Under the terms of the agreement, MagForce may offer these tranches from time-to-time, pursuant to the terms of the agreement. The purchase price of newly issued shares shall be determined by a formula based on the market price of MagForce’s stock. The commitment provides MagForce with flexible access to additional equity capital of up to EUR 20 million, thus ensuring that the company retains a sound basis of financial comfort as it enters the rapidly approaching commercialization phase and further expands its R&D pipeline.
“The signing of this agreement with YA Global will better enable MagForce to proceed with two very important investments,” explained Dr. Peter Heinrich, CEO of MagForce Nanotechnologies AG. “Firstly, it will provide us with additional resources for the European market launch of Nano-Cancer® therapy for the first indication expected to receive European regulatory approval, which is glioblastoma multiforme. Secondly, it will allow us to expand our clinical investigations to encompass even more kinds of solid tumors. With this additional capital now available, we will be able to accelerate our transformation from an essentially German R&D venture financed with German capital into a truly international commercial enterprise.”
“We are extremely pleased to be able to announce our investment in MagForce” said Dr. Michael J. Nowak, head of healthcare and managing director at Yorkville Advisors. MagForce is currently moving forward with the planned market launch of its first product in what is perhaps the most interesting phase of company development. Dr. Nowak added, “The innovative structure of our investment commitment, with its combination of both flexibility and financial security, is an ideal arrangement for the company at this stage.”
The effectiveness of the SEDA is subject to the approval of the supervisory board of MagForce.
About MagForce Nanotechnologies:
MagForce Nanotechnologies AG is a world-leading company in the area of nanotechnology-based cancer treatment. Its patented Nano-Cancer® therapy enables the targeted destruction of tumors using superparamagnetic nanoparticles to generate heat. The nanotechnology from MagForce represents a revolutionary approach to the future successful treatment of solid tumors.
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 Nanotechnologies AG may substantially differ from these forward-looking statements. MagForce Nanotechnologies AG assumes no obligation to update these forward-looking statements or to correct them in case of developments which differ from those anticipated.
Contact:
MagForce Nanotechnologies AG Christofer Radic, +49 (0)30 308 380 31 Public Relations Manager fax: +49 (0)30 308 380 99 cradic@magforce.com www.magforce.com
