MagForce Nanotechnologies Signs Distribution Agreement With Turkish Medical Product Distribution Company Tek Grup
Published: May 31, 2012
BERLIN, GERMANY--(Marketwire - May 31, 2012) - MagForce AG / MagForce signs distribution agreement with Turkish medical product distribution company Tek Grup . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.
* Planned market entry of NanoTherm® therapy in Turkey in 2013; extension to Iraq, Albania and Azerbaijan to follow
* Tek Grup responsible for market approval in these regions
* Further step for internationalization of NanoTherm® therapy
MagForce AG (Frankfurt, XETRA: MF6), a leading medical device company in the field of nanomedicine with focus on oncology, and Tek Grup Inc., a Turkish medical product distribution company, announced today the signing of an exclusive distribution agreement.
Under the terms of the agreement Tek Grup will exclusively distribute MagForce's NanoTherm® therapy in Turkey, Albania, Iraq and Azerbaijan. Tek Grup is also responsible for obtaining marketing authorization of NanoTherm® therapy for the treatment of brain tumors in these regions. The scope of the agreement will be extended to other tumor indications upon an equivalent approval of the NanoTherm® therapy in the EU.
"I am delighted to have entered into the second important distribution agreement for our technology outside the EU. Tek Grup is an ideal partner to commercialize our innovative NanoTherm® therapy in Turkey and further countries," said Dr Andreas Jordan, Executive Board and Founder of MagForce.
"We see great potential for MagForce's innovative technology in our key markets in Turkey, Iraq, Albania and Azerbaijan. Preliminary feedback from our medical advisors in oncology therapy has been extremely positive and we are excited to establish NanoTherm® therapy in those regions", said Mr. Hasan Karagöz, Member Of Board of Tek Grup.
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.
About Tek Grup
Tek Grup is a leading company for sales, after sales services and support of medical devices in Turkey, Iraq, Albania and Azerbaijan where the company is distributing oncology products, peritoneal and hemodialysis products, laboratory instruments, disposables and catheters. Tek Grup has established strong relationships with medical key opinion leaders and with leading hospitals in its key markets and is supported by counselor oncologists, nephrologists, medical physics engineers, computer engineers, chemists and biologists. The company maintains partnerships with renowned medical products manufacturers including Gambro, Oncotherm, Neurowave, Bbraun.
About NanoTherm® Therapy
The NanoTherm® therapy is a new approach for the local treatment of solid tumors. The principle of the method is the direct introduction of magnetic nanoparticles into a tumor and their subsequent heating in an alternating magnetic field. The water soluble nanoparticles are extremely small (approximately 15 nanometers in diameter), and contain an iron oxide core with an aminosilane coating. The particles are activated by a magnetic field that changes its polarity 100,000 times per second and heat is produced. Depending on the duration of treatment and the achieved intratumoral temperatures, the tumor cells are either directly destroyed (thermal ablation) or sensitized for concomitant chemo or radiotherapy (hyperthermia). With this new procedure, it is possible to combat the tumor from the inside out, thereby sparing surrounding healthy tissue. The nanoparticles remain in place at the treatment area, allowing for repeat treatments and the integration of multimodal therapy concepts. NanoTherm® therapy has regulatory approval in 27 European countries.
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.
Press release: http://hugin.info/143761/R/1616173/515373.pdf
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: MagForce AG via Thomson Reuters ONE [HUG#1616173]
MC Services AG
T +49 89 210228-18
F +49 89 210228-88
M +49 151 12 555 759
Email: Email Contact