10.10.2011
MagForce AG Announces Treatment of Recurrent Glioblastoma Patient with NanoTherm® Therapy
- Patient treated at the University of Giessen and Charité University Medical Center Berlin in an interdisciplinary cooperation
- The first treatment approvals have been received from German state insurance companies
Berlin, October 10, 2011 - MagForce AG (FSE:MF6), a leading medical technology company focusing on nanomedicine in oncology, announced today the treatment of a recurrent glioblastoma patient with the company’s NanoTherm® therapy. The first part of the therapy (instillation of the nanoparticles) was carried out at the University Giessen and subsequent steps (nanoparticle activation and the accompanying radiotherapy) were performed at the Charité University Medical Center Berlin. Based on an individual patient agreement, the treatment costs are being covered by a German state insurance company.
“We are pleased that treatment with NanoTherm therapy for brain tumors patients has begun, and especially that treatment costs have been supported by a number of state insurance companies through individual patient agreements. This is a great milestone for both our novel technology and for MagForce as a company,” said Dr. Peter Heinrich, CEO of MagForce. “Through our collaborations with experts in both Germany and internationally, we plan to further develop this treatment approach for a variety of solid tumor indications with high medical need.”
Glioblastoma is the most common and most aggressive malignant primary brain tumor in adults. Recurrent glioblastoma is the reoccurring growth following treatment of the primary tumor.
ABOUT MAGFORCE:
MagForce AG is a leading medical technology company focusing on nanomedicine in oncology. The company’s proprietary procedure, NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of magnetic 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.
ABOUT NANOTHERM® THERAPY
NanoTherm® therapy involves the direct injection of magnetic nanoparticles into the tumor and their subsequent heating by an alternating magnetic field. The water-soluble nanoparticles are approximately 15 nanometers in diameter and contain an iron oxide core with an aminosaline coating, which causes the particles to agglomerate following injection. The particles are then activated by a magnetic field that changes its polarity 100,000 times per second, and heat is produced within the tumor. Depending on the temperature reached and length of treatment, the tumor cells are either directly destroyed or sensitized for the accompanying chemotherapy or radiation.
19.09.2011
MagForce AG Completes Share Placement
Announcement in accordance with section 17 para. 2 of the General Terms and Conditions of Deutsche Börse AG for the Regulated Unofficial Market on the Frankfurt Stock Exchange
Berlin, Sept 19, 2011 - MagForce AG (FSE:MF6), a leading medical technology company focusing on nanomedicine in oncology, has completed a share placement from its authorized capital. In connection with the transaction, the company’s nominal capital increased from EUR 4,070,681, divided into 4,070,681 no par value common shares in bearer form with an imputed nominal value of EUR 1.00 by EUR 56,360.00 to EUR 4,127,041.00. Dr. Peter Heinrich, CEO of MagForce AG, along with international investors participated in the share placement. The company excluded subscription rights to existing shareholders by its authority under sec. 6 para. 4 of its articles of incorporation (Satzung).
A total of 56,360.00 new common bearer shares with profit participation rights dating from January 1, 2011 were issued in the private placement at a price of EUR 12.42 per share. The gross proceeds of the capital increase in the amount of approx. EUR 700,000.00 will go to the company and will be used to finance its further growth.
ABOUT MAGFORCE:
MagForce AG is a leading medical technology company focusing on nanomedicine in oncology. The company’s proprietary procedure, NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral release of heat from magnetic 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.
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 Nanotechnologies AG may substantially differ from these forward-looking statements. MagForce Nanotechnologies AG assumes no obligation to update these forward-looking statements or to correct them in case of developments which differ from those anticipated.
18.07.2011
MagForce Nanotechnologies AG Announces Establishment of NanoTherm® Therapy Treatment Center at Charité University Medical Center
Berlin, July 8, 2011 - MagForce Nanotechnologies AG (FSE:MF6), a leading medical technology company focusing on nano medicine in oncology, announced today that the Charité-Universitätsmedizin Berlin published the establishment of its NanoTherm® therapy center for the treatment of recurrent brain tumors on: www.charite.de
“I am pleased that we have accomplished this first step in making NanoTherm® therapy available to brain tumor patients,” said Dr. Peter Heinrich, CEO of MagForce. “There have been many challenges associated with introducing a completely new therapeutic approach to the medical community; therefore, the initial rollout has taken longer than expected. Our sales team is active throughout Germany and currently in discussion with leading medical institutions to establish additional treatment centers. We are also working to make the therapy internationally available.”
Dr. Andreas Jordan, CSO and founder of MagForce added, “We are pursuing the further development of NanoTherm® therapy for the treatment of prostate and pancreatic carcinomas. NanoTherm® therapy has enormous therapeutic potential to treat a variety of solid tumors, and we are just at the beginning.”
ABOUT MAGFORCE NANOTECHNOLOGIES:
MagForce Nanotechnologies AG is a world-leading company in the area of nanotechnology-based cancer treatment. The proprietary procedure which it has developed, Nano-Cancer® therapy, enables the targeted treatment of solid tumors through the intratumoral release of heat from magnetic nanoparticles. Its products used in the therapy, NanoTherm® and NanoActivator®, have received EU-wide regulatory approval as medical devices for the treatment of brain tumors.
