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MagForce Nanotechnologies Surges as Fresenius Medical Care Veteran Appointed as CEO


6/17/2013 8:17:55 AM

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Magforce AG (MF6), the German maker of magnetic-field technology to break down brain tumors, rose to a 10 1/2-month high after appointing former Fresenius Medical Care AG Chief Executive Officer Ben Lipps as its new CEO. Magforce surged as much as 32 percent to 3.75 euros, the highest intraday price since Aug. 1, and was trading up 26 percent at 12:40 p.m. in Frankfurt. Volume was more than six times the three-month daily average. Lipps, 72, who stepped down from Fresenius in December after almost 14 years at the helm, will continue to advise the dialysis provider, Berlin-based Magforce said in a statement on June 14. Magforce chose the Fresenius veteran to manage its transformation into a worldwide medical-device provider for cancer treatment.

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