare services within the field of surgical oncology. Key issues in surgical oncology will be discussed over the three days through range of interactive sessions to highlight the significance of a multidisciplinary approach for management of cancer patient care.

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm™ therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc. 

NanoTherm™, NanoPlan®, and NanoActivator®  are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm™, NanoPlan, and NanoActivator®  are trademarks of MagForce AG in selected countries. 

 

For more information, please visit: www.magforce.com         

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list

 

For meeting arrangements or any further questions, please contact us at:

Patient Advocacy

Dr. Katarzyna Zarychta
+49 30 95 477 95-66
kzarychta@magforce.com

Media & Investors

Barbara von Frankenberg
+49 30 30 83 80-77
bfrankenberg@magforce.com

   

 

Disclaimer

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG attends EANS 2016 from September 4-8 in Athens, Greece

31.08.2016

MagForce AG attends EANS 2016 from September 4-8 in Athens, Greece

 

Berlin, Germany and Nevada, USA, August 31, 2016 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today announced that it will participate in the 16th European Congress of Neurosurgery, EANS 2016, held by the European Association of Neurosurgical Societies from September 4-8, 2016 in Athens, Greece. 

 

MagForce will be represented by a booth (No. 17, level 0) and will be available for questions regarding its NanoTherm™ therapy for the treatment of glioblastoma and other brain tumors. Moreover, the team of Prof Dr Walter Stummer, Director of the Department of Neurosurgery, and the lead investigator of the Post-Marketing study at the University Hospital Münster, will have an oral presentation reporting on experiences with the NanoTherm™ therapy.

 

Conference Details:

Speaker:

Dr Mohammed Jaber, Neurosurgeon, Clinic and Policlinic for Neurosurgery, University Hospital Münster

Title of presentation:

“NanoPaste": Thermotherapy via nanoparticles directly instilled onto glioma resection cavity walls - technique and feasibility

Date of presentation:

Tuesday, September 6, 2016; 17:00-19:00 EEST

Location:

Megaron Athens International Conference Center, Leoforos Vasilissis Sofias Ave. & Kokkali St. 1, 115 21 Athens, Greece

MagForce booth:

No. 17, level 0

Contact:

Mohammed.Jaber@ukmuenster.deuboettcher@magforce.com

About EANS 2016

The European Association of Neurosurgical Societies (EANS) is a fast-developing independent association, both of European neurosurgical societies and of individual neurosurgeons from all over the world which arranges congresses, scientific meetings and symposia, including the biennial European Congress of Neurosurgery, the Annual EANS Meetings and European Training courses.

This year’s congress theme of EANS 2016 is “Neurosurgery: from the Classics to the future." Exploring the past, present and future of the neurosurgical specialty, the European Congress will take an in-depth look at current standards, advances in this field, and gives an outlook for the profession and developments in neurosurgery. The Scientific Porgramme will cover the whole neurosurgical spectrum. Invited speakers, most eminent neurosurgeons from both within Europe and throughout the world, will consider the benefits of tried and tested ‘classical’ neurosurgical techniques, comparing them with their cutting-edge alternatives, often minimally invasive techniques.  

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm™ therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc. 

NanoTherm™, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm™, NanoPlan®, and NanoActivator® are trademarks of MagForce AG in selected countries. 

 

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list

 

For meeting arrangements or any further questions, please contact us at:

Medical Liaison

Dr. Ulrike Boettcher
+49 89 95 477 95-64
uboettcher@magforce.com

Media & Investors

Barbara von Frankenberg
+49 30 30 83 80-77
bfrankenberg@magforce.com

 

Disclaimer      

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG publishes Directors' Dealings

30.08.2016

MagForce AG publishes Directors' Dealings

MagForce AG to attend four upcoming international conferences in September

25.08.2016

MagForce AG to attend four upcoming international conferences in September

 

Berlin, Germany and Nevada, USA, August 25, 2016 - MagForce AG (Frankfurt, Entry Standard, Xetra: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, announced today that the Company will participate in four upcoming scientific and investor conferences in September:

 

  • EANS 2016 Congress
    Date: September 4-8, 2016
    Location: Athens, Greece
    Booth: No. 17, level 0
    Presentation: Dr. med. Mohammed Jaber, Clinic and Policlinic for Neurosurgery, University Hospital Münster, "'NanoPaste': Thermotherapy via nanoparticles directly instilled onto glioma resection cavity walls - technique and feasibility", Tuesday, 6 September, 2016, 17:00-19:00 EEST
     
  • Goldman Sachs European Medtech and Healthcare Services Conference
    Date: September 7-8, 2016
    Location: London, UK
    Presentation: Ben J. Lipps, CEO of MagForce AG, Thursday, September 8, 2016; 15:15 BST
     
  • 36th ESSO Congress
    Date: September 14-16, 2016
    Location: Krakow, Poland
    Booth: No. 3
     
  • Berenberg & Goldman Sachs Fifth German Corporate Conference 2016
    Date: September 19-21, 2016
    Location: Munich, Germany
    Presentation: Ben J. Lipps, CEO of MagForce AG, Wednesday, September 21, 2016; 11:45 CET

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm(TM) therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc.

NanoTherm(TM), NanoPlan(R), and NanoActivator(R) are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm(TM), NanoPlan, and NanoActivator(R) are trademarks of MagForce AG in selected countries.

 

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list

 

For meeting arrangements or any further questions, please contact us at:

Patient Advocacy
Dr. Katarzyna Zarychta
+49 30 95 477 95-66
kzarychta@magforce.com

Medical Liaison
Dr. Ulrike Boettcher
+49 89 95 477 95-64
uboettcher@magforce.com

Media & Investors
Barbara v. Frankenberg
+49 30 30 83 80-77
bfrankenberg@magforce.com

  

Disclaimer 

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG announces positive results of 2016 Annual General Meeting

10.08.2016

MagForce AG announces positive results of 2016 Annual General Meeting

 

  • The Annual General Meeting approves all agenda items with a clear majority
  • Executive Board and Supervisory Board have been discharged

Berlin, Germany, August 10, 2016 - MagForce AG (Frankfurt, Entry Standard, Xetra: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, held its Annual General Meeting in Berlin today. The Annual General Meeting approved all resolution items with a clear majority in excess of 98.8 percent.

 

The CEO and Chairman of the Management Board, Dr. Ben J. Lipps, reported the current operational developments and provided an overview of the 2015 fiscal year, as well as an outlook for the current year. Subsequently, he gave an update on the status of the strategic plan.

 

The Management Board presentation is available on the Company's website at www.magforce.de/en/presse-investoren/hauptversammlung.

 

About MagForce AG and MagForce USA, Inc.

 

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm(TM) therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc.

 

NanoTherm(TM), NanoPlan(R), and NanoActivator(R) are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm(TM), NanoPlan, and NanoActivator(R) are trademarks of MagForce AG in selected countries.

 

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list

 

Disclaimer 

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated. 

 

Contact:

Barbara von Frankenberg
Vice President
Communications & Investor Relations

T +49-30-308380-77
E-Mail: bfrankenberg@magforce.com

 

MagForce AG publishes Directors' Dealings

09.08.2016

MagForce AG publishes Directors' Dealings

MagForce AG Supports World Brain Tumor Day 2016 and Announces its Attendance at 67th Annual Meeting of the German Society of Neurosurgery

08.06.2016

MagForce AG Supports World Brain Tumor Day 2016 and Announces its Attendance at 67th Annual Meeting of the German Society of Neurosurgery

 

Berlin, Germany and Nevada, USA, June 8, 2016 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, supports today’s World Brain Tumor Day and acknowledges the global initiative, which was introduced by the German Brain Tumor Association (Deutsche Hirntumorhilfe e.V.) in 2000 to raise awareness for brain tumors and its devastating impact on patients’ and their caregivers’ lives.

 

In addition, MagForce announces its presence at the 67th Annual Meeting of the German Society of Neurosurgery (Deutsche Gesellschaft für Neurochirurgie, DGNC) from June 12-15, 2016 in Frankfurt, Germany. The event is one of the biggest conferences for the neuro-surgical community in Germany and dedicated to large-scale scientific exchange with neurosurgery key opinion leaders. MagForce will be represented with a booth (Hall C3, Booth #05) from June 13 to 15 and will be available for questions regarding its NanoTherm™ therapy for the treatment of glioblastoma and other brain tumors.


About the World Brain Tumor Day

This commemoration day was initialised by the Deutsche Hirntumorhilfe e.V. (German Brain Tumor Association) in 2000. Because brain tumors occur rather seldom in comparison to other cancers, they are little-noticed by the public. With the aim of directing public attention to the situation of brain tumor patients and appealing for solidarity with patients and their dependants, the World Brain Tumor Day takes place every year on June 8th. It is also a reminder directed at the responsible persons in the fields of politics and economy to assume their social responsibility. Active support of research and an increased interdisciplinary collaboration are the ways to develop new therapies and improve the chances of healing. Until that, it is essential to campaign together to advance the quality of life of patients, to give hope and show solidarity – it is essential to send a signal.


Role of NanoTherm™ Therapy in the Treatment of Brain Tumors

NanoTherm™ therapy is an intratumoral thermotherapy which aims to help patients with brain tumors. It can be used as a monotherapy or in combination with radiotherapy and/or chemotherapy to enhance their effectiveness.

 

With NanoTherm™ Therapy, the magnetic fluid injected into a tumor is heated through a very fast alternating magnetic field. Through the heat, tumor cells are either destroyed or sensitized for additional therapies such as radiotherapy and/or chemotherapy; thus, the efficacy of the additional therapies is improved.

 

NanoTherm™ therapy was already clinically tested on approximately 90 patients with brain tumors and about 80 patients with other tumors such as pancreatic, prostate or esophageal cancer.

 

MagForce AG has CE mark (European Certification) in Germany and in the EU 28 to treat brain tumors with NanoTherm™ Therapy.


About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc.

 

NanoTherm™, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.


Get to know our Technology: video (You Tube) 

Stay informed and subscribe to our mailing list.

For meeting arrangements or any further questions, please contact us at:

Patient Advocacy
Dr. Katarzyna Zarychta
+49 30 95 477 95-66
kzarychta@magforce.com
 
Medical Liaison
Dr. Ulrike Boettcher
+49 89 95 477 95-64
uboettcher@magforce.com
 
Media & Investors
Barbara v. Frankenberg
+49 30 30 83 80-77
bfrankenberg@magforce.com
 
 
 

 

Disclaimer 
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG Publishes Financial Results for the Year 2015 and Operative Highlights

30.06.2016

  • Installation of further NanoActivator® devices at University hospitals in Cologne and Frankfurt and start of commercial treatments of brain tumors at renowned clinics in Germany 
  • Vivantes Friedrichshain, Department of Neurosurgery, has initiated commercial NanoTherm™ treatments for brain cancer in collaboration with Charité – Univeritätsmedizin Berlin 
  • The first clinical US NanoActivator® was successfully installed in Seattle, Washington, near the University of Washington Medical Center, and is currently utilized for pre-clinical registration studies


Berlin, Germany, and Nevada, USA, June 30, 2016 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, published today its financial results as of and for the year ended December 31, 2015 as well as operative highlights. 

Operative Highlights: 


Brain Cancer NanoTherm™ Therapy at MagForce AG 
In Germany, MagForce AG installed three additional NanoActivator® devices and qualified two of these for treatment of brain tumors during 2015, so MagForce started into the year 2016 with six NanoActivator® clinics in Germany participating in the Post Marketing Study. Four of these NanoActivator® clinics are also providing the commercial NanoTherm™ treatment of brain tumors patients. 


In April 2016, Vivantes Friedrichshain, Berlin, Department of Neurosurgery, has initiated commercial NanoTherm™ treatments for brain cancer in collaboration with Charité - Universitätsmedizin Berlin, Clinic for Radiation Therapy, which is also participating in the ongoing Post-Marketing Study. Vivantes Friedrichshain offers NanoTherm™ therapy to commercial patients in Berlin in conjunction with their excellent working relationship with the Clinic for Radiation Therapy of the Charité - Universitätsmedizin Berlin. This cooperation between the Charité and Vivantes will provide the opportunity for patients from outside Germany to obtain this NanoTherm™ therapy in Berlin, which is strategically close to Eastern European countries.
 
Prostate Cancer Therapy at MagForce USA, Inc. 
In the U.S., MagForce USA, Inc. has filed an Investigational Device Exemption (IDE) with the USA Food and Drug Administration (FDA) for NanoTherm™ therapy to treat Intermediate Risk Prostate Cancer and MagForce is working with the FDA to update preclinical studies, which were conducted approximately ten years ago, to current US regulatory standards. These preclinical studies are underway with interim results clearly supporting the earlier European data. Significant progress was made toward adapting NanoTherm™ therapy as a focal treatment for prostate cancer. MagForce’s NanoTherm™ therapy for the focal treatment of prostate cancer is viewed as a very promising complement to current treatment approaches. 


The purpose of the proposed Focal Thermal Ablation Registration study that will enroll up to 120 men is to demonstrate that NanoTherm™ can ablate cancer lesions for patients who have Gleason Score 7 prostate cancer and are under active surveillance. By ablating the lesions, patients will be able to maintain active surveillance and avoid surgery and other treatments all with well-known side effects like impairment of urinary and sexual functions. It is expected that the registration clinical trial will prove that NanoTherm™ therapy can fulfill the desired outcome in the focal treatment of prostate cancer. 


During 2015, MagForce successfully installed the first clinical NanoActivator® in Seattle, Washington, near the University of Washington Medical Center. It is operational and is being utilized for pre-clinical studies and will be utilized for the Focal Thermal Ablation Registration Study for prostate cancer. This NanoActivator® is similar in design to the NanoActivator® devices operating at university hospitals in Germany. However, the USA NanoActivator® has been modified to apply NanoTherm™ therapy for the treatment of prostate cancer in addition to the treatment of brain tumors.

Financial Results and Outlook: 



Results of operations, net assets and financial position
MagForce's financial development in the fiscal year 2015 was in line with the Company's expectations. MagForce started commercialization of its NanoTherm™ therapy and reached additional important milestones. 
Net loss was at EUR 1.5 million, so that is EUR 0.5 million above the previous year (2014: EUR 1.0 million). 

Adjusted for the effect of out-licensing of U.S. rights to develop and commercialize NanoTherm™ therapy net loss for the year decreased by EUR 3.3 million from EUR 7.9 million in 2014 to EUR 4.6 million in 2015. The decrease of the net loss adjusted for the out-licensing effects is due to the sale of four NanoActivator® devices to MagForce USA, Inc., first commerical treatments of patiens with the NanoTherm™ therapy and reduced operating costs. The out-licensing of development and commercialization rights resulted in other operating income of EUR 3.0 million in 2015 (2014: EUR 6.9 million). Despite a slight increase of the average number of employees, personnel costs have been reduced by EUR 0.3 million to EUR 2.7 million (2014: EUR 3.0 million). Personnel expenses amounting to EUR 0.6 million (2014: EUR 0.3 million) were charged to subsidiaries. Other operating expenses decreased by EUR 1.5 million to EUR 3.2 million (2014: EUR 4.7 million) and thus developed as forecast. 


Sales revenues 2015 amounted to EUR 2.6 million (2014: nil) and include revenues from the sale of four NanoActivator® devices to MagForce USA, Inc. (EUR 2.4 million) as well as commercial treatment of patients with the NanoTherm™ therapy (EUR 0.2 million).


Cash outflow from operating activities amounted to EUR 5.1 million, compared to EUR 8.7 million in the previous year. 


Liquid funds of the Company include cash, cash equivalents as well as short term loans and amount to EUR 4.5 million (December 31, 2014: EUR 11.2 million). MagForce’s liquidity has developed as expected by management and therefore is in line with the forecast at the end of 2015. No capital measures have been executed in 2015. The Company started commercialization and reached further important milestones in this regard.  


To enforce the USA market entry, MagForce AG and MagForce USA, Inc. have enforced the ambulatory prostate NanoActivator® chair development. MedTech Engineering, a 100% MagForce AG subsidiary, has established an accelerated development program starting July 1, 2016. To facilitate this development time schedule, MagForce AG was granted a credit line of USD 2.5 million by MagForce USA, Inc.


