BERLIN, GERMANY--(Marketwire - March 26, 2012) -
MagForce AG /
MagForce AG Announces Company Restructuring and Revised
Corporate
Strategy for 2012
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The issuer is solely responsible for the content of this announcement.
This is a correction of the announcement from 10:24 26.03.2012 CET. Reason
for
the correction: Correction of year-end 2011 employee number
* Greater emphasis on clinical development to provide key physicians with
access to NanoTherm therapy
* Start of post marketing glioblastoma study Q3 2012 to support expanded
market acceptance with leading medical experts
* Enhanced activities for international partnerships and initiation of
discussions with FDA
* Focus on development partnerships and strategic investors to expand
patient
access and further reduce development costs
* Significant decrease in operating expenses expected in 2012 through
headcount reduction
Berlin, March 26, 2012 - MagForce AG (Frankfurt, XETRA: MF6), a leading
medical
technology company focusing on nanomedicine in oncology announced today the
company's restructuring and revised corporate strategy for 2012. The
company
reduced its headcount from 41 employees (year-end 2011) to 30 (April 1,
2012)
and expects a significant reduction in company expenses in 2012 as compared
to
2011. The implemented cost reductions will enable the company to work more
effectively and concentrate on clinical development activities to support
the
market introduction of NanoTherm® therapy.
MagForce has revised its corporate strategy to put more emphasis on
clinical
development and its synergies with Marketing and Sales. The company has
received
EU approval for its technology, NanoTherm® therapy, for the
treatment of brain
tumors. Product revenues in 2011 were lower than expected due to the
lack of
involvement among leading medical experts in the development of the
therapy.
MagForce is now working closely with these key opinion leaders who have
agreed
to participate in a post-approval multi-center study to validate the
novel
technology in the medical community and gain first-hand experience.
"Our successful capital increase earlier this month along with
reductions in
expenditures will allow us to initiate both a glioblastoma post-
market
authorization study along with a study in prostate carcinoma this year.
These
upcoming trials, conducted in centers throughout Germany, will lay
the
foundation for wider acceptance of the therapy and expanded commercial
use,"
said Dr. Andreas Jordan, Management Board and founder of MagForce. "In
addition,
we are in discussion with international companies and investors for
strategic
partnerships to share in the development costs and support international
market
approvals, including for the US market."
"I am delighted to be working closely with leading European key opinion
leaders
who are pleased to support us in the further development of
NanoTherm® therapy
and participate in Magforce clinical studies," said Prof. Dr. Hoda
Tawfik, VP
Clinical Development and Medical Affairs. "Within the multi-center
studies, we
expect to place two to three new NanoActivator therapy systems in
strategic
centers before the end of this year."
In 2012, MagForce is pursuing international partnerships, specifically
in the
US, and plans to initiate discussions with the FDA. Furthermore, the
company
is in discussion with strategic investors who were not able to
participate in
recently announced fully-subscribed capital increase, but are
interested in
future investment opportunities with the company.
ABOUT MAGFORCE AG:
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. 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.
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Source: MagForce AG via Thomson Reuters ONE
[HUG#1597261]
