BERLIN--(Marketwire - October 01, 2012) - MagForce AG /MagForce publishes half-year report.
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- Comprehensive restructuring introduced
- Integration of medical opinion leaders into post-marketing trial to
increase acceptance of NanoTherm® therapy
- Strategic and distribution partnerships established
- Cost savings expected to amount to million Euros due to a package of
- Loss for the period reduced by 22% to EUR3.6 million
BERLIN, Germany, October 1, 2012 - MagForce AG (FRANKFURT: MF6) (XETRA: MF6), a
leading medical device company in the field of nanomedicine with a focus on
oncology, today announced the financial results for the first half of the
fiscal year, ending June 30, 2012. Simultaneously, the company released
of a package of measures (see today's press release "MagForce to radically
enforce market setup strategy with new management team"). With this
restructuring, MagForce is completing a period of important strategic
"In the first half of the year, we laid out the basic requirements for the
acceptance and future commercialization of our NanoTherm® therapy, and
future development of our company. Today we are concluding this phase of
strategic focus with the introduction of vital measures and additions to
management team. Over the short term, we are concentrating all our efforts
financial resources on establishing NanoTherm® therapy in the area of
and consequentially on the post-marketing clinical trial in glioblastoma.
Together with strategic and distribution partners, we want to reinforce the
commercialization of NanoTherm® therapy, ensuring sufficient funding."
Christian von Volkmann, CFO.
In the first half of the year, MagForce was able to successfully finalize
distribution partnerships with DELRUS (Russia) and Tek Grup (Turkey), as
a development partnership with the Mayo Clinic (USA).
During the reporting period, the company recorded a loss of EUR3.6 million
year period: EUR4.6 million). The decline is essentially a result of the
restructuring measures introduced at the end of 2011 and the accompanying
strategic change. Personnel expenses decreased due to the reduction in
particularly in the second management level, as well as in commercial
In the first half of the year, the company successfully raised EUR4.5
issuing new shares. After the reporting period end, two further
increases took place with gross proceeds amounting to EUR665,000. The
measures serve to safeguard liquidity and maintain business operations, as
as financing further business growth.
About MagForce AG
MagForce AG is a leading medical technology company in the field of
in oncology. The Company's proprietary, NanoTherm® therapy, enables
treatment of solid tumors through the intratumoral generation of
activation of magnetic nanoparticles. NanoTherm®,
NanoActivator(™) are components of the therapy and have received
regulatory approval as medical devices for the treatment of brain
MagForce, NanoTherm®, NanoPlan®, and NanoActivator(™) are
MagForce AG in select countries.
For more information, please visit www.magforce.com.
This release may contain forward-looking statements and information which
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"intends", "plans", "believes", "seeks", "estimates" or "will". Such
forward-looking statements are based on our current expectations
assumptions, which may be subject to a variety of risks and
results actually achieved by MagForce AG may substantially differ from
forward-looking statements. MagForce AG assumes no obligation to update
forward-looking statements or to correct them in case of developments,
differ from those, anticipated.
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Source: MagForce AG via Thomson Reuters ONE