To provide the USA based subsidiary with resources for an accelerated launch of the Prostate Focal NanoTherm™ therapy after the NanoTherm™ therapy is cleared for sale, Lipps & Associates, LLC has provided a USD 3.0 million line of credit for MagForce USA, Inc.

Outlook 2016 
Looking forward, MagForce will focus on the start of the registration study of NanoTherm™ therapy for the treatment of prostate cancer in the USA through its subsidiary MagForce USA, Inc. Further, MagForce will continue the development of the commercialization of NanoTherm™ therapy for the treatment of brain tumors in Germany and its neighbor countries, which started in 2015, and will start to develop an ambulatory NanoActivator® device for prostate cancer.


For the financial year 2016 the Company expects a thorough increase in revenues from the treatment of patients with NanoTherm™ therapy compared to last year. A more economical enterprise resource planning will result in further reduced operating costs. Adjusted for the special effects of the out-licensing transaction in 2015 that reduced the net loss by EUR 3.0 million, the Company expects a markable reduction of the net loss for the fiscal year 2016.  


By intensifying cooperations with local and international patient organizations, MagForce aims to further establish NanoTherm™ therapy and to increase the number of patient inquiries. Furthermore new ways of reimbursement in Germany and selected countries will be established to make NanoTherm™ therapy available to as many patients as possible. Also, the Company plans to enhance its presence on appropriate events and its collaboration with foreign patient organizations. Those measurements are expected to generate sustainable sales. 


With its liquidity and current plans, the Company will be able to cover its operating expenses through 2017.

About MagForce AG and MagForce USA, Inc.
MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm™ therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc. 


NanoTherm™, NanoPlan®, and NanoActivator®  are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm™, NanoPlan, and NanoActivator®  are trademarks of MagForce AG in selected countries. 
  
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Disclaimer    
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated. 

MagForce AG Supports Brain Cancer Patient Event of University Hospital Münster in the run-up to World Brain Tumor Day 2016

24.05.2016

MagForce AG Supports Brain Cancer Patient Event of University Hospital Münster in the run-up to World Brain Tumor Day 2016

 

Berlin, Germany and Nevada, USA, May 24, 2016 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today announced that the Company is participating in the event for brain cancer patients and their relatives which will be hosted by the Brain Tumor Center of University Hospital Münster on May 27, 2016 in the run-up to World Brain Tumor Day. 

 

The event includes a guided tour and a workshop to inform the persons concerned about the important and supporting concomitant therapies like art- and sports therapy to psychooncologically support the patients as well as about treatment options for brain cancer. The event will take place at the Pablo Picasso Museum of Graphic Art in Münster, Germany, on Friday 27, 2016, from 15.00 to 17:00 CET. MagForce will be available for questions regarding its NanoTherm™ therapy and will be represented by a booth in the foyer of the museum. 

 

The University Hospital Münster was the second clinic to install a NanoActivator® device, following the Charité University Hospital in Berlin. Prof. Dr. med. Walter Stummer, Director of the Neurosurgery Department at the University Hospital Münster and Chair of the UKM Brain Tumor Centre, has initiated the NanoTherm™ therapy for treatment of brain tumors patients beginning of 2015 in addition of being the lead investigator of the Magforce post-marketing clinical trial.

 

About the World Brain Tumor Day

This commemoration day was initialised by the Deutsche Hirntumorhilfe e.V. (German Brain Tumour Association) in 2000 with the aim of directing public attention towards this little-known disease. Because brain tumours occur rather seldom in comparison to other cancers, they are little-noticed by the public. The World Brain Tumour Day calls public attention to the situation of brain tumour patients and appeals for solidarity with patients and their dependants. It is also a reminder directed to the responsible persons in the fields of politics and economy to assume their social responsibility. Active support of research and an increased interdisciplinary collaboration are the ways to develop new therapies and improve the chances of healing. Until that, it is essential to campaign together to advance the quality of life of patients, to give hope and show solidarity – it is essential to send a signal.

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc. 

 

NanoTherm™, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries. 

     

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Disclaimer       

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.


Contact:
Barbara von Frankenberg
Vice President Communications & Investor Relations
MagForce AG
Phone +49 30 308 380-77
E-mail: bfrankenberg@magforce.com

MagForce AG Announces Initiation of Commercial NanoTherm(TM) Treatments for Brain Cancer at Vivantes Friedrichshain in collaboration with Charité - Universitätsmedizin Berlin

26.04.2016

MagForce AG Announces Initiation of Commercial NanoTherm(TM) Treatments for Brain Cancer at Vivantes Friedrichshain in collaboration with Charité - Universitätsmedizin Berlin 

 

Berlin, Germany and Nevada, USA, April 26, 2016 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today announced that Vivantes Friedrichshain, Department of Neurosurgery has initiated Commercial NanoTherm(TM) Treatments for brain cancer in collaboration with Charité - Universitätsmedizin Berlin, Clinic for Radiation Therapy who is participating also in the ongoing post-marketing study.

 

NanoTherm(TM) Therapy is a brain tumor therapy that has CE certifications for the treatment of all brain cancers. It is used to enhance the effect of conventional radiation therapy. NanoTherm(TM) Therapy is applied by heating of the tumor from inside using nanoparticles, which are directly positioned neurosurgically into the tumor and are subsequently activated contactless to the patient by an alternating magnetic field. Preferentially, NanoTherm(TM) was successfully applied to the most malignant brain tumor which is Glioblastoma multiforme.

 

Dr. Ben Lipps, CEO of MagForce, stated, "We are pleased to have Vivantes Friedrichshain offer NanoTherm therapy to commercial patients in Berlin in conjunction with their excellent working relationship with the Clinic for Radiation Therapy of the Charité - Universitätsmedizin Berlin, which was the original development location of the NanoTherm Therapy. This cooperation between the Charité and Vivantes will provide the opportunity for patients from outside Germany to obtain this NanoTherm(TM) Therapy in Berlin, which is strategically close to Eastern European countries."

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc.

 

NanoTherm(TM), NanoPlan(R), and NanoActivator(R) are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.

 

Get to know our Technology: video (You Tube)

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Contact:

Barbara von Frankenberg
Vice President Communications & Investor Relations
MagForce AG

P +49 30 308 380-77
F +49 211 529252-99

E-mail: bfrankenberg@magforce.com

Disclaimer 

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG Publishes its First Shareholder Letter 2016

17.03.2016

MagForce AG Publishes its First Shareholder Letter 2016

 

Berlin, Germany, and Nevada, USA, March 17, 2016 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today published its first Shareholder Letter 2016: 

"Dear MagForce Shareholders, 

The year 2015 was a very active and productive year for MagForce AG and MagForce USA. During 2015, MagForce AG installed three additional NanoActivators(R) in Germany and qualified two of these NanoActivator(R) devices for treatment of brain tumors. 

We begin 2016 with six operational NanoActivator(R) clinics in Germany participating in our Post Marketing Study. Four of these NanoActivator(R) clinics are also providing the NanoTherm(TM) treatment of brain tumors to commercial patients. However, our commercial treatment rate was slow in 2015. 

Since we had sufficient installations in place during the back half of 2015, we have expanded our Commercial Patient Program with the recruitment of an experienced commercial development team with the primary focus on countries near Germany. 

With the initiation of our new Commercial Patient Program and the expansion of our website to offer patient information in seven languages, our patient inquiries per month have significantly increased but are still at about 30% of our monthly target for 2016. As we continue to implement our commercial marketing plans, we expect the inquiry gap to close. 

During 2016, MagForce AG expects to advance the reimbursement status for the NanoTherm(TM) therapy for the treatment of brain tumors (both primary and recurrent brain tumors), beyond the single case, charity funding and self-pay used in 2015. 

In summary, MagForce AG has successfully moved into the commercial phase of its development and we are optimistic that we can achieve the next level of success with this very valuable therapy for the treatment of Brain Tumors. 

MagForce USA has also made significant progress toward adapting NanoTherm(TM) therapy as a focal treatment for prostate cancer. Our NanoTherm(TM) therapy for the focal treatment of prostate cancer is viewed as a very promising complement to current treatment approaches. MagForce USA, Inc. has filed an Investigational Device Exemption (IDE) with the USA Food and Drug Administration (FDA). 

The purpose of the proposed registration study that will enroll up to 120 men is to demonstrate that NanoTherm(TM) can ablate cancer lesions for patients who have Gleason Score 7 prostate cancer and are under active surveillance. By ablating the lesions, patients will be able to maintain active surveillance and avoid surgery and other treatments all with well-known side effects like impairment of urinary and sexual functions. 

This is indeed a significant milestone for MagForce USA, Inc. and MagForce AG. Men enrolled in active surveillance programs could potentially benefit from this focal therapy after registration in the USA. We believe the registration clinical trial will prove that NanoTherm(TM) therapy can fulfill the desired outcome. We are working with the FDA to advance the IDE approval and in parallel, are developing the clinical treatment sites. The first clinical treatment site is operational and will be used in the short-term to provide, as needed, the required preclinical study data. 

Investor Relations 

In the first half of 2015 we presented at: Morgan Stanley European MedTech & Services Conference in London, 27th Annual ROTH Conference in Dana Point, USA, Bank of America Merrill Lynch 2015 Health Care Conference in Las Vegas, Berenberg European Conference USA in Tarrytown, as well as 19th MKK - Munich Capital Market Conference and Deutsche Bank dbAccess German, Swiss & Austrian Conference 2015 in Berlin in Germany. We have also conducted roadshows in Paris, Frankfurt, London, Vienna and Munich. 

In September, we presented at Berenberg & Goldman Sachs European Medtech & Healthcare Services Conference 2015 in London, as well as, Berenberg & Goldman Sachs Fourth Annual German Corporate Conference in Munich. In November, we presented at the German Equity Forum in Frankfurt. 

We, at MagForce, are very excited to announce the expansion of our In-House Investor Relations Team focused on serving our Investors. As of March, long time Investor Relations professional, Barbara von Frankenberg, joined our team as Vice President Communications & Investor Relations. She will be your contact for Investor Relations related questions. Please contact her in German or English at bfrankenberg@magforce.com or by phone (+49 30 30 83 80 0) or in the USA at (001) 657-261-3212. 

In summary, we are successfully moving forward on our exciting and challenging path to develop NanoTherm(TM) therapy into a valued therapy for the treatments of brain cancer and prostate cancer. The year 2016 continues to be a very important, challenging but another exciting year for MagForce's development. 

I would like to thank our talented and dedicated staff who are creating the successes. Again, thank you for your interest and support of MagForce. 

Sincerely, 
Dr. Ben Lipps 
Chief Executive Officer & Chairman of the Management Board" 

About MagForce AG and MagForce USA, Inc.
MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc. 

NanoTherm(TM), NanoPlan(R), and NanoActivator(R) are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.

For more information, please visit: www.magforce.com.
Get to know our Technology: video (You Tube)
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Disclaimer 

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

Contact: 
Barbara von Frankenberg 
Vice President 
Communications & Investor Relations 

T +49-30-308380-77 
E-Mail: bfrankenberg@magforce.com

 

MagForce AG appoints Barbara von Frankenberg as Vice President Communications & Investor Relations

16.03.2016

MagForce AG appoints Barbara von Frankenberg as Vice President Communications & Investor Relations

 

Berlin, Germany, and Nevada, USA, March 16, 2016 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, announced today that Mrs. Barbara von Frankenberg has joined MagForce as Vice President Communications & Investor Relations. Barbara von Frankenberg will manage Magforce's relations with investors and analysts in Europe and in the U.S. 

Prior to joining MagForce, Barbara von Frankenberg spent 16 years as Investor Relations Manager, holding senior roles with publicly listed high-tech companies. 

"Barbara von Frankenberg is a highly dynamic executive with more than 15 years of experience in finance and communication, making her an excellent addition to our team. She will be one of the key liaisons between MagForce and the investment community and she will also manage the Company's Corporate Communications function", said Ben Lipps, CEO of MagForce.

About MagForce AG and MagForce USA, Inc.
MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc. 

NanoTherm(TM), NanoPlan(R), and NanoActivator(R) are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.

For more information, please visit: www.magforce.com.
Get to know our Technology: video (You Tube)
Stay informed and subscribe to our mailing list.


Disclaimer 

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

Contact: 
Barbara von Frankenberg 
Vice President 
Communications & Investor Relations 

T +49-30-308380-77 
E-Mail: bfrankenberg@magforce.com

 

MagForce USA Installs the First Clinical NanoActivator® in the USA

23.11.2015

MagForce USA Installs the First Clinical NanoActivator® in the USA

 

Berlin, Germany, and Nevada, USA, November 23, 2015 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, announced today that MagForce USA, Inc., MagForce AG’s US subsidiary, has successfully installed the first clinical NanoActivator® in the USA. This NanoActivator® is similar in design to the five NanoActivator® devices operating at University Hospitals in Germany applying NanoTherm™ Therapy for the treatment of Brain Tumors. However, the USA NanoActivator® has been modified to apply NanoTherm™ Therapy for the treatment of Prostate Cancer in addition to the treatment of Brain Tumors.

 

The USA NanoActivator® is located in Seattle, Washington, near the University of Washington Medical Center, and will be utilized in the Focal Thermal Ablation Registriation Study for Prostate Cancer for which the Company has filed an Investigational Device Exemption (IDE) with The US Food and Drug Administration (FDA) in May 2015.


About MagForce AG and MagForce USA, Inc.


MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc. 

 

NanoTherm™, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.

 

 

For more information, please visit: www.magforce.com

Get to know our Technology: video (You Tube)

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Disclaimer 

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG Publishes Financial Results for the First Half of 2015 and Operative Highlights

30.09.2015

MagForce AG Publishes Financial Results for the First Half of 2015 and Operative Highlights

 

FULL REPORT

  • Installation of further NanoActivator devices at University hospitals in Cologne and Frankfurt
  • Start of commercial treatments at three renowned clinics in Germany and expansion of commercial brain therapy recruitment
  • Pre-Submission meeting with the US FDA for MagForce's NanoTherm focal therapy for Intermediate Risk Prostate Cancer and filing of Investigational Device Exemption (IDE)
  • Extension of outlicensing NanoTherm therapy in the territories Mexico and Canada leads to proceeds of EUR 3.0 million
  • Outlook for 2015 confirmed


Berlin, Germany, and Nevada, USA, September 30, 2015 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, published today financial results for the first half of 2015, ending on June 30, 2015, and operative highlights.

 

"I am pleased to report that we continue to make progress toward achieving our 2015 targets and setting the stage for a successful year 2016. At the end of this year we will have six NanoActivator devices operational in Germany and additional centers trained to perform the instillation of the nanoparticles, giving us sufficient capacity to complete enrollment in our Post-Marketing Glioblastoma Study and as well as to accomplish our commercial treatment targets through 2017. Although we expect to meet our 2015 financial target as forecasted to date, we have achieved less revenue from commercial patients than planned. Clearly this is below my target, but we have taken measures to accelerate this pace to achieve our 2016 objectives. We are in the process of expanding our commercial brain therapy recruitment. In addition, we have expanded the opportunity for NanoTherm therapy to treat primary Glioblastoma Brain Tumors in combination with surgery and radiation. These and other measures will enable an increasing number of patients to benefit from NanoTherm therapy," commented Dr. Ben J. Lipps, CEO of MagForce AG and MagForce USA, Inc. "Regarding the application of our NanoTherm therapy for the focal treatment of Prostate Cancer, MagForce USA, Inc. has filed an IDE with the USA Food and Drug Administration (FDA) in May. This is a significant milestone for MagForce USA, Inc. and MagForce AG. The study treatment uses MagForce's proprietary NanoTherm technology to completely ablate Prostate Cancer lesions. We believe the registration clinical trial will prove that NanoTherm therapy can fulfill the desired outcome and we are now working with the FDA to advance the registration approval in the USA."


