MagForce Nanotechnologies to Radically Enforce Market Set Up Strategy With New Management Team
Published: Oct 02, 2012
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
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#1645513]
MC Services AG
T +49 89 210228-18
F +49 89 210228-88
M +49 151 12 555 759
Email: Email Contact