MagForce Nanotechnologies Announces Management Team Expansion

BERLIN, GERMANY--(Marketwire - November 15, 2010) -

MagForce Nanotechnologies AG /

MagForce Nanotechnologies AG Announces Management Team Expansion

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  * Key positions expand internal corporate structures and support Q1 2011
    Nano-Cancer® therapy product launch

  * Additional commercialization positions to be filled in the coming weeks

MagForce Nanotechnologies AG (FSE: MF6), a leader in the area of nanotechnology-based cancer treatment, announced today the expansion of its management team. The new positions, Director of Intellectual Property, Director of Business/Corporate Development, Director of Finance & Controlling, and Director of Investor Relations & Corporate Communications, will support both the upcoming product launch of the company's EU approved therapy for the treatment of brain tumors and the further development of its Nano-Cancer(®) therapy in additional cancer indications. MagForce expects its Nano-Cancer(®) therapy will become available at several leading German cancer centers in the first quarter of 2011.

"Filling these key company positions is an important step in the transformation of the company from a research and development only business into a commercial company. Additional hiring for the sales and marketing team will be completed by the end of the year," said Dr. Peter Heinrich, CEO of MagForce. "I am extremely pleased to welcome Dr. Christoph Rehfuess, Dr. Dirk Kautz, Mr. Kajo Wiest, and Ms. Stacy Wiedenmann to MagForce. Furthermore, Dr. Hans Joachim Hutt is currently serving as a medical consultant. These individuals bring with them the experience and expertise to support MagForce as we build commercial infrastructures and medical networks."

Dr. Christoph Rehfuess joins MagForce as Director of Intellectual Property. As a qualified European patent attorney with twelve years of management experience in the biotech intellectual property field at Medigene AG, he will be responsible for patents, trademarks, and technical contracts.

Dr. Dirk Kautz joins MagForce as Director of Business/Corporate Development and will support the Management Board in strategic planning. Prior to joining MagForce, he worked for more than 13 years in the medical devices industry, holding management positions in marketing and corporate development at, among others, Nihon Kohden and Biotronik.

Kajo Wiest joins as Director of Finance & Controlling and brings with him more than 10 years of finance and controlling experience at Jerini AG. During his time at Jerini, he was responsible for the establishment of controlling structures as well as supporting the company's IPO and the sale of its wholly-owned subsidiary JPT, where he served as Finance Manager last year.

Stacy Wiedenmann joins the company as Director of Investor Relations & Corporate Communications and brings with her over 10 years of experience, including her experience at Jerini AG, where she headed the same areas from their IPO through their acquisition.

Dr. Hans Joachim Hutt MD, PhD will support the company in the area of Medical Affairs. His medical training and over 20 years of experience at leading pharmaceutical companies, including Boehringer Ingelheim, Sanofi, Bristol-Myers Squibb, and Sanofi Pasteur MSD, will help MagForce establish commercial networks and expand its therapeutic applications.

ABOUT MAGFORCE NANOTECHNOLOGIES:

MagForce Nanotechnologies AG is a leader in the area of nanotechnology-based cancer treatment and the first company worldwide to receive European approval for a medical product using nanoparticles. Its proprietary procedure, Nano-Cancer(®) therapy, enables the targeted treatment of solid tumors through the intratumoral release of heat from magnetic nanoparticles. The company's products, Nanotherm(®) and NanoActivator™, which are the components of the therapy, 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. MagForce, Nanotherm, NanoActivator and Nano-Cancer are trademarks of MagForce Nanotechnologies AG in selected countries.

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MagForce Nanotechnologies AG

Max-Dohrn-Str. 8 Berlin Germany

Listed: Open Market (Freiverkehr) in Frankfurter Wertpapierbörse;

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