Results of operations, net assets and financial position

In the first half of 2015, MagForce has started commercialization and reached further important milestones. This led to revenues of EUR 1.3 million from the sale of the NanoTherm therapy to commercial patients and the sale of two NanoActivator devices to MagForce USA, Inc. Net profit was EUR 0.5 million (previous year: EUR 3.8 million), mainly due to the extension of the outlicensing of NanoTherm therapy in the territories of Mexico and Canada which led to proceeds amounting to EUR 3.0 million. The previous year's net profit was mainly due to the outlicensing of NanoTherm therapy in the US territory for the treatment of Prostate Cancer which led to proceeds of EUR 6.9 million. Adjusting for these outlicensing effects, net loss for the period was reduced by EUR 0.6 million compared to the previous year's loss. Other operating expenses decreased by EUR 0.6 million primarily due to lower legal and consulting costs and the reduction of patent costs. Other operating income amounted to EUR 3.6 million (previous year: EUR 7.1 million) and is mainly due to the outlicensing of the US rights to MagForce Ventures GmbH.
Cash outflows from operating activities amounted to EUR -3.8 million (previous year:
EUR -3.5 million), mainly as a result of accelerating the operating business. The available liquidity at the end of the period was EUR 5.5 million (December 31, 2014: EUR 9.1 million).


Financial outlook 2015 

The financial outlook for the year 2015, as reported in the 2014 annual report published on June 30, 2015, was reaffirmed by management. Those forecasts and statements therefore continue to apply.

 

Given the rollout plan and the ongoing clinical study, the Company expects the net loss for the fiscal year 2015 to be higher than in 2014. This increase in net loss is due to the reduction of special measures taken in 2014 from the out-licensing of distribution rights and to increased commercialization efforts, which can be seen in the context of the corresponding focus of the Company on key strategic value drivers. However, management expects revenues from commercial patients to start in 2015. For the fiscal year 2015, MagForce AG is forecasting a lower negative operating cash flow, which is partly due to increased cash revenue from product sales.


Investor Relations

Shareholders have been informed about current developments via a quarterly letter to shareholders, and four analysts are now covering MagForce AG. Additionally, research updates were presented by Berenberg (EUR 8.65) and Hauck & Aufhäuser (EUR 12.40). Futhermore, GBC AG initiated research coverage and presented an update. The target price in the update was increased from EUR 13.20 to EUR 14.30. All reports are listed on the Company's website www.magforce.com.

 

For a detailed overview of our Investor Relations activities, conferences and roadshows, please see the chapter "Shares and Investor Relations" of the full half year report.


About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc.

 

NanoTherm, NanoPlan, and NanoActivator are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm(TM), NanoPlan(R), and NanoActivator(R) are trademarks of MagForce AG in selected countries.

 

For more information, please visit: www.magforce.com

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list.


Disclaimer 

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

 

Contact:
Anne Hennecke
MC Services AG

T +49 211 529252-22
F +49 211 529252-29

Email: anne.hennecke@mc-services.eu

 

MagForce AG announces positive results of 2015 Annual General Meeting

18.08.2015

MagForce AG announces positive results of 2015 Annual General Meeting

 

  • The Annual General Meeting approves all agenda items with a clear majority
  • Executive Board and Supervisory Board have been discharged

Berlin, Germany, August 18, 2015 - MagForce AG (Frankfurt, Entry Standard, Xetra: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, held its Annual General Meeting in Berlin today. The Annual General Meeting approved all resolution items with a clear majority.

 

The CEO and Chairman of the Management Board, Dr. Ben J. Lipps, explained the current operational developments in detail and provided an overview of the 2014 fiscal year, as well as an outlook for the current year. Subsequently, he updated the status of his strategic five-year plan.

 

The Management Board and Supervisory Board were pleased by the positive election results.


The Management Board presentation is available on the Company's website at www.magforce.de/en/presse-investoren/hauptversammlung.


About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm(TM) therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc.

NanoTherm(TM), NanoPlan(R), and NanoActivator(R) are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries.

For more information, please visit: www.magforce.com 
Get to know our Technology: video (You Tube) 
Stay informed and subscribe to our mailing list.

Disclaimer 

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

Contact: Anne Hennecke MC Services AG T +49 211 529252-22 F +49 211 529252-29 Email: anne.hennecke@mc-services.eu

 

 

MagForce AG Publishes Financial Year Results 2014 and Operative Highlights

30.06.2015

MagForce AG Publishes Financial Year Results 2014 and Operative Highlights

 

  • Start of clinical post-marketing study with glioblastoma (GBM) patients
  •  Installation of further NanoActivator(R) devices at University hospitals in Cologne and Frankfurt and start of commercial treatments at three renowned clinics in Germany (after period-end)
  • Incorporation of subsidiary MagForce USA, Inc. and successful closing of a growth financing round under the lead of Mithril Capital Management
  • Pre-Submission with the US FDA for MagForce's NanoTherm(TM) Focal Therapy for Intermediate Risk Prostate Cancer and filing of Investigational Device Exemption (IDE, after period-end)
  • Successful capital increase for MagForce AG

 

Berlin, Germany, and Nevada, USA, June 30, 2015 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, published today its financial results for the fiscal year ending on December 31, 2014 and operative highlights.

 

Operative Highlights:

 

Brain Cancer NanoTherm(TM) Therapy at MagForce AG

After establishing two further NanoActivator(R) devices at the University Hospitals in Münster and Kiel, in addition to the one at University Medical Center Charité in Berlin at the end of 2013, MagForce treated the first patient in its resumed Post Marketing Study MF 1001 in the first quarter of 2014. Additional NanoActivator(R) devices became operational in the world class hospitals in Frankfurt and Cologne during the first half of 2015, and the installation of the sixth NanoActivator(R) at the University Hospital at Göttingen is on schedule. This gives MagForce sufficient capacity to complete enrollment in its Post Marketing Glioblastoma Study as well as to accomplish its commercial treatment targets through 2017.

 

Commercial NanoTherm(TM) treatments have restarted in early 2015 and can now be more broadly performed, as NanoTherm(TM) therapy has CE certifications for the treatment of all Brain Cancers while the application of NanoTherm(TM) therapy in the Post Marketing Study is limited to recurrent Glioblastoma.

 

Prostate Cancer Therapy at MagForce USA, Inc.

Regarding the application of NanoTherm(TM) therapy for the focal treatment of Prostate Cancer, MagForce's unique technology is viewed as a very promising complement to current treatment approaches. In November 2014, the Company filed a Pre-Submission for NanoTherm(TM) therapy in intermediate risk Prostate Cancer with the FDA's Center for Devices and Radiological Health. Subsequently, in January 2015, an in-person meeting was held to discuss the agency's response. During this meeting MagForce received very constructive feedback on its submission and gained an understanding of the pathway to market in the USA. Based on this, MagForce USA, Inc. has recently filed an IDE with the FDA, and is now preparing itself to start the registration trial, once approved. The study, which is expected to enroll 120 patients, uses MagForce's NanoTherm(TM) technology to completely ablate Prostate Cancer lesions. By ablating the lesions, patients should be able to maintain active surveillance and avoid surgery and other treatments, with all the well-known side effects like impairment of urinary and sexual functions.

 

Corporate Update 

On March 10, 2014, MagForce AG incorporated MagForce USA, Inc., based in Nevada, USA, as a wholly owned subsidiary. This company will be responsible for opening up the North American market (USA, Puerto Rico, Mexico, Canada) for the Company's technologies and products. To strengthen the strategic focus of MagForce USA, Inc., all shares of MagForce Ventures GmbH were transferred to MagForce USA, Inc. against the issuance of 5,000,000 shares on May 15, 2014. In addition, a growth financing round was closed in the further course of 2014, with total proceeds of USD 15 million and an option to increase the size of the round to USD 30 million. Mithril Capital Management, founded by Ajay Royan and Peter Thiel, and MagForce AG are investors and strategic partners of MagForce USA, Inc. Because of the previously transferred prostate indication rights to MagForce Ventures GmbH, the US company is now fully able to start the process of developing and marketing NanoTherm(TM) therapy in this indication by itself.

 

Financial Results and Outlook:

 

Results of operations, net assets and financial position

MagForce's financial development in the fiscal year 2014 was in line with the Company's expectations. MagForce came closer to commercialization of its NanoTherm(TM) therapy and reached additional important milestones. Net loss was at EUR 1.0 million, so that is EUR 0.6 million below the previous year. However, excluding in both years the effects of outlicensing NanoTherm(TM) therapy rights for prostate cancer and brain tumors for the North America region (2014: EUR 6.9 million; 2013: EUR 5.2 million), net loss increased by EUR 1.2 million. This was mainly due to higher personnel costs resulting from an increased average staff number, the enlargement of the Management Board, and bonus payments in connection with financing rounds. Other operating expenses were affected by the increase of Investor Relations activities relating to the financing rounds in 2014, and associated rises in travel, legal, and consulting costs. Accordingly, operating expenses developed as forecasted.

Cash outflow from operating activities amounted to EUR 8.7 million, compared to EUR 6.8 million in the previous year. This increase relates primarily to higher operating expenses.

Liquidity at the end of 2014 was EUR 9.2 million, so this figure was nearly unchanged from the previous year (EUR 9.3 million). Overall, our capital structure has improved significantly in the last few years.

 

Outlook 2015

Looking forward, MagForce will have completed its target of installing and operating six NanoActivators(R) in Germany during the third quarter of 2015. This accomplisment will provide an operational clinical NanoTherm(TM) therapy structure to demonstrate expected medical value of NanoTherm(TM) therapy for the treatment of brain tumors as well as to continue the Post Marketing Glioblastom Study in Germany. During the second half of 2015, MagForce AG will also expand its efforts to establish a reimbursement structure for commercial NanoTherm(TM) brain cancer therapy in addition to that of private pay.

With respect to the Company's expansion phase outside Germany, MagForce USA, Inc. plans to submit an IDE with the FDA for the treatment of brain cancer with NanoTherm(TM) therapy after the approval has been granted for its IDE for the NanoTherm(TM) treatment of Intermediate Risk Prostate Cancer.

Given the roll-out plan and the ongoing clinical study, the Company expects the net loss for the fiscal year 2015 to be higher than in 2014. This increase is due to the discontinuation of special measures taken in 2014 from the out-licensing of distribution rights and to increased commercialization efforts, which can be seen in the context of the corresponding focus of the Company on key strategic value drivers. However, management expects revenues from commercial patients to start in 2015. MagForce treated a limited number of patients during the first half of 2015 but the Company expect to accelerate this process as 2015 progresses. For the fiscal year 2015, MagForce AG is forecasting a lower negative operating cash flow, which is partly due to increased cash revenue from product sales.

With its liquidity the Company will be able to cover its expenses until 2017.

 


About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm(TM) therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc.

 

NanoTherm(TM), NanoPlan(R), and NanoActivator(R) are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm(TM), NanoPlan(R), and NanoActivator(R) are trademarks of MagForce AG in selected countries.

 

For more information, please visit: www.magforce.com

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list.

 

Disclaimer 

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.



Contact:
Anne Hennecke
MC Services AG

T +49 211 529252-22
F +49 211 529252-29

Email: anne.hennecke@mc-services.eu

 

MagForce AG Publishes its Second Shareholder Letter 2015

08.06.2015

MagForce AG Publishes its Second Shareholder Letter 2015

 

Berlin, Germany, and Nevada, USA, June 08, 2015 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today published its second Shareholder Letter 2015: 

 

“Dear MagForce Shareholders,

 

I am pleased to report that we continue to make progress toward achieving our 2015 targets.  

 

Brain Cancer NanoTherm™ Therapy at MagForce AG

 

Installation of additional NanoActivator® devices in Germany to treat Brain Cancer: The installation process of NanoActivator® devices in the world class hospitals in Frankfurt and Cologne has been completed. The installation of the sixth NanoActivator® at the University Hospital at Göttingen is on schedule and expected to be operational in the third quarter of 2015. At the end of the year we will have six devices operational in Germany and additional centers trained to perform the instillation of the nanoparticles, giving us sufficient capacity to complete enrollment in our Post Marketing Glioblastoma Study and as well as to accomplish our commercial treatment targets through 2017. 

 

Commercial NanoTherm™ treatments have been performed at three of the NanoActivator® clinics so far, providing the opportunity for the medical staff at these sites to determine the optimum medical application of NanoTherm™ for the treatment of brain tumors. NanoTherm™ therapy has CE certifications for the treatment of all Brain Cancers in contrast to the Post Marketing Study, which focuses on recurrent Glioblastoma, a single and highly malignant form of brain tumor. At the beginning of commercial treatments, our medical colleagues do rightfully proceed with caution as they apply the NanoTherm™ therapy to patients. We expect to treat a limited number of patients during the first half of 2015 but accelerate as 2015 progresses.

 

In summary, we will have completed our target of installing and operating six NanoActivators® in Germany during the third quarter of 2015. This accomplisment will provide an operational clinical NanoTherm™ therapy structure to demonstrate expected medical value of NanoTherm™ therapy for the treatment of brain tumors as well as to continue the Post Marketing Study.

 

The MagForce clinical team in Germany is focused solely on the treatment of brain tumors with NanoTherm™ therapy at the six world class German hospitals. During the second half of 2015, MagForce AG will expand its efforts to establish a reimbursement structure for commercial NanoTherm™ brain therapy in addition to that of private pay.

 

With respect to our expansion phase outside Germany, MagForce USA, Inc. plans to submit an Investigate Device Exemption (IDE) for the treatment of brain cancer with NanoTherm™ therapy after the approval has been granted for its IDE for the NanoTherm™ treatment of Intermediate Risk Prostate Cancer.

 

Prostate Cancer Therapy at MagForce USA, Inc.

 

Regarding the application of our NanoTherm™ therapy for the focal treatment of Prostate Cancer, our unique technology is viewed as a very promising complement to current treatment approaches. In January 2015 an in-person meeting was held with the U.S. Food and Drug Administration’s (FDA) Center for Devices and Radiological Health to discuss FDA’s response to our NanoTherm™ Prostate Cancer Therapy Pre-Submission of November 2014. We received very constructive feedback on our submission and have an understanding of the pathway to market in the USA of our therapy to focally ablate Prostate Cancer. MagForce USA, Inc. has recently filed an Investigational Device Exemption (IDE) with the USA Food and Drug Administration (FDA). The study treatment uses MagForce’s proprietary NanoTherm™ technology to completely ablate Prostate Cancer lesions.

 

The purpose of the proposed study, that will enroll up to 120 men, is to demonstrate that NanoTherm™ can ablate cancer lesions for patients who have Gleason Score 7 Prostate Cancer and are under active surveillance. By ablating the lesions, patients will be able to maintain active surveillance and avoid surgery and other treatments all with well-known side effects like impairment of urinary and sexual functions. Dr. Ian M. Thompson, Jr., Director, Cancer Therapy and Research Center, a National Cancer Institute-designated Cancer Center at the University of Texas Health Science Center at San Antonio and Dr. Dan W. Lin, Chief of Urologic Oncology and Professor in the Department of Urology at the University of Washington School of Medicine in Seattle have agreed to be Co-Principal Investigators. Larry Kessler, Sc.D., Professor and Chair of the Department of Health Services, School of Public Health at the University of Washington is also a Co-Investigator overseeing the regulatory submission and registration processes. 

 

This is indeed a significant milestone for MagForce USA, Inc. and MagForce AG. Men enrolled in active surveillance programs could potentially benefit from this focal therapy after registration in the USA. We believe the registration clinical trial will prove that NanoTherm™ therapy can fulfill the desired outcome. We look forward to working with the FDA and advancing the registration process in the USA.

 

Investor Relations

 

Since we published our first shareholder letter of 2015 in February, we have presented at: Morgan Stanley European MedTech & Services Conference in London, 27th Annual ROTH Conference in Dana Point, USA, Bank of America Merrill Lynch 2015 Health Care Conference in Las Vegas, Berenberg European Conference USA in Tarrytown, and 19th MKK – Munich Capital Market Conference in Germany. We have also conducted roadshows in: Paris, Frankfurt, London, Vienna, Munich.

 

In June and during the second half of 2015, we will present at: Deutsche Bank dbAccess German, Swiss & Austrian Conference 2015 in Berlin, Berenberg & Goldman Sachs European Medtech & Healthcare Services Conference 2015 in London, Berenberg and Goldman Sachs Fourth Annual German Corporate Conference in Munich and at the German Equity Forum in Frankfurt. 

