BERLIN --(Marketwire - October 01, 2012) - MagForce AG / MagForce to radically enforce
market set up strategy with new management team. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
· Focus on most important value drivers in the short-term
· Experienced senior executives added to the management board
· Core functions will be centralized in Munich
· Million Euro cost savings expected from restructuring measures
Berlin, Germany, October 1, 2012 - MagForce AG (Frankfurt, XETRA: MF6), a
leading medical device company in the field of nanomedicine with a focus on
oncology, today announced additions to the management board and further
measures
to enforce commercialization of NanoTherm® therapy. Thus, focusing on
establishing the NanoTherm® therapy in the oncology market as well as
on its
commercialization for near-term value generation.
In the short to mid term, MagForce will dedicate its financial resources to
the
post marketing trial in glioblastoma, which is expected to start in early
2013
and is supposed to make a significant contribution to its strategic
set up.
Simultaneously, the Company will also focus on the commercialization of its
NanoTherm® therapy with its distribution partners including DELRUS and
TekGrup,
development partners such as the Mayo Clinic for gastro-intestinal cancer
and
the Department of Urology at Duesseldorf University for prostate cancer, as
well
as the production of nanoparticles.
In line with this strategy, the Company's core functions, including
clinical and
business development, medical affairs plus legal & IP will be concentrated
at
the MagForce site in Munich where these teams are already located.
Production of
nanoparticles, NanoActivators(™), software engineering as well as the
finance
department will remain at the Company's registered office in Berlin. All
early
research activities will be reduced to a minimum and will be outsourced as
deemed necessary.
In this respect experienced senior executives are added to the management
board.
Prof Dr Hoda Tawfik, currently VP Clinical Development and Medical Affairs,
will
be appointed COO. Christian von Volkmann, currently acting CFO, will assume
the
position of CFO, both effective immediately. They will jointly lead the
Company
as co-CEOs going forward. The founder and long-term Board member Dr Andreas
Jordan will step down from the management board of MagForce to pursue new
projects, but will continue to serve the Company as an advisor.
Along with these measures the headcount of MagForce will be reduced from 27
to
12. These measures are meant to annually save the Company a seven digit
Euro
amount.
"With this restructuring MagForce is completing a period of important
strategic
refocus. In the short-term, we have to concentrate all our efforts and
financial
resources on the development of strategic partnerships as well as on
establishing NanoTherm® therapy in the area of oncology. Thus,
concentrating on
the post-marketing clinical study planned at different sites in Germany,
which
is critical to achieving acceptance of our NanoTherm® therapy in the
German
medical community. We are encouraged about the progress we are making and
need
to ensure that we translate this momentum into commercial success,"
commented
Prof Dr Hoda Tawfik, COO of MagForce AG.
"The implementation of these measures announced today are essential to
enforce
the commercialization of NanoTherm® therapy," commented Norbert Neef,
Chairman
of the Supervisory Board of MagForce AG. "We strongly regret that this
restructuring results in lay-offs and I thank all employees for their
continued
support. We sincerely thank Dr Jordan for his long term commitment and
efforts
in the previous years. We are glad that Dr. Jordan will continue to
support us
as an advisor."
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
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 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.
MagForce_Press Release_Oct 01, 2012:
http://hugin.info/143761/R/1645513/530172.pdf
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Source: MagForce AG via Thomson Reuters ONE
[HUG#1645513]