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 Nanotechnologies AG may substantially differ from these forward-looking statements. MagForce Nanotechnologies AG assumes no obligation to update these forward-looking statements or to correct them in case of developments which differ from those anticipated.
14.06.2011
MagForce Nanotechnologies AG Reports Financial Results and Company Highlights for Fiscal Year 2010
- EU approval granted for NanoTherm® therapy in 27 EU countries
- Secured access to funding to support European product launch
- Commercial team in place and active in German market
- First NanoTherm® therapy center established at Charité University Hospital Berlin
Berlin, June 14, 2011 – MagForce Nanotechnologies AG, a leading medical technology company focusing on nanomedicine in oncology, reported financial results and company highlights for the fiscal year ended December 31, 2010. In 2010, the company laid the groundwork to bring its novel NanoTherm® therapy to the market. In June of last year, MagForce received EU approval for its medical products, NanoTherm® and NanoActivator™, for the treatment of brain tumors. Through two capital measures, the company secured access to EUR 23.4 million to restructure the company from its former research focus and build development and commercial expertise.
“In the last year, we made significant progress in strengthening our financial basis, hiring key individuals with industry expertise, and establishing the commercial structures necessary for product launch. Due to the extensive technical processes associated with the construction and certification of the first commercial NanoActivator™ for the first NanoTherm® therapy center in Berlin, the preparation time for commercial patient treatment has taken longer than anticipated,” said Dr. Peter Heinrich, CEO of MagForce. “We are pleased that our first treatment center has now been established at the Charité University Hospital Berlin, and we expect to begin patient treatments soon. Bringing a novel medical technology to the market presents many challenges, and we will continue to work with leading medical centers and neurooncology experts to make NanoTherm® therapy available to brain tumor patients who are in need of new therapeutic options.”
Gradual European Product Launch
MagForce’s European sales and marketing activities are currently focusing on Germany as the first market. In order to reach as many patients as possible, the company is targeting regional centers specialized in the treatment of glioblastoma, the most common and aggressive type of brain tumor. In preparation for product launch, MagForce already began in 2010 with the restructuring of the company and expanding its expertise from a research only focus to include the individuals and capabilities needed to bring a novel technology to the market. The hiring of the sales and marketing team was completed in March of 2011, and through their activities at international conferences and meetings with treating physicians, the first steps for introducing NanoTherm® therapy to the market have been initiated. Over the next two years, European market introduction will be expanded to other key countries (UK, France, Italy, and Spain). In addition, MagForce is pursuing business collaborations in Asia, Russia, and North American with local partners as part of the international rollout.
Financial Overview
In 2010, the company successfully carried out two equity measures to secure access to EUR 23.4 million and ensure the initiation of its European market launch. At the beginning of May 2010, MagForce signed a Standby Equity Distribution Agreement (SEDA) with YA Global Master SPV Ltd. (YA Global), in which, for a three year period, YA Global commits to subscribe and purchase up to EUR 20 million of newly issued MagForce shares. In addition, the company raised an additional EUR 3.4 million through a capital increase in June of 2010. The shares were placed with German and international institutional shareholders.
With a secure financial basis in place, the company was able to expand its management team and hire experienced individuals to build sales and marketing and support product commercialization. Due to these expenditures, net loss for 2010 increased as expected to EUR 7.4 million from EUR 4.1 million in 2009.
The net loss relates directly to the increase in other operating expenses from EUR 1.0 million in 2009 to EUR 3.7 million in 2010. The increase can be mainly attributed to costs associated with financing activities and projects relating to market access strategy, reimbursement for the key European markets, medical software development, and corporate finance. Headcount increased from 24 in 2009 to 28 in 2010.
Clinical studies to expand therapeutic indications
NanoTherm® therapy has great therapeutic potential to treat a variety of solid tumor indications. MagForce is aiming to initiate new clinical trials and explore the use of its technology in different oncological indications. The focus of the upcoming clinical development will be on pancreas and prostate carcinomas and trial designs are currently under discussion with national and international key opinion leaders along with medical experts in these fields. Feasibility studies in pancreatic and prostate carcinoma are still ongoing and have already shown promising results. In addition, MagForce plans to initiate international multicenter trials in these indications for defined patient populations.
The prostate carcinoma trial will focus on early stage treatment to prolong the active surveillance period and support organ preservation for enhanced quality of life. Pancreas carcinoma is a disease with limited treatment options where NanoTherm® therapy has the potential to prolong patient survival. MagForce is also planning a further clinical trial in glioblastoma to generate additional data and support the expanded use of NanoTherm® therapy in brain tumors in combination with other therapeutic options.
ABOUT MAGFORCE NANOTECHNOLOGIES:
MagForce Nanotechnologies AG is a world-leading company in the area of nanotechnology-based cancer treatment. The proprietary procedure which it has developed, Nano-Cancer® therapy, enables the targeted treatment of solid tumors through the intratumoral release of heat from magnetic nanoparticles. Its products used in the therapy, NanoTherm® and NanoActivator®, have received EU-wide regulatory approval as medical devices for the treatment of brain tumors.
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 Nanotechnologies AG may substantially differ from these forward-looking statements. MagForce Nanotechnologies AG assumes no obligation to update these forward-looking statements or to correct them in case of developments which differ from those anticipated.