 

Additionally, Berenberg and Hauck & Aufthäuser have presented updates and GBC AG initiated research coverage. All reports are listed on our website www.magforce.com. The published research reports have price targets ranging from 8.25 – 13.2 euros/share. To keep our shareholders informed, we plan to institute a regular shareholder conference call during the second half of 2015. Please inform my office at bread@magforce.com if you would like to attend the first conference call  targeted for September 2015.

 

Dear Shareholders, in summary, we are successfully moving forward on our exciting and challenging path to develop NanoTherm™ therapy into a globally valued therapy for the treatments of Glioblastoma and Prostate Cancer.  2015 continues to be a very important and exciting year for MagForce’s development.

 

I would like to thank our talented and dedicated staff who are creating the successes. Again, thank you for your interest and support of MagForce.

 

Sincerely,

 

Dr. Ben Lipps

Chief Executive Officer &
Chairman of the Management Board”

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm™ therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc. 

NanoTherm™, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm™, NanoPlan®, and NanoActivator® are trademarks of MagForce AG in selected countries. 

 

For more information, please visit: www.magforce.com.        

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list.

 

Disclaimer       

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

 

 

Contact:

Anne Hennecke
MC Services AG

T +49 211 529252-22
F +49 211 529252-29

Email: anne.hennecke@mc-services.eu

MagForce USA, Inc. files Investigational Device Exemption for NanoTherm™ Therapy to Treat Intermediate Risk Prostate Cancer

21.05.2015

MagForce USA, Inc. files Investigational Device Exemption for NanoTherm™ Therapy to Treat Intermediate Risk Prostate Cancer

 

Berlin, Germany and Nevada, USA, May 21, 2015 - MagForce USA, Inc., a majority owned subsidiary of MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, announced today it has filed an Investigational Device Exemption (IDE) with the USA Food and Drug Administration (FDA). The study treatment uses MagForce’s proprietary NanoTherm™ technology to completely ablate prostate cancer lesions.


This IDE submission follows the submission of our pre-IDE submission to FDA in November, 2014 and a subsequent in-person meeting with FDA in January, 2015. The purpose of the proposed study that will enroll up to 120 men is to demonstrate that NanoTherm™ can ablate cancer lesions for patients who have Gleason Score 7 prostate cancer and are under active surveillance. By ablating the lesions, patients will be able to maintain active surveillance and avoid surgery and other treatments all with well-known side effects like impairment of urinary and sexual functions. Dr. Ian M. Thompson, Jr., Director, Cancer Therapy and Research Center, a National Cancer Institute-designated Cancer Center at the University of Texas Health Science Center at San Antonio and Dr. Dan W. Lin, Chief of Urologic Oncology and Professor in the Department of Urology at the University of Washington School of Medicine in Seattle have agreed to be Co-Principal Investigators. Larry Kessler, Sc.D., Professor and Chair of the Department of Health Services, School of Public Health at the University of Washington is also a Co-Investigator overseeing the Regulatory Submission and Registration processes. “This is indeed a significant milestone for MagForce USA, Inc. and MagForce AG. Potentially 100,000 men in active surveillance programs could benefit from this Focal therapy after registration in the USA. We believe the registration clinical trial will prove that NanoTherm™ therapy can fulfill the desired outcome. We look forward to working with the FDA and advancing the registration process in the USA.,” Dr. Ben J. Lipps added.en/presse-investoren/analyst-coverage-research-reports.html

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm™ therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc.

NanoTherm™, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm™, NanoPlan®, and NanoActivator® are trademarks of MagForce AG in selected countries.
 

For more information, please visit: www.magforce.com        

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list.

 

 

Disclaimer       

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

 

Contact:
MC Services AG
Anne Hennecke

P +49 211 529252-22
F +49 211 529252-29
E-mail: anne.hennecke@mc-services.eu

 

GBC Research Initiated Coverage on MagForce AG with “Buy” Recommendation and Price Target of EUR 13.20

20.05.2015

GBC Research Initiated Coverage on MagForce AG with “Buy” Recommendation and Price Target of EUR 13.20

 

  • Upside potential of more than 100% to yesterday’s closing price of EUR 5.63 (Xetra)
  • First glioblastoma patients are commercially treated with NanoTherm™ therapy
  • Approval in prostate cancer in the US is associated with high sales and earnings potential 
  • Liquidity already secured for development and regional expansion


Berlin, Germany and Nevada, USA, May 20, 2015 - GBC Research, an independent German research house focusing on listed small and midcap companies, has initiated the coverage on MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, with a “Buy” recommendation and a price target of EUR 13.20. 

MagForce’s shares closed on Tuesday, May 19, 2015 at EUR 5.63 on Xetra. Hence, the GBC analysis values the Company with an upside potential of more then 100% to the Tuesday closing price.

GBC expects MagForce to reach the EBIT break-even in the 2017 financial year. This is in-line with the Companys’ own five-year strategic plan which calls for annual revenues between EUR 100-150 million by 2019.  

The GBC report highlights that since commercial treatment of brain tumor patients in Germany commenced, MagForce AG has registered increasing interest in the treatment of brain tumors, both nationally and internationally. The analysts expect that the Company is likely to transform the increased interest into an increase in the number of treated patients and therefore already generate initial revenues during the post-marketing study.

According to GBC Research, based on the significantly higher number of cases alone, the second indication, prostate cancer, holds a much higher potential than glioblastoma. The treatment of prostate cancer could therefore be the decisive driver for MagForce AG. Approval in this segment is initially intended in the USA, with a request for submission of a study protocol already having been sent to the FDA (U.S. Food and Drug Administration) and the filing of an Investigational Device Exemption is expected to be announced soon.

Moreover, the analysts remarked that with several corporate measures, especially the commitment of the extremely well-known technology investor Peter Thiel, who joined the American subsidiary MagForce USA, Inc. as an investor, MagForce has secured a very stable financial basis for the development and regional expansion.

Ben Lipps will, for the first time, present tomorrow, May 21, 2015 at GBC’s 19. MKK – Munich Capital Market Conference in The Charles Hotel Munich, at 11:40-12:20 am CET in room GBC II.

The full report is available for download at www.magforce.de/en/presse-investoren/analyst-coverage-research-reports.html

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm™ therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc.

NanoTherm™, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm™, NanoPlan®, and NanoActivator® are trademarks of MagForce AG in selected countries.  
 

For more information, please visit: www.magforce.com        

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list.

 

 

Disclaimer       

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

 

Contact:
MC Services AG
Anne Hennecke

P +49 211 529252-22
F +49 211 529252-29

E-mail: anne.hennecke@mc-services.eu

 

MagForce AG Announces that Cologne University Hospital has Initiated Commercial NanoTherm™ Treatments for Brain Cancer

07.05.2015

MagForce AG Announces that Cologne University Hospital has Initiated Commercial NanoTherm™ Treatments for Brain Cancer

 

Berlin, Germany and Nevada, USA, May 7, 2015 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today announced that the Center for Integrated Oncology at Cologne University Hospital, headed by Prof. Dr. med. Roland Goldbrunner, has initiated NanoTherm™ therapy in the commercial setting for the treatment of brain cancers in addition to the ongoing post-marketing study. 

 

This represents the inauguration of the third clinic in Germany that offers the benefit of MagForce’s NanoTherm™ therapy for brain cancer patients in addition to the University Hospitals in Münster and Kiel. 

 

“With Cologne we have established another renowned medical center for treating brain cancer patients with our proprietary NanoTherm™ therapy also in the commercial setting. This expansion provides more geographic opportunites for treatment within Germany. We are very happy to see increasing interest by private pay patients and also with the successful interaction with the key opinion leaders in the medical community,” commented Dr. Ben J. Lipps, CEO of MagForce AG and MagForce USA, Inc. 

 

Additional to the increasing commercial business in Europe, the key focus of MagForce is on the US market.

 

“We continue to be on track with our preparations for the approval process in the U.S. for both brain and prostate cancer,” Dr. Ben J. Lipps added.

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm™ therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc. 

NanoTherm™, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm™, NanoPlan®, and NanoActivator® are trademarks of MagForce AG in selected countries. 

 

For more information, please visit: www.magforce.com         

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list.

 

 

Disclaimer       

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

 

Contact:
MC Services AG
Anne Hennecke

P +49 211 529252-22
F +49 211 529252-29

E-mail: anne.hennecke@mc-services.eu

 

MagForce AG Installs Fifth NanoActivator® in Germany for the Treatment of Brain Tumors at Frankfurt University Hospital

27.04.2015

MagForce AG Installs Fifth NanoActivator® in Germany for the Treatment of Brain Tumors at Frankfurt University Hospital

 

Berlin, Germany and Nevada, USA, April 27, 2015 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today announced the installation of the fifth NanoActivator®. The device was installed at Frankfurt University Hospital to provide NanoTherm™ therapy for the treatment of brain cancers and the clinic will participate in MagForce’s post marketing study. Since NanoTherm™ therapy has the European CE mark (in 27 EU countries), commercial patients can also be treated in Frankfurt. NanoActivator® devices are now available for treatment of patients with brain tumors at the University Medical Centers in Berlin, Münster, Kiel, Cologne, and Frankfurt.

About MagForce AG and MagForce USA, Inc.
MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm™ therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc.


NanoTherm™, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm™, NanoPlan®, and NanoActivator® are trademarks of MagForce AG in selected countries.


For more information, please visit: www.magforce.com
Get to know our Technology: video (You Tube)
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Disclaimer
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

 

 

Contact:

Anne Hennecke
MC Services AG

T +49 211 529252-22
F +49 211 529252-29

Email: anne.hennecke@mc-services.eu

 

MagForce AG Announces that Kiel University Hospital (UKSH) has Initiated Commercial NanoThermTM Treatment for Brain Cancer

27.03.2015

MagForce AG Announces that Kiel University Hospital (UKSH) has Initiated Commercial NanoThermTM Treatment for Brain Cancer

 

Berlin, Germany and Nevada, USA, March 27, 2015 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today announced that the Department of Neurosurgery at Kiel University Hospital (UKSH), headed by Professor Dr. Hubertus Maximilian Mehdorn, has initiated NanoThermTM therapy in the commercial setting for the treatment of brain cancers. 

 

After the start of commercial treatments of brain cancers at the University Hospital in Munster in February, this marks another milestone for MagForce with now two world class medical centers offering NanoThermTM therapy also in the commercial setting.

 

"Since we announced the first commercial patient in February this year based on our European approval for the treatment of brain cancer, we have observed a significantly increased interest of patients, national as well as international, for the treatment with our innovative NanoThermTM therapy in Germany. We are especially pleased with the successful interaction with the key opinion leaders in the medical community. Preparations for the approval process in the US both for brain cancer and prostate cancer are well on track, hence, 2015 is set to be a transformational year for MagForce, marking first commercial revenues and global expansion," commented Dr. Ben J. Lipps, CEO of MagForce AG and MagForce USA, Inc.

 


About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoThermTM therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc.

 

NanoThermTM, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoThermTM, NanoPlan®, and NanoActivator® are trademarks of MagForce AG in selected countries.

 

For more information, please visit: www.magforce.com

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list.

 


Disclaimer 

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

 

 

Contact:

Anne Hennecke
MC Services AG

T +49 211 529252-22
F +49 211 529252-29

Email: anne.hennecke@mc-services.eu

 

MagForce AG Installs NanoActivator® at the Cologne University Hospital

23.03.2015

MagForce AG Installs NanoActivator® at the Cologne University Hospital

 

Berlin, Germany and Nevada, USA, March 23, 2015 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today announced the installation of the fourth NanoActivator®. The device was installed at Cologne University Hospital to provide NanoThermTM therapy for the treatment of brain cancers and Cologne University Hospital will participate in MagForce’s post marketing study. Since NanoThermTM therapy has the European CE mark (in the 27 EU countries), commercial patients can also be treated in Cologne. NanoActivator® devices are now available for treatment of patients at the University Medical Centers in Cologne, Kiel, Münster and Berlin.

 

About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoThermTM therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc. 

NanoThermTM, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoThermTM, NanoPlan®, and NanoActivator® are trademarks of MagForce AG in selected countries.

 

For more information, please visit: www.magforce.com         

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list.

 

Disclaimer       

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

 

 

Contact:
Anne Hennecke
MC Services AG

T +49 211 529252-22
F +49 211 529252-29

Email: anne.hennecke@mc-services.eu

 

MagForce AG Publishes its First Shareholder Letter 2015

05.02.2015

MagForce AG Publishes its First Shareholder Letter 2015

 

Berlin, Germany, and Nevada, USA, February 05, 2015 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today published its first Shareholder Letter 2015: 

 

"Dear MagForce Shareholders, 

 

I am pleased to report that we accomplished our targets in 2014 and had a successful start into 2015. 

 

Financials - EUR 10.2 million raised by MagForce AG end of 2014 helping to unveil the full potential of its technology: In November 2014, MagForce AG successfully completed a capital increase by placing 1,700,000 new shares at EUR 6.00 per share against cash contribution with qualified investors raising proceeds in the amount of EUR 10.2 million. The proceeds shall be utilized to accelerate the commercialization of NanoThermTM Therapy outside of North America, especially in Europe, where MagForce AG already has European regulatory approval for the treatment of Brain Tumors, and to broaden the product portfolio with further development of next generation nanoparticles. The successful capital increase shows the continued trust and confidence international institutional investors put into the MagForce technology and our team. 

 

Installation of additional NanoActivator® devices in Germany to treat Glioblastoma: The installation process of NanoActivator® devices in the world class hospitals in Frankfurt and Cologne in Germany has started and will be completed during the first quarter. We are also assembling another activator for installation in Göttingen in the second quarter. Together with the already set up NanoActivator® devices in Muenster, Berlin and Kiel, by mid-2015 we will therefore have six devices operational in Germany and additional centers trained to perform the surgery and the instillation of the nanoparticles, giving us sufficient capacity to complete enrollment in our Post Marketing Glioblastoma Study and accomplish our commercial treatment targets through 2017. 

 

With respect to our expansion phase outside Germany, we continue preparing our registration path for the USA. 

 

Brain Cancer Therapy - US commercial patient treated in Germany: MagForce also restarted the treatment of Brain Tumor patients outside clinical studies. In the department of Neurosurgery at Muenster University Hospital, Germany, headed by Prof Dr Walter Stummer, the treatment in the commercial setting was initiated, for the first time with a US patient who traveled to Germany especially to benefit from the NanoThermTM therapy approach. Dr Johannes Woelfer, deputy medical director of the department, successfully performed the surgery and the instillation of the nanoparticles for the patient. The treatment is ongoing according to schedule and represents the first step leading to the expected significant increase in commercial treatments with our NanoThermTM therapy in 2015. 

 

Prostate Cancer Therapy - in-person meeting successfully held with the FDA: Regarding the application of our NanoThermTM therapy for the focal treatment of Prostate Cancer, our unique technology is viewed as a very promising complement to current treatment approaches. In January 2015 an in-person meeting was held with the U.S. Food and Drug Administration's (FDA) Center for Devices and Radiological Health to discuss FDA's response to our NanoThermTM Prostate Cancer Therapy Pre-Submission of November 2014. We received very constructive feedback on our submission and have an understanding of the pathway to market in the USA of our therapy to focally ablate prostate cancer. MagForce USA, Inc. will accelerate the Prostate Cancer Investigational Device Exemption (IDE) to utilize the MFH 300F NanoActivator® for both Glioblastoma and Prostate NanoThermTM Therapy registration. 

 

Investor Relations: In October, in addition to Berenberg & Edison, Hauck & Aufhäuser initiated research coverage with a buy recommendation and a price target of EUR 12.40. In 2015, we will present at approximately 10 equity conferences. 

 

Dear Shareholders, in summary, we are successfully moving forward on our exciting path to develop NanoThermTM therapy into a globally valued therapy for the treatments of Glioblastoma and Prostate Cancer. 2015 is the year of commercial revenues and will therefore mark a very important milestone in MagForce's corporate history. 

 

I would like to thank our talented and dedicated staff who are creating the successes. Again, thank you for your interest and support of MagForce. 

 

Sincerely, 

 

Dr. Ben Lipps 

 

Chief Executive Officer & 
Chairman of the Management Board" 

 

About MagForce AG and MagForce USA, Inc. 
MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoThermTM therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc. 

 

NanoThermTM, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoThermTM, NanoPlan®, and NanoActivator® are trademarks of MagForce AG in selected countries. 

 

For more information, please visit: www.magforce.com.       

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list

 

Disclaimer

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated. 

 

Contact: 

Anne Hennecke

MC Services AG 

T +49 211 529252-22 

F +49 211 529252-29 

Email: anne.hennecke@mc-services.eu

MagForce AG and MagForce USA, Inc. Announce FDA Pre-IDE Meeting on MagForce's NanoThermTM Prostate Cancer Therapy Pre-Submission

27.01.2015

MagForce AG and MagForce USA, Inc. Announce FDA Pre-IDE Meeting on MagForce's NanoThermTMProstate Cancer Therapy Pre-Submission 

 

Berlin, Germany and Nevada, USA, January 27, 2015 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, together with its subsidiary MagForce USA, Inc. today announced that an in-person meeting was held with the U.S. Food and Drug Administration's (FDA) Center for Devices and Radiological Health to discuss FDA's response to MagForce's NanoThermTM Prostate Cancer Therapy Pre-Submission of November, 2014.

 

"We received very constructive feedback on our submission and have an understanding of the pathway to market in the USA of NanoThermTM Therapy to focally ablate prostate cancer. MagForce USA, Inc. will accelerate the prostate cancer Investigational Device Exemption (IDE) to utilize the MFH 300F NanoActivator® for both Glioblastoma and Prostate NanoThermTMTherapy registration," commented Dr. Ben J. Lipps, CEO of MagForce AG and MagForce USA, Inc.

 

About MagForce AG and MagForce USA, Inc.
MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoThermTM therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc.

 

NanoThermTM, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoThermTM, NanoPlan®, and NanoActivator® are trademarks of MagForce AG in selected countries.

 

For more information, please visit: www.magforce.com

 


Disclaimer
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

 

Contact:
Anne Hennecke
MC Services AG

T +49 211 529252-22
F +49 211 529252-29

Email: anne.hennecke@mc-services.eu

 

MagForce AG Successfully Completes Capital Increase at a Price of EUR 6.00 per New Share

21.11.2014

MagForce AG Successfully Completes Capital Increase at a Price of EUR 6.00 per New Share

 

Not for release, publication or distribution in or into the United States, Canada, Australia or Japan or any other jurisdiction in which offers or sales would be prohibited by applicable laws.

MagForce AG Announces Capital Increase Excluding Shareholders’ Subscription Rights

20.11.2014

MagForce AG Announces Capital Increase Excluding Shareholders’ Subscription Rights

 

Not for release, publication or distribution in or into the United States, Canada, Australia or Japan or any other jurisdiction in which offers or sales would be prohibited by applicable laws.

Please click here for the detailed press release.

 

MagForce AG Publishes its Fourth Shareholder Letter 2014

12.11.2014

MagForce AG Publishes its Fourth Shareholder Letter 2014

 

Berlin, Germany, and Nevada, USA, November 12, 2014 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today published its fourth Shareholder Letter 2014:

 

"Dear MagForce Shareholders,

 

I am pleased to report that during the third quarter, we maintained our momentum to achieve our 2014 targets. As previously reported, we have successfully established and funded MagForce USA, Inc. to expand our NanoThermTM therapy to the North America Region.

 

Brain Cancer Therapy: Our main objective for 2014 was to initiate our post-marketing clinical study (MF1001) in recurrent Glioblastoma (GBM) patients with the placement of NanoActivator® devices in world class hospitals in Germany. During the third quarter we have assembled two of the three activators scheduled for installation in the fourth quarter. Facility modifications at the designated hospitals in Cologne and Frankfurt are underway. In addition, we have initiated the processes required for the commencement of commercial treatments. Clearly, in 2014 our target for those treatments is very limited but it is the first step leading to a significant increase in commercial treatments in 2015.

 

With respect to our expansion phase outside Germany, we continue preparing our registration path for the USA.

 

Prostate Cancer Therapy: Regarding the application of our NanoThermTMtherapy for the treatment of prostate cancer, our unique technology is viewed as a very promising complement to current treatment approaches. In November, MagForce USA, Inc. has filed a pre-submission with the USA Food and Drug Administration outlining our plans for Focal Treatment of Intermediate Primary Prostate Cancer.

 

Financial: MagForce AG presents financial results at six month intervals; however, I can report that financially the Company developed as planned during the quarter and the nine month period ended September 30, 2014. We are very conscious of our expense budget and make every effort to live within this budget. The ongoing production of Nanoactivator® devices and the setting up of clinical sites for clinical trial patients as well as for commercial treatments met our expectations. Moreover, liquidity and operating result for the quarter-year and the nine months period ended September 30, 2014 were in line with expectations and we are confident to reach our financial targets for the full- year period.

 

Investor Relations: During the third quarter, MagForce AG presented at the 11th Annual European Medtech & Healthcare Services Conference at Goldman Sachs in London, the Berenberg & Goldman Sachs Third Annual German Corporate Conference and the Baader Investment Conference in Munich. In addition, we conducted a European roadshow in Frankfurt, Munich, Zurich, Paris and London in July. During those events, MagForce handled over forty one on one meetings with shareholders and potential shareholders.

 

Dear Shareholders, In summary, we are successfully moving forward on our challenging path to develop NanoThermTM therapy into a valued therapy for the treatments of Glioblastoma and Prostate Cancer.

 

Again, thank you for your interest and support of MagForce.

 

Sincerely,

 

Dr. Ben Lipps

Chief Executive Officer &
Chairman of the Management Board"

 


About MagForce AG and MagForce USA, Inc.

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoThermTM therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc.

NanoThermTM, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoThermTM, NanoPlan®, and NanoActivator® are trademarks of MagForce AG in selected countries.

 

For more information, please visit: www.magforce.com

Get to know our Technology: video (You Tube)

Stay informed and subscribe to our mailing list.

 


Disclaimer 

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

 

Contact:
Anne Hennecke
MC Services AG

T +49 211 529252-22
F +49 211 529252-29

Email: anne.hennecke@mc-services.eu

 

MagForce USA, Inc. Announces the Filing of a Pre-Submission for MagForce’s NanoThermTM Focal Therapy for Intermediate Risk Prostate Cancer

11.11.2014

MagForce USA, Inc. Announces the Filing of a Pre-Submission for MagForce’s NanoThermTM Focal Therapy for Intermediate Risk Prostate Cancer 

 

Berlin, Germany, and Nevada, USA, November 11, 2014 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, together with its subsidiary MagForce USA, Inc., today announced that MagForce USA, Inc. has filed with the U.S. Food and Drug Administration’s (FDA) Center for Devices and Radiological Health, a NanoThermTM Therapy pre-submission describing its focal treatment for prostate cancer. This is the second filing following the NanoThermTM Therapy pre-submission of December 2013 relating to recurrent Glioblastoma multiforme. 

 


About MagForce AG and MagForce USA, Inc.

 

MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoThermTM therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc. 

 

NanoThermTM, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoThermTM, NanoPlan®, and NanoActivator® are trademarks of MagForce AG in selected countries. 

 

For more information, please visit: www.magforce.com.        

 

Get to know our Technology: video (You Tube)

 

Stay informed and subscribe to our mailing list.

 

 

 

Disclaimer       

 

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

 

 

Contact: 
Anne Hennecke 
MC Services AG 

T +49 211 529252-22 
F +49 211 529252-29 

Email: anne.hennecke@mc-services.eu

 

MagForce AG announces positive results of 2014 Annual General Meeting

20.08.2014

MagForce AG announces positive results of 2014 Annual General Meeting 

 

  • The Annual General Meeting approves all agenda items with a clear majority 
  • Supervisory Board change: Dr. Wiebke Rösler elected as new Supervisory Board member, replacing Bernd Förtsch 

Berlin, Germany, August 19, 2014 - MagForce AG (Frankfurt, Entry Standard, Xetra: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, held its Annual General Meeting in Berlin today. The Annual General Meeting approved all resolution items with a clear majority. 

Longtime Supervisory Board member Bernd Förtsch will leave the Supervisory Board as of the end of today. The Annual General Meeting elected Dr. Wiebke Rösler as a new member to replace him. Dr. Rösler studied medicine at the Medizinische Hochschule Hannover [Hanover Medical School], earning her Ph.D. in the area of native-radiological diagnostics. She has many years of experience as an internist specializing in hematology and oncology. After Dr. Jan zur Hausen resigned from his position on September 13, 2013, the Charlottenburg Local Court resolved to appoint Stephan Jakober as a member of the Supervisory Board from October 1, 2013. As he had been court appointed, the Annual General Meeting formally confirmed Mr. Stephan Jakober as a Supervisory Board member. The CEO and Chairman of the Management Board, Dr. Ben J. Lipps, provided a status update on current operational developments, an overview of the 2013 fiscal year, and an outlook for the current year. In addition, he explained his strategic five-year plan in detail. 

The Management Board and Supervisory Board were pleased about the successful election results, and thanked Mr. Förtsch and Dr. zur Hausen for their engagement. Dr. Ben J. Lipps stated, 'I would like to thank Mr. Förtsch for his many years of commitment to MagForce. His extraordinary dedication rightfully qualifies him as one of the key supporters behind our innovative therapy. I would also like to express my gratitude to Dr. zur Hausen for his contribution during a difficult transition period.' 

The Management Board presentation is available on the Company's website at www.magforce.de/en/presse-investoren/hauptversammlung 

 

About MagForce AG and MagForce USA, Inc. 
MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoThermTM therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. NanoThermTM, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries. For more information, please visit: www.magforce.com
Please learn more: video (You Tube)

Disclaimer 
This release may contain forward-looking statements and information which may be identified by formulations using terms such as 'expects', 'aims', 'anticipates', 'intends', 'plans', 'believes', 'seeks', 'estimates' or 'will'. Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated. 


Contact: 
MC Services AG 
Anne Hennecke 

T +49 211 529252-22 
F +49 211 529252-29 

E-mail: anne.hennecke@mc-services.eu

 

MagForce publishes financial results for the first half of 2014 and operative highlights

14.08.2014

MagForce publishes financial results for the first half of 2014 and operative highlights

  • Start of post-marketing study (MF1001) with glioblastoma patients in Germany
  • Positive pre-IDE meeting with U.S. Food and Drug Administration (FDA) about the registration process for NanoThermTM therapy in the USA 
  • Incorporation of subsidiary MagForce USA, Inc. 
  • Outlicensing of NanoThermTM therapy for the treatment of prostate cancer to MagForce USA, Inc. leads to net profit of EUR 3.8 million
  • Successful closing of growth financing round for MagForce USA, Inc. with proceeds of USD 15 million with an additional USD 15 million in warrants under the lead of Mithril Capital Management (after period end)
  • Outlook for 2014 confirmed


Berlin, Germany, and Nevada, USA, August 14, 2014 – MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today published financial results for the first half of 2014, ending on June 30, 2014, and operative highlights.


Ben J. Lipps, CEO of MagForce, commented: “I am pleased to inform you that we are well on track, both in Europe and the US, and that I am very happy with MagForce’s performance. With our EU-wide certification, we are planning to begin the commercial treatment of brain tumors in Germany sometime at the end of this year. In the US, from a long-term perspective, the greatest market potential comes from the treatment of prostate cancer. In view of the extremely positive development we have experienced over the past ten months, I am convinced that we will meet our financial targets in Europe and North America. We are continuing our preparations for registration in the US and are planning to begin clinical trials in 2015. In August, we also successfully completed the first round of financing for MagForce USA, Inc. and raised USD 15 million with an additional USD 15 million in warrants to finance the development of the NanoThermTM therapy in the US. I am delighted that we have managed to convince important strategic investors such as PayPal founder Peter Thiel to invest in MagForce USA.”


Results of operations, net assets and financial position
MagForce’s financial development in the half-year period that ended June 30, 2014, was in line with the management’s expectations. In particular, the funding of MagForce USA, Inc. is enabling the development of the North American market. The liquidity at the end of the period under review amounted to USD 5.1 million. Net gain for the period ending June 30, 2014, was EUR 3.8 million, after a net loss of EUR 2.3 million in the prior year period. The net gain is mainly attributable to the outlicensing of NanoThermTM therapy to MagForce USA, Inc. for the treatment of prostate cancer in the US that was recognized as contribution to the capital reserves. The contribution led to a gain from the disclosure of hidden reserves of EUR 6.9 million. Other operating expenses increased from EUR 1.0 million to EUR 1.7 million. This is mainly attributable to the development of a new generation of thermometry catheters and increased activities in connection with the incorporation of MagForce USA, Inc. as well as the pre-submission with the FDA and additional investor relations activities. Total assets increased by EUR 3.7 million to EUR 21.4 million, on the one hand also resulting from outlicensing, but on the other hand from installation of further activators. Cash outflow from operating activities amounted to EUR 3.5 million, compared to EUR 6.8 million in the same period in the previous year. The cash outflow in the prior year was in particular a result of the preparations for the new study. 

Outlook 2014 
In the year 2014, the Company will focus on continuing to establish additional NanoThermTM therapy centers throughout Germany as well as on developing the US market by preparing the registration process with the FDA through its newly founded subsidiary MagForce USA, Inc. The 2014 outlook published in the 2013 annual report on June 30, 2014, was confirmed by the management board. Given the roll-out plan and the ongoing clinical study, the Company expects operating expenses and negative operating cash flow to be higher in 2014 than in the previous year. This increase is in line with the measures taken in 2013 and the corresponding focus of the Company on key strategic value drivers. However, management expects first revenues from the commercial treatment of patients starting at the end of 2014. 

About MagForce AG and MagForce USA, Inc.
MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoThermTM therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. NanoThermTM, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries. For more information, please visit: www.magforce.com.
Please learn more: video (You Tube)
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Disclaimer
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG: Successful final closing of a growth financing round for MagForce USA, Inc. under the lead of Mithril Capital Management

08.08.2014

MagForce AG: Successful final closing of a growth financing round for MagForce USA, Inc. under the lead of Mithril Capital Management

 

Berlin, Germany, August 8th, 2014 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, today announced that its subsidiary MagForce USA, Inc. has successfully closed its growth financing round. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, led a group of strategic investors including the management in financing MagForce USA’s growth round with proceeds of USD 15 million, with an option to increase the size of the round to USD 30 million. MagForce AG owns 77% of MagForce USA as of this closing. The strategic investors presently hold 23% of MagForce USA and may increase their ownership in future by exercising the warrants held by them. After all warrants are exercised, MagForce AG will continue to retain a majority ownership position in MagForce USA.


MagForce USA, Inc., has been granted a license by MagForce AG for the development and commercialization of NanoThermTM Therapy for the treatment of brain and prostate cancers and will be responsible for developing the North American market (US, Mexico and Canada) for MagForce’s technology and products. Under the prostate cancer license, MagForce USA will also receive royalties for the sale of NanoThermTM particles for the treatment of prostate cancer outside North America.


Ben J. Lipps, Chairman and CEO of MagForce AG and also of MagForce USA, Inc., commented: “I am very optimistic about the US market, which has the largest potential especially for prostate cancer treatment. MagForce USA aims at developing its technology to offer a new focal treatment for Intermediate Stage Prostate Cancer with precise ablation of the cancer lesion while sparing normal tissue. In Mithril, we have found the right collaborator to support our expansion plans. Ajay Royan and Peter Thiel have proven themselves numerous times to be valuable partners in helping companies unlock long-term growth.”


Ajay Royan, co-founder and managing general partner of Mithril, said: “Conventional treatments for prostate cancer have significant side effects and other limitations, while patients with glioblastoma currently have few good options at all. That’s why MagForce’s innovative approach to solid tumors is very promising and potentially important.”


About MagForce AG and MagForce USA, Inc.
MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoThermTM therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. NanoThermTM, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries. For more information, please visit: www.magforce.com. 
Please learn more: video (You Tube)

About Mithril Capital Management
Mithril is a global investment firm that provides capital to leading growth companies by partnering with teams who use technology to build transformative and durable businesses, often in industries long overdue for change. Each of these businesses is unique, but all face common challenges to unlocking long-term growth. Mithril helps navigate these critical inflection points by investing in size and with conviction. For more information, please visit: www.mithril.com. 

Disclaimer
This announcement does not contain or constitute or form part of, and should not be construed as, an offer or invitation to sell, or the solicitation of an offer to buy or subscribe for, any securities to any person. This announcement appears as a matter of record only, inasmuch as the offering described herin has been completed.


This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

 

Contact:
Anne Hennecke
MC Services AG

T +49 211 529252-22
F +49 211 529252-29

Email: anne.hennecke@mc-services.eu

 

 

MagForce Expands into the U.S. Market

22.07.2014

MagForce Expands into the U.S. Market

 

NOT FOR PUBLICATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICA

MagForce Publishes Financial Results 2013 and Operative Highlights

30.06.2014  -  30.06.2014

MagForce Publishes Financial Results 2013 and Operative Highlights

 

  • Ben J. Lipps new Chairman of the Management Board and Chief Executive Officer of MagForce AG since September 1, 2013 
  • Installation of two additional NanoActivator® devices at university hospitals Münster and Kiel
  • Start of clinical post-marketing study with glioblastoma (GBM) patients (after period-end)
  • Incorporation of subsidiary MagForce USA, Inc. (after period-end)
  • Pre-IDE-Meeting with U.S. Food and Drug Administration (FDA) discussing registration process for NanoThermTM therapy in the USA (after period-end)


Berlin, Germany and Nevada, USA, June 30, 2014 – MagForce AG (Frankfurt, Entry Standard, XETRA: MF6), a leading medical device company in the field of nanomedicine focused on oncology, published today its financial results for the fiscal year ending on December 31, 2013 and operative highlights. 

Ben J. Lipps, CEO at MagForce, explained: “I am pleased to report that we achieved our 2013 targets and are progressing well toward achieving our objectives for the year 2014. Regarding our brain cancer therapy, our main objective for 2013 was to facilitate our post-marketing clinical study in recurrent glioblastoma (GBM) patients in Germany. Together with our clinical investigators, we have reached a very significant milestone in the first quarter of 2014, with the enrollment of the first patient into the study at Münster University Hospital. We also expect to treat patients commercially at the end of 2014. With respect to our expansion phase outside Germany, we continue preparing our registration path for the USA. In an in-person meeting with the U.S. Food and Drug Administration (FDA) we discussed MagForce’s NanoThermTM therapy presubmission. We received very constructive feedback on our request and have now a better understanding of the issues and process for the registration of NanoThermTM therapy in the USA. Regarding the application of our NanoThermTM therapy for the treatment of prostate cancer, NanoThermTM is viewed as a very promising complement to current treatment approaches.”  

With the incorporation of MagForce Ventures GmbH in 2013 and subsequently of MagForce USA, Inc. in spring 2014 together with the grant of a license for the development and commercialization of NanoThermTM therapy in the field of brain tumors the USA, MagForce established the basis to tap the US market and attract new groups of investors as well as new clients. In order to keep pace with the fast progress, MagForce wants to increase the awareness for the Company in the financial community and presented at various capital market conferences in the first half of 2014.


Results of operations, net assets and financial position
The key financials for the fiscal year 2013 developed according to plan. The loss from operations increased to EUR 7.0 million compared to 2012 (EUR 5.8 million), largely due to the start of the post-marketing clinical glioblastoma study and to preparations for market entry through the Management’s increased efforts to bring more devices to the market. Other operating expenses increased from EUR 3.2 million in 2012 to EUR 4.2 million in 2013, also attributable to the capital increase in the beginning of the fiscal year, increased capital market activities in general and corresponding consulting fees. On the other hand results of the restructuring measures taken in 2012 materialized for the first time in full 2013 resulting in a reduction of administrative expenses. The net loss of EUR 1.6 million was significantly lower than in 2012 (EUR 5.7 million) due to an accounting gain in connection with the contribution to equity of a license to develop and commercialize the NanoThermTM therapy for the treatment of brain tumors in the USA to our newly established subsidiary MagForce Ventures GmbH. These shareholdings were subsequently contributed to MagForce USA, Inc. against issuance of shares in 2014.
Cash outflows from operating activities were EUR -6.8 million (2012: EUR -5.5 million). Cash outflows from investing activities amounted to EUR -0.9 million (2012: EUR 0 million), and cash flows from financing activities to EUR 16.3 million (2012: EUR 6.2 million).

The available liquidity at the end of 2013 amounted to EUR 9.3 million (2012: EUR 0.7 million). During the reporting period, the Company received cash funds of EUR 17.6 million from capital increases. 
As a result of the capital increase, MagForce has no debt as of Decemer 31, 2013.


Outlook 2014 
In the year 2014, the Company will focus on continuing to establish additional NanoThermTM therapy centers throughout Germany as well as on developing the US market by initiating the registration process with the FDA through its newly founded subsidiary MagForce USA, Inc. Given the roll-out plan and the ongoing clinical study, the Company expects operating expenses and negative operating cash flow to be higher in 2014 than in the previous year. This increase is in line with the measures taken in 2013 and the corresponding focus of the Company on key strategic value drivers. 
However, management expects first revenues from the commercial treatment of patients starting at the end of 2014. 

About MagForce AG
MagForce AG, listed in the entry standard (MF6), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine in oncology. The Group's proprietary NanoThermTM therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. NanoThermTM, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries. For more information, please visit www.magforce.com.

Disclaimer
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG to present at dbAccess German, Swiss & Austrian Conference 2014, held by Deutsche Bank from June 11-13 in Berlin

02.06.2014

MagForce AG to present at dbAccess German, Swiss & Austrian Conference 2014, held by Deutsche Bank from June 11-13 in Berlin

 

Berlin, Germany and Nevada, USA, June 2, 2014 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6), a leading medical device company in the field of nanomedicine focused on oncology, today announced that it will participate in the dbAccess German, Swiss & Austrian Conference 2014 held by Deutsche Bank from June 11 until June 13, 2014, in Berlin, Germany.


Meeting Details:


Speaker: Dr. Ben J. Lipps
Date of presentation: Friday, June 13, 2014; 08:00 am CET
Location: Hotel Adlon Kempinski, Unter den Linden 77, 10117 Berlin
Availability for 1-on-1-meetings: Wednesday, June 11, 2014; 12:30 – 18:30 CET & Friday, June 13, 2014; all day

The presentation will be also made available on Magforce’s website on www.magforce.com. 

About MagForce AG
MagForce AG, listed in the entry standard (MF6), together with its subsidiary MAGFORCE USA, Inc. is a leading medical device company in the field of nanomedicine in oncology. The Group's proprietary NanoTherm® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in selected countries. For more information, please visit www.magforce.com.

Disclaimer
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG and MagForce USA, Inc. Announce FDA Pre-IDE Meeting

05.05.2014

MagForce AG and MagForce USA, Inc. Announce FDA Pre-IDE Meeting 

 

Berlin, Germany and Nevada, USA, May 5, 2014 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6), a leading medical device company in the field of nanomedicine focused on oncology, together with its subsidiary MagForce USA, Inc. are pleased to report that an in-person meeting was held with the U.S. Food and Drug Administration’s (FDA) Center for Devices and Radiological Health to discuss FDA’s response to MagForce’s NanoTherm® Therapy Pre-Submission of late December, 2013. 


“We received very constructive feedback on our submission and have a better understanding of the issues and process for registration of NanoTherm® therapy in the USA. MagForce USA, Inc. will lead with the treatment of recurrent Glioblastoma in concert with MagForce AG’s post marketing clinical trial in Germany, which has already begun enrolling patients. We are confident that MagForce AG’s extensive pre-clinical and clinical studies will provide the background for a timely submission of an Investigational Device Exemption (IDE) for the application of NanoTherm® Therapy,” commented Ben J. Lipps, CEO of MagForce AG and MagForce USA.


Assisting MagForce with its USA registration efforts are Drs. Larry Kessler, Professor and Chair of the Department of Health Services School of Public Health, University of Washington, and Donna-Bea Tillman, Ph.D., M.P.A., FRAPS, of Biologics Consulting Group, Alexandria, VA.

About MagForce AG
MagForce AG, listed in the entry standard (MF6), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine in oncology. The Group's proprietary, NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. NanoTherm®, NanoPlan®, and NanoActivatorTM are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm®, NanoPlan®, and NanoActivatorTM are trademarks of MagForce AG in selected countries. For more information, please visit www.magforce.com.

Disclaimer
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

Enrollment of the first patient in the MF 1001 glioblastoma study at the Muenster University Clinic

31.03.2014

Enrollment of the first patient in the MF 1001 glioblastoma study at the Muenster University Clinic

 

Berlin, Germany, March 31, 2014 – MagForce AG (Frankfurt, Xetra: MF6), a leading medical technology company in the area of nanotechnology which focuses on oncology, today announced the enrollment of the first patient in the MF 1001 clinical study. MF 1001 is an open-label, randomized, controlled clinical trial assessing the efficacy and safety of NanoTherm® therapy as monotherapy and in combination with radiotherapy compared to radiotherapy alone in glioblastoma patients at first relapse. During NanoTherm® therapy, superparamagnetized iron oxide nanoparticles are injected into the tumor and then heated in the alternating magnetic field of the NanoActivator® in order to kill the tumor cells.

 

Prof Dr Walter Stummer, Director of the Department of Neurosurgery of the University Hopsital Muenster and Chair of the Muenster Brain Tumor Centre, who leads the MF 1001 study, stated: “I am delighted that we are the first centre to actively recruit for the MF 1001 study and that patient recruitment has now begun for this very important neurosurgical study. Now that recruitment has begun, we hope that the study can proceed quickly. It will enable us to gain more experience in the use of this special thermo therapy in the treatment of glioblastoma patients at first relapse and to demonstrate the value of this technology for patients. Our centre will also provide NanoActivator® treatment for patients who have received NanoTherm® injections into the tumor in nearby hospitals. We will work hard to generate additional efficacy data from this randomized study.”

 

Prof Dr Hoda Tawfik, Chief Medical Officer/Chief Operating Officer for Therapy Development, MagForce AG: “Input at a very early stage from important neurooncological and neurosurgical opinion leaders was a determining factor in the design of this new glioblastoma study. Now that the enrollment of patients in this study has begun, we are an important step closer to our goals and to introducing NanoTherm® therapy to expert medical specialists. It is our goal to take NanoTherm® therapy to the next level and confirm previous clinical results.”

 

The new MF 1001 glioblastoma study is designed to validate the results generated with NanoTherm® therapy to date by means of a direct comparison with established radiotherapy in a large patient population. This will allow the Company to draw substantiated conclusions about the potential of this new treatment option for glioblastoma patients. To date, three study centers have been equipped with a NanoActivator® where the complete treatment will take place and three further centers have been initiated without a NanoActivator® where the injection of the nanoparticles into glioblastoma tumors will be performed while the treatment in the NanoActivator® will be conducted in the nearest centre with a NanoActivator®. During the coming months, further study centers will be initiated with and without a NanoActivator®.

 

About MagForce AG

MagForce AG is a leading medical device company in the field of nanomedicine in oncology, listed in the entry standard (MF6). The Company's proprietary NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. For more information, please visit www.magforce.com .

 

Disclaimer

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG Installs NanoActivator® at the Kiel University Hospital

19.12.2013

MagForce AG Installs NanoActivator® at the Kiel University Hospital

 

Berlin, Germany, December 19, 2013 – MagForce AG (Frankfurt, Xetra: MF6), a medical technology company that focuses on the field of oncology and is a leader in the nanotechnology sector, today announced the installation of the third NanoActivator®. The NanoActivator® was installed as part of the preparations for the new glioblastoma study at the Kiel University Hospital.

 
About MagForce AG

MagForce AG is a leading medical device company in the field of nanomedicine in oncology, listed in the entry standard (MF6). The Company's proprietary, NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm®, NanoPlan®, and NanoActivator® are trademarks of MagForce AG in selected countries. For more information, please visit www.magforce.com.

Disclaimer
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG publishes Shareholder Letter

08.11.2013

MagForce AG publishes Shareholder Letter 

 

Dear MagForce Shareholders,


I am pleased to report that we are on target to achieve our 2013 plans:


Brain Cancer Therapy: Our main objective for 2013 is to initiate our post-marketing clinical study in recurrent Glioblastoma patients with the placement of NanoActivators® in three world class hospitals in Germany. During September and October we installed our second NanoActivator® at Münster University Hospital. We expect to install the third NanoActivator® by year end and the fourth will be installed in early 2014.  Initiation of the new Glioblastoma clinical study is on schedule to start in 2013. In addition, we are preparing our registration path for the USA. In the near future, we intend to concentrate on recurrent Glioblastoma Multiforme (GBM) in Germany, EU27 and the USA, which represents approximately 30% of the approximately 133,000 new GBM cases diagnosed annually. Parallel to the study we also expect to treat patients commercially already in 2014, as not every patient with GBM qualifies for the study, but can of course already profit from our approach. Global healthcare expenses for GBM treatments are estimated to exceed 2 billion Euros per year.

 

Prostate Cancer Therapy: With respect to the application of MagForce's NanoTherm® Therapy (NTT) to the treatment of prostate cancer, our unique technology is viewed as a very promising compliment to current prostate cancer treatments. Our short-term task is to define the optimum regimen with our NanoTherm® Therapy technology and the path to commercialization. As I discussed in my letter to you in July, we plan to have the path defined and start the execution process by the end of Q4, 2013. We are on target to accomplish this 2013 goal also. Of the 900,000 new diagnosed prostate cancer cases each year, approximately 57% are diagnosed in the combined regions of the USA, Germany and EU27 countries. The combined healthcare expenditure to treat prostate cancer in these regions is estimated to exceed 10 billion Euros.

 

Financial: Our spending is on target; however, as I indicated in my letter to you with the half-year results, we expect the net loss from operating activities to be higher than in 2012, largely due to the start of the new clinical Glioblastoma study and to preparations for market entry in other countries.
Investor Relations: As we are defining our corporate goals and path to achieve them, I would like to point out that we will continue to present at conferences as in the past. Our first presentation is Tuesday, November 12th in Frankfurt at EIGENKAPITALFORUM.  Investors who are attending the event are cordially invited to join my presentation.  I am very much looking forward to the personal discussion with you.


Personnel: I am very pleased to reiterate that we have a management team and employees who are very dedicated and very talented. I am particularly pleased that the Supervisory Board of MagForce AG has approved the distribution of MagForce stock options to every employee! In detail, we have 1,790,499 options outstanding under the 2013 plan. The term is 6 years with an earliest exercise after 4 years which assumes we are fully aligned with our shareholders and focus on sustainable shareholder value.


Dear Shareholders, in summary we have a challenging path to develop and expand our NanoTherm® Therapy into a valued therapy for the treatment of GBM and prostate cancer and achieve our 5 year financial target which calls for annual revenues between 100-150 Million Euros. We are enthusiastically making progress step by step.  Again, thank you for your interest and support of MagForce AG.


Sincerely,


Dr. Ben Lipps


Chief Executive Officer &
Chairman of the Management Board
 
About MagForce AG

MagForce AG is a leading medical device company in the field of nanomedicine in oncology, listed in the entry standard (MF6). The Company's proprietary, NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm®, NanoPlan®, and NanoActivator® are trademarks of MagForce AG in selected countries. For more information, please visit www.magforce.com.

Disclaimer
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG Installs NanoActivator® at the University Hospital Münster

06.11.2013

MagForce AG Installs NanoActivator® at the University Hospital Münster

 

Berlin, Germany, November 6, 2013 – MagForce AG (Frankfurt, Xetra: MF6), a medical technology company that focuses on the field of oncology and is a leader in the nanotechnology sector, today announced the installation of the second NanoActivator®. The NanoActivator® was brought into operation as part of the preparations for the new glioblastoma study at the University Hospital Münster and is the second after the one at the university hospital Charité in Berlin. 

 

Prof. Dr. med. Walter Stummer, Director of the Clinic for Neurosurgery and Neurooncology at the University Hospital Münster and head of the new clinical trial, said: “I am extremely happy to say that my center now has its own NanoActivator® and we can commence recruitment into this important study in neuro-oncology. We anticipate a significant added value to the technology once we have more experience in its use for therapy and are eager for generating additional data on efficacy from a randomized study. We are continually in contact with the clinical team at MagForce AG for directly communicating current developments in the progress of the study.”

 

Prof. Dr. Hoda Tawfik, CMO/COO of MagForce AG: “Since the start of considerations about a new glioblastoma study, we have been in close contact with important medical opinion leaders in neurooncology. They contributed significantly to the creation of the study design. With the installation of another NanoActivator®, we are an important step closer to introducing this therapy to the medical community. Our goal is to take NanoTherm® therapy to the next level and to corroborate previous clinical results.”

 

The new glioblastoma study aims to validate the previous results of NanoTherm® therapy in direct comparison to currently available standard therapy in a larger patient pool. This will allow the company to draw meaningful conclusions about the potential of this new approach to treating patients with glioblastomas. The patients recruitment in this new glioblastoma study will start end of 2013. Until then, a total of three NanoActivators® are planned to be set up and operational. Additional centers will follow in 2014.

 

About MagForce AG
MagForce AG is a leading medical device company in the field of nanomedicine in oncology, listed in the entry standard (MF6). The Company's proprietary, NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamag-netic nanoparticles. NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm®, NanoPlan®, and NanoActivator® are trademarks of MagForce AG in selected countries. For more information, please visit www.magforce.com.

 

Disclaimer
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

 

Contact:
Anne Hennecke
MC Services AG

T +49 89 210228-18
F +49 89 210228-88
M +49 151 12 555 759

Email: anne.hennecke@mc-services.eu

 

Stephan Jakober appointed to the Supervisory Board of MagForce AG

22.10.2013

Stephan Jakober appointed to the Supervisory Board of MagForce AG 

 

Berlin, Germany, October 22, 2013 - MagForce AG (Frankfurt, Xetra: MF6), a leading medical device company in the area of nanotechnology with a focus on oncology, today announced details on the change in the Company's Supervisory Board. Dr Jan zur Hausen stepped back from his membership position on September 13, 2013, due to personal reasons. The county court Berlin-Charlottenburg appointed Stephan Jakober as new Supervisory Board member. 
 
Stephan Jakober is Chief Financial Officer of Film House Germany AG, a Berlin-based production company for international and German movies, and works as consultant vor CIB Beratung AG (Zurich) in the area of Private Equity, Corporate Finance and Mergers & Acquisition. Prior to that, Stephan Jakober was reponsible for investments in medium-sized enterprises for different European Private Equity Funds as Investment Director.

Stephan Jakober studied Business Administration at the University of St Gallen (HSG).

About MagForce AG
MagForce AG is a leading medical device company in the field of nanomedicine in oncology, listed in the entry standard (MF6). The Company's proprietary, NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. NanoTherm®, NanoPlan®, and NanoActivator® are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm®, NanoPlan®, and NanoActivator® are trademarks of MagForce AG in selected countries. For more information, please visit www.magforce.com.
 
Disclaimer
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.
 
 
Contact:
Anne Hennecke
MC Services AG
 
T +49 89 210228-18
F +49 89 210228-88
M +49 151 12 555 759


Email: anne.hennecke@mc-services.eu

MagForce publishes 2013 Interim Report

30.09.2013

MagForce publishes 2013 Interim Report

 

  • Capital increase of €33.5 million successfully completed
  • New glioblastoma study approved by BfArM
  • Ben J. Lipps new Chairman of the Management Board from September 1, 2013 
  • Operating expenses significantly reduced thanks to implementation package, net loss for the period down 36% to €2.3 million 
  • Forecast for 2013 confirmed, roll-out plan will lead to increased net loss year-on-year

Berlin, September 30, 2013 – MagForce AG (Frankfurt, XETRA: MF6), a leading medical device company in the field of nanomedicine with a focus on oncology, today published its figures for the first half of 2013, which ended on June 30, 2013.

Chairman of the Management Board Ben J. Lipps commented: “The key event in the first half of 2013 was the successful capital increase in March of this year, which enabled the new glioblastoma study to go ahead. This was approved by the Bundesinstitut für Arzneimittel und Medizinprodukte (BfArM) in April. Based on current developments, we are reiterating our outlook for full-year 2013 as published in the 2012 Annual Report. Given our roll-out plan, we expect the net loss from operating activities to be higher than in 2012, largely due to the start of the new clinical glioblastoma study and to preparations for market entry in other countries. By the end of the year, a total of three NanoActivators will have been installed and commissioned for the new study.”

The Company recorded a net loss of €2.3 million for the reporting period (–36%, previous year: €3.4 million). This improvement is largely due to the restructuring measures implemented and the strategic repositioning of the Company. Operating expenses were reduced by 48% to €1.0 million. The main reasons for this were the writedowns of long-term financial assets made in the previous year, the discontinuation of the former research projects, and reduced staff costs as a result of staff restructuring measures.

In the first half of the year, the Company successfully completed its previously announced capital increase against cash and noncash contributions with preemptive rights for shareholders in the total amount of approximately €33.5 million. The new shares were subscribed in return for cash payments and noncash contributions, and shareholder loans of €15.9 million were converted into equity. This left MagForce debt-free and with €17.5 million in cash at that time.  

In June, the Supervisory Board of MagForce AG appointed Dr. Ben J. Lipps, former CEO of Fresenius Medical Care, as Chairman of the Management Board and Chief Executive Officer of the Company effective September 1, 2013. Dr. Lipps has represented the Company since that date together with his fellow Management Board members Prof. Hoda Tawfik (CMO/COO) and Christian von Volkmann (CFO), who have remained in their respective positions.

About MagForce AG

MagForce AG is a leading medical device company in the field of nanomedicine in oncology, listed in the entry standard (MF6). The Company's proprietary, NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. NanoTherm®, NanoPlan®, and NanoActivatorTM are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm®, NanoPlan®, and NanoActivatorTM are trademarks of MagForce AG in selected countries. For more information, please visit www.magforce.com.
 
Disclaimer

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.
 
Contact:

Anne Hennecke
MC Services AG
 
T +49 89 210228-18
F +49 89 210228-88
M +49 151 12 555 759
Email: anne.hennecke@mc-services.eu 

Voluntary Directors' Dealings announcement of Dr. Ben J. Lipps

29.08.2013

Voluntary Directors' Dealings announcement of Dr. Ben J. Lipps 

 

Berlin, Germany, August 29, 2013 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6), a leading medical device company in the field of nanomedicine focused on oncology, announced today that Ben Lipps, designated CEO starting September 1st, 2013, has disclosed to the Company that he has bought 250,000 shares in MagForce, which represents 1.05% of the Company's outstanding shares.

About MagForce AG

MagForce AG is a leading medical device company in the field of nanomedicine in oncology, listed in the entry standard (MF6). The Company's proprietary, NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. NanoTherm®, NanoPlan®, and NanoActivatorTM are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm®, NanoPlan®, and NanoActivatorTM are trademarks of MagForce AG in selected countries. For more information, please visit www.magforce.com.
 
Disclaimer

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.
 
Contact:

Anne Hennecke
MC Services AG
 
T +49 89 210228-18
F +49 89 210228-88
M +49 151 12 555 759
Email: anne.hennecke@mc-services.eu 

Annual General Meeting of MagForce AG

07.08.2013

Annual General Meeting of MagForce AG

 

  • Annual General Meeting approves agenda with a clear majority
  • Executive Board and Supervisory Board have been discharged
  • Outlook for the 2013 fiscal year confirmed

Berlin, Germany, August 7, 2013 - MagForce AG (Frankfurt, Entry Standard, XETRA: MF6), a leading medical device company in the field of nanomedicine focused on oncology, held its annual general meeting yesterday, August 6, 2013, in Berlin. The annual general meeting approved all of the items on the agenda with a clear majority and granted discharge to the Executive and Supervisory Boards for the 2012 fiscal year. The Executive Board members Prof. Dr. Hoda Tawfik and Christian von Volkmann provided a status update regarding current operational developments, an overview of the 2012 fiscal year and the outlook for the current year. The Executive and Supervisory Boards were pleased with the outcome of the resolutions.


The Executive Board’s presentation is available from the company’s website at www.magforce.de/presse-investoren/hauptversammlung (German only). 

About MagForce AG
MagForce AG is a leading medical device company in the field of nanomedicine in oncology. The Company's proprietary, NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. NanoTherm®, NanoPlan®, and NanoActivatorTM are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm®, NanoPlan®, and NanoActivatorTM are trademarks of MagForce AG in selected countries. For more information, please visit www.magforce.com.

Disclaimer
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated

MagForce AG Publishes First Quarterly Shareholder Letter

24.07.2013

MagForce AG Publishes First Quarterly Shareholder Letter 

 

Berlin, Germany, July 24, 2013 – MagForce AG (Frankfurt, Xetra: MF6), a leading medical device company in the area of nanotechnology with a focus on oncology, published today its first “Shareholder Letter”. 
 

Subsequently, such shareholder letters shall be published quarterly in order to keep shareholders well informed about the ongoing developments and progress.


The shareholder letter can be downloaded here: 


http://www.magforce.de/en/presse-investoren/aktionaersbriefe.html


Key points are
 

  • Personal introduction of Dr. Ben Lipps, designated CEO and Chairman of the Management Board 
  • Focus on recurrent Glioblastoma Multiform Cancer (GBM) and Prostate Cancer
  • Details to GBM post-marketing study 
  • Search for strategic partners in Emerging Markets.


About MagForce AG
MagForce AG is a leading medical device company in the field of nanomedicine in oncology, listed in the entry standard (MF6). The Company's proprietary, NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. NanoTherm®, NanoPlan®, and NanoActivatorTM are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm®, NanoPlan®, and NanoActivatorTM are trademarks of MagForce AG in selected countries. For more information, please visit www.magforce.com.


Disclaimer
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG Publishes First Quarterly Shareholder Letter

24.07.2013

MagForce AG Publishes First Quarterly Shareholder Letter 

 

Berlin, Germany, July 24, 2013 – MagForce AG (Frankfurt, Xetra: MF6), a leading medical device company in the area of nanotechnology with a focus on oncology, published today its first “Shareholder Letter”. 


Subsequently, such shareholder letters shall be published quarterly in order to keep shareholders well informed about the ongoing developments and progress.


The shareholder letter can be downloaded here: 


www.magforce.de/en/presse-investoren/aktionaersbriefe.html


Key points are

  • Personal introduction of Dr. Ben Lipps, designated CEO and Chairman of the Management Board
  • Focus on recurrent Glioblastoma Multiform Cancer (GBM) and Prostate Cancer
  • Details to GBM post-marketing study 
  • Search for strategic partners in Emerging Markets.


About MagForce AG
MagForce AG is a leading medical device company in the field of nanomedicine in oncology, listed in the entry standard (MF6). The Company's proprietary, NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. NanoTherm®, NanoPlan®, and NanoActivatorTM are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm®, NanoPlan®, and NanoActivatorTM are trademarks of MagForce AG in selected countries. For more information, please visit www.magforce.com.

Disclaimer
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce merges existing share classes

20.06.2013

MagForce merges existing share classes

 

Berlin, Germany, June 20, 2013 – MagForce AG (Frankfurt, Entry Standard, XETRA: MF6), a leading medical device company in the field of nanomedicine focused on oncology, announced today that the two different existing share classes have been prematurely merged, effective June 20, 2013.  The new shares issued in the context of the capital increase early 2013 with ISIN DE000A1R1KE3 (WKN A1R1KE) and the old shares with ISIN DE000A0HGQF5 (WKN A0HGQF) will immediately be traded under the security details of the old shares: ISIN DE000A0HGQF5 (WKN A0HGQF). New shares have been suspended for trading accordingly on the morning of June 20, 2013. It is expected that shares will be available for trading late in the day under WKN A0HGQF.

About MagForce AG
MagForce AG is a leading medical device company in the field of nanomedicine in oncology. The Company's proprietary, NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. NanoTherm®, NanoPlan®, and NanoActivatorTM are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm®, NanoPlan®, and NanoActivatorTM are trademarks of MagForce AG in selected countries. For more information, please visit www.magforce.com.


Disclaimer
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

Dr. Ben J. Lipps designated as Chairman of the Management Board and Chief Executive Officer of MagForce AG

14.06.2013

Dr. Ben J. Lipps designated as Chairman of the Management Board and Chief Executive Officer of MagForce AG

 

[PDF]

 

Berlin, Germany, June 14, 2013 – The Supervisory Board of Magforce AG (Frankfurt, XETRA: MF6), a leading medical device company in the field of oncology, has appointed Dr. Ben J. Lipps, former CEO and Chairman of Fresenius Medical Care, as Chairman of the Management Board and Chief Executive Officer of the company starting September 2013. While serving as Chairman and CEO of Magforce, Ben Lipps will continue his consultantship with Fresenius Medical Care. The current management board members of Magforce Prof. Dr. Hoda Tawfik (Chief Developement & Medical Officer) and Christian von Volkmann (Chief Financial Officer) remain in their respective position.

Dr. Ben J. Lipps became Chairman and Chief Executive Officer of the Management Board of Fresenius Medical Care in May 1999. In December 2012, he stepped down as Chairman of the Management Board and CEO. Dr. Lipps led the research team that developed the first commercial hollow fiber artificial kidney at the end of the 1960’s. Today over two million dialysis patients rely on hollow fiber dialyzers for life sustaining treatments.

Norbert Neef, Chairman of the Supervisory Board of MagForce, comments: “MagForce is very proud to have attracted a former DAX 30 CEO as addition to MagForce´s management team. Dr. Lipps will help us harvesting the full potential of our great IP. Based on the already existing regulatory approval for our NanoTherm® Therapy for all forms of brain cancer we are confident to be able to develop MagForce into a global medical device company successfully targeting the treatment of multiple cancer forms.”

Ben Lipps comments: “MagForce is a most interesting opportunity in the medical device and pharma world. Globally, over two million patients are diagnosed with brain, head & neck, and prostate cancers each year. Clearly, the NanoTherm® Therapy being developed by MagForce AG can be applied as an adjunct or as a monotherapy to assist in the treatment regiments for these solid tumors. NanoTherm® Therapy has regulatory approval in 27 European countries already. I am looking forward to work with the very competent and highly motivated management team at MagForce. Our focus will be to advance this therapy to the next level with its widespread commercialization and to building a global player in the area of cancer treatment for the good of patients”.

 

About MagForce AG

MagForce AG is a leading medical device company in the field of nanomedicine in oncology, listed in the entry standard (MF6). The Company's proprietary, NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. NanoTherm®, NanoPlan®, and NanoActivatorTM are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm®, NanoPlan®, and NanoActivatorTM are trademarks of MagForce AG in selected countries. For more information, please visit www.magforce.com.

 
Full Resume Dr. Ben Lipps

 
Dr. Ben J. Lipps became Chairman and Chief Executive Officer of the Management Board of Fresenius Medical Care in May 1999. In December 2012 he stepped down as Chairman of the Management Board and CEO. During his term, Fresenius Medical Care´s sales tripled from 3.8 to 12.8 billion dollars, and the annual net profit grew 6 times to 1.1 billion dollars.

He was also Chief Executive Officer of Fresenius Medical Care North America until February 2004. He was President, Chief Executive Officer, Chief Operating Officer and a director of Fresenius USA from October 1989 through February 2004, and served in various capacities with Fresenius USA’s predecessor from 1985 through 1989.

He earned his master’s and doctoral degrees at the Massachusetts Institute of Technology in chemical engineering. Before joining the Fresenius Group in 1985, Dr. Lipps held several research management positions in various companies, among them with DOW Chemical.


Disclaimer

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG Receives Further Patent Related to NanoTherm® Therapy

07.05.2013

MagForce AG Receives Further Patent Related to NanoTherm® Therapy 

 

  • European patent granted for nanoparticle-drug conjugates 
  • MagForce further expands patent portfolio


Berlin, Germany, May 7, 2013 – MagForce AG (Frankfurt, XETRA: MF6), a leading medical technology company in the field of nanomedicine in oncology, announced today that the Company has been granted a further European patent for its NanoTherm® therapy, for which the opposition period has now expired. Patent EP 1871423 B1 relates to a new generation of NanoTherm®particles in the form of nanoparticle-drug conjugates, which are suitable for drug delivery systems. Nanoparticle-drug conjugates inside a tumor can be heated selectively by an alternating magnetic field leading to a temperature-dependent release of the drug inside the tumor tissue producing a high local drug concentration. Additionally the known synergistic effects of chemotherapy in combination with hyperthermia can be utilized.


“The locally limited and externally controllable drug release by means of the now patent-protected conjugates is expected to clearly reduce the mostly considerable side-effects of conventional chemotherapeutic agents. Combining thermotherapy with nanoparticle-bound chemotherapy could also substantially increase the effectiveness of the chemotherapeutic agent in tumor treatment and reduce the number of nanoparticles required to destroy the cancer cells,” commented Prof. Dr. Hoda Tawfik, COO and co-CEO of MagForce. “We are very pleased to have been granted a further patent for our NanoTherm® therapy. By expanding our patent portfolio we will improve protection of our intellectual property and strengthen our competitive position.”

About NanoTherm® Therapy

The NanoTherm® Therapy is a new approach for the local treatment of solid tumors. The principle of the method is the direct introduction of superparamagnetic nanoparticles into a tumor and their subsequent heating in an alternating magnetic field. The nanoparticles are extremely small (approximately 15 nanometers in diameter) and contain an iron oxide core with an aminosilane coating. The particles are activated by a magnetic field that changes its polarity 100,000 times per second, and heat is produced. Depending on the duration of treatment and the achieved intratumoral temperatures, the tumor cells are either directly destroyed (thermal ablation) or sensitized for concomitant chemotherapy or radiotherapy (hyperthermia). With this new therapeutic approach, it is possible to combat the tumor from the inside out, thereby sparing surrounding healthy tissue. The nanoparticles remain in place at the treatment area, allowing for repeat treatments and the integration of multimodal therapy concepts. NanoTherm® Therapy has regulatory approval in 27 European countries.

About MagForce AG
MagForce AG is a leading medical technology company in the field of nanomedicine in oncology. The Company's proprietary, NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. NanoTherm®, NanoPlan®, and NanoActivatorTM are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm®, NanoPlan®, and NanoActivatorTM are trademarks of MagForce AG in selected countries. For more information, please visit www.magforce.com.

Disclaimer
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

MagForce AG Receives BfArM Approval to Start the Post-Marketing Study in Glioblastoma with NanoTherm® Therapy

08.04.2013

MagForce AG Receives BfArM Approval to Start the Post-Marketing Study in Glioblastoma with NanoTherm® Therapy

 

  • Set-up of NanoActivatorsTM initially in five leading centers in Germany
  • Start of center initiation in the post-marketing study forthcoming


Berlin, Germany, April 08, 2013 – MagForce AG (Frankfurt, XETRA: MF6), a leading medical technology company in the field of nanomedicine in oncology, announced today that it has received approval from the German Federal Institute for Drugs and Medical Devices (BfArM) to start the post-marketing clinical study in recurrent glioblastoma. The approval of the ethics committee was previously granted end of December 2012 and the Company will now proceed to install the required NanoActivatorsTM in the treatment centers and preparing for the clinical study initiation. 
 

The trial is an open-label, randomized, controlled study to determine the efficacy and safety of NanoTherm® monotherapy alone and in combination with radiotherapy versus radiotherapy alone in up to 280 glioblastoma patients. It will be conducted in about 15 centers in Germany and will be initially started in five leading centers, including the University Hospitals Berlin, Duesseldorf, Giessen, Cologne and Muenster. MagForce has designed a study protocol to support and supplement the results of a previous study, which led to the approval of the NanoTherm® Therapy and its medical devices in brain cancer. In addition, the application procedure of the NanoTherm® particles into the tumor should be optimized. This study is also designed to comply with the current guidelines for the development of medicinal products.


”We are excited about the BfArM approval that now triggers the start of our post-marketing clinical study, which we have carefully prepared over the last few months in collaboration with leading neurosurgeons, neurooncologists, and radiotherapists. With this trial we intend to provide validation of the available results with our NanoTherm® Therapy involving leading medical experts in the field of neurooncology, the key opinion leaders in the application of this technology”, Prof Dr Hoda Tawfik, COO and co-CEO of MagForce, commented.

”Glioblastoma is an aggressive brain tumor with annually about 120,000 new cases worldwide. Although therapeutic improvements were achieved in the recent years, there is still a high medical need for effective treatment options to help patients suffering from this dismal disease. The previous study of MagForce’s NanoTherm® Therapy showed promising results. I am pleased to contribute to this new trial, which is designed to validate the previous results in a larger patient population with direct comparison to established treatment. This will allow us to draw meaningful conclusions about the potential of this new approach to treat these desperate patients”, added Prof Dr Walter Stummer, Director of the Department of Neurosurgery and Neurooncology, University Hospital Muenster, Germany, President of the NOA (Neuroonkologische Arbeitsgemeinschaft) and Coordinating Principal Investigator (LKP) of the study.

About NanoTherm® Therapy The NanoTherm® 
Therapy is a new approach for the local treatment of solid tumors. The principle of the method is the direct introduction of superparamagnetic nanoparticles into a tumor and their subsequent heating in an alternating magnetic field. The nanoparticles are extremely small (approximately 15 nanometers in diameter) and contain an iron oxide core with an aminosilane coating. The particles are activated by a magnetic field that changes its polarity 100,000 times per second, and heat is produced. Depending on the duration of treatment and the achieved intratumoral temperatures, the tumor cells are either directly destroyed (thermal ablation) or sensitized for concomitant chemotherapy or radiotherapy (hyperthermia). With this new therapeutic approach, it is possible to combat the tumor from the inside out, thereby sparing surrounding healthy tissue. The nanoparticles remain in place at the treatment area, allowing for repeat treatments and the integration of multimodal therapy concepts. NanoTherm® Therapy has regulatory approval in 27 European countries.
 

About MagForce AG
MagForce AG is a leading medical technology company in the field of nanomedicine in oncology. The Company's proprietary, NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of magnetic nanoparticles. NanoTherm®, NanoPlan®, and NanoActivatorTM are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm®, NanoPlan®, and NanoActivatorTM are trademarks of MagForce AG in select countries. For more information, please visit www.magforce.com.

Disclaimer
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

Contact:

Anne Hennecke
MC Services AG

T +49 89 210228-18
F +49 89 210228-88
M +49 151 12 555 759

Email: anne.hennecke@mc-services.eu

MagForce successfully implements capital increase

20.03.2013

  • MagForce successfully completes capital increase in the total amount of €33.5 million
  • New funding secures financing of post-marketing trial of the NanoTherm® therapy in glioblastoma and FDA filing
  • Next cancer indication in clinical development will be prostate cancer

Berlin, Germany, March 20, 2013 – MagForce AG (Frankfurt, XETRA: MF6), a leading medical device company in the field of nanomedicine with focus on oncology, today anounced that it has successfully completed a capital increase against cash and non-cash contributions including preemptive rights in the total amount of €33.5 million. In total, 18,606,553 new no-par value bearer shares have been subscribed. Thereof 9,750,846 new shares have been subscribed against cash and 8,855,707 new shares have been subscribed against a contribution in kind, namely converting €15.9 million shareholder loans into equity. As a result, MagForce is debt-free and has €17.6 million cash on hand to drive the company through the next inflection points.
 

Prof. Hoda Tawfik, COO and co-CEO of MagForce AG, commented: “With this capital increase, Magforce is entering a new phase. With the successful capital increase we have set the preconditions for establishing the NanoTherm® Therapy in the medical community and for achieving the validation of the clinical data in Europe as well as for approaching filing for approval in the USA with the FDA. This will be achieved substantially via the anounced post-marketing clinical trial with glioblastoma patients. Additionally, we will further develop the NanoTherm® Therapy in other oncology indications e.g. prostate cancer, the second most frequently diagnosed cancer of men and the fifth most common cancer overall.” Christian von Volkmann, CFO and co-CEO of MagForce AG, added: “The successful capital increase with considerable size shows the trust and confidence international institutional investors put into the MagForce technology and the MagForce team. The company now has secured sufficient funding from renowned international investors to reach the next inflection points and is well prepared for a time of dynamic growth.”


About MagForce AG
MagForce AG is a leading medical technology company in the field of nanomedicine in oncology. The Company's proprietary, NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of magnetic nanoparticles. NanoTherm®, NanoPlan®, and NanoActivatorTM are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm®, NanoPlan®, and NanoActivatorTM are trademarks of MagForce AG in select countries. For more information, please visit www.magforce.com.

Disclaimer
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

Contact:

Anne Hennecke
MC Services AG

T +49 89 210228-18
F +49 89 210228-88
M +49 151 12 555 759

Email: anne.hennecke@mc-services.eu

MagForce to implement capital increase of up to €33.5 million

08.02.2013

MagForce to implement capital increase of up to €33.5 million

 

NOT FOR DISTRIBUTION IN THE USA, CANADA, JAPAN, OR AUSTRALIA


MagForce to implement capital increase of up to €33.5 million

  • Capital increase against cash and noncash contributions including preemptive rights
  • Funds to go towards post-marketing study and loan repayment
  • BaFin approves securities prospectus


Berlin, Germany, February 08, 2013 – MagForce AG (Frankfurt, XETRA: MF6), a leading medical technology company in the field of nanomedicine in oncology, intends to implement a capital increase against cash and noncash contributions including preemptive rights in the total amount of around €33.5 million. To achieve this, up to 18,606,553 new no-par value bearer shares will be issued. The capitalization measure was resolved at the Company’s extraordinary general meeting on January 25, 2013. 


Bankhaus Neelmeyer AG, Bremen, will offer the new shares to the Company’s shareholders for sub-scription at a ratio of 2:7. The subscription price for the new shares will be €1.80 per share. The two-week shareholders’ subscription period will run from February 14 to February 28, 2013. Clearstream Banking AG, Frankfurt am Main, will settle the rights for the new shares. The rights will not be traded on the stock exchange. 


Further details are provided in the securities prospectus, which the company filed with the commercial register today. In line with legal requirements, Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin – the German Financial Supervisory Authority) examined and approved the prospectus. It is expected to be published in the Bundesanzeiger (Federal Gazette) on February 14, 2013. The prospectus is available on the Company’s website at www.magforce.de under the section entitled “Press and Investors” (German only).

In the short to medium term, MagForce will use part of these cash funds achieved in the transaction to finance the post-marketing glioblastoma study as well as business operations. In addition, the Company will repay loans in the amount of €16.1 million to its primary creditors, insofar as this amount is not converted to equity as part of a debt-to-equity swap.
 

About MagForce AG
MagForce AG is a leading medical technology company in the field of nanomedicine in oncology. The Company's proprietary, NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of magnetic nanoparticles. NanoTherm®, NanoPlan®, and NanoActivatorTM are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm®, NanoPlan®, and NanoActivatorTM are trademarks of MagForce AG in select countries. For more information, please visit www.magforce.com.

Disclaimer
This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

Contact:

Anne Hennecke
MC Services AG

T +49 89 210228-18
F +49 89 210228-88
M +49 151 12 555 759

Email: anne.hennecke@mc-services.eu

MagForce starts research project with University of Bremen

31.01.2013

MagForce starts research project with University of Bremen

 

  • Project to develop magnetic iron oxide particles with improved efficiency
  • Agreement on funding by German Federal Ministry of Economics and Technology from the German Mittelstand innovation program “Zentrales Innovationsprogramm Mittelstand (ZIM)”

Berlin, Germany, January 31, 2013 – MagForce AG (Frankfurt, XETRA: MF6), a leading medical technology company in the field of nanomedicine in oncology, today announced the start of a research project with the University of Bremen, Center for Environmental Research and Sustainable Technology, for the development of magnetic iron oxid particles with improved efficiency. The novel particles will allow a more efficient treatment of abdominal cancers, such as prostate and pancreatic cancer. A more efficient magnetic fluid and a pilot manufacturing facility will result from the collaboration.

The project will receive funding from the German Mittelstand Innovation Program (ZIM) which is managed by the German Federal Ministry of Economics and Technology and will run for two years.

“We are excited to be working with Prof Dr Jorg Thöming, who is an internationally renowned expert in the area of process engineering, as a cooperation partner. This project is perfectly in-line with MagForce’s new strategy to conduct early-stage research and development collaborations with academic institutions”, commented Prof Dr Hoda Tawfik, COO and co-CEO of MagForce AG. “In August 2012, we temporarily put all internal early-stage research and development on hold to focus the Company’s resources on establishing our NanoTherm® therapy in the market. This project gives us the opportunity to develop the next generation of NanoTherm® that will significantly improve the treatment of abdominal cancers.” Prof Dr Jorg Thöming comments: “I am excited to start the collaboration in the nanotechnology area with MagForce, an innovative nanomedicine company. The exploitation of synergies between our scientists is very promising.”

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About MagForce AG

MagForce AG is a leading medical technology company in the field of nanomedicine in oncology. The Company's proprietary, NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of magnetic nanoparticles. NanoTherm®, NanoPlan®, and NanoActivatorTM are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm®, NanoPlan®, and NanoActivatorTM are trademarks of MagForce AG in select countries. For more information, please visit www.magforce.com.

Disclaimer

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

Contact:

Anne Hennecke

MC Services AG

T +49 89 210228-18

F +49 89 210228-88M +49 151 12 555 759

Email: anne.hennecke@mc-services.eu

 

MagForce Shareholders’ Meeting resolves to increase capital by up to €33.5 million

25.01.2013

MagForce Shareholders’ Meeting resolves to increase capital by up to €33.5 million

 

  • Capital increase against cash and noncash contributions by granting preemptive rights of up to a total of €33.5 million approved at Shareholders’ Meeting
  • Debt reduction and debt-to-equity swap planned

NOT FOR DISTRIBUTION IN THE USA, CANADA, JAPAN, OR AUSTRALIA

 

Berlin, Germany, January 25, 2013 – MagForce AG (Frankfurt, XETRA: MF6), a leading medical technology company in the field of nanomedicine in oncology, announced today that the Company’s Shareholders’ Meeting, which took place earlier in the day, approved all agenda items with a majority of votes.

With immediate effect, the Company’s share capital can therefore be increased by up to €18.6 million against cash and noncash contributions, granting preemptive rights to shareholders. The new shares with a notional value of €1.00 will be issued for €1.80. The Company was also granted the right to issue new shares at the issue price of €1.80 per share to certain creditors against noncash contributions to the extent that shareholders’ preemptive rights are disapplied for shares counting as fractions or that preemptive rights have not been exercised following the expiration of the subscription period for all shareholders, but only up to a maximum of 8,933,643 new shares. The preemptive rights will not be traded on the stock exchange.

In the short to medium term, MagForce will use part of these cash funds to finance the post-marketing glioblastoma study. As well as financing its operating business, the Company will repay loans in the amount of €16.1 million to its primary creditors, insofar as this amount is not converted to equity as part of a debt-to-equity swap.

“The capital measures approved today will allow the Company to restructure its balance sheet by eliminating €16.1 million in debt as part of its strategic financing activities while also raising sufficient cash funds for upcoming tasks,” explained Christian von Volkmann, CFO and Co-CEO. “In view of the Company’s long-term corporate planning and the establishment of its NanoTherm® therapy on the market, the Management and Supervisory Board felt that these measures were vital to the Company’s future and were very pleased with the approval of these measures. We are confident that MagForce’s business model with NanoTherm® therapy will be a profitable one.”

About MagForce AG

MagForce AG is a leading medical technology company in the field of nanomedicine in oncology. The Company's proprietary, NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of magnetic nanoparticles. NanoTherm®, NanoPlan®, and NanoActivatorTM are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm®, NanoPlan®, and NanoActivatorTMare trademarks of MagForce AG in select countries. For more information, please visit www.magforce.com. 

Disclaimer

This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.

Contact:

Anne Hennecke

MC Services AG

 

T +49 89 210228-18

F +49 89 210228-88

M +49 151 12 555 759
 

Email: anne.hennecke@mc-services.eu