MagForce Nanotechnologies Selected as Winner of 2010 STEP Award in the Category Product/Technology

BERLIN--(Marketwire - November 17, 2010) -

MagForce Nanotechnologies AG / MagForce Selected as Winner of 2010 STEP Award in the Category Product/Technology

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* Prize awarded in recognition of company’s innovation and growth potential

MagForce Nanotechnologies AG (FSE: MF6), a leader in the area of nanotechnology-based cancer treatment, announced today that it has been selected as the 2010 recipient of the STEP award in the category product/technology. The business award, initiated by Infraserv Höchst and F.A.Z. Institute along with leading industry sponsors, was awarded for the fifth time this year.

“We are honored to receive the prestigious STEP award in recognition of MagForce’s novel therapy for the treatment of brain tumors. Our innovative therapeutic approach uses nanoparticles, which are activated through the application of a magnetic field to produce heat within the tumor,” said Dr. Peter Heinrich, CEO of MagForce. “Following our recent EU approval, we are focusing on building the commercial structures needed to launch of our Nano- Cancer(® )therapy at leading German cancer centers in early 2011. Our transformation from a research and development company to a commercial business also signifies a new therapy option for patients diagnosed with brain tumors.”

More than 100 companies competed in this year’s STEP award. Small and mid- sized growth companies in innovative fields ranging from pharmaceuticals, chemicals, life science, biotechnology, and nanotechnology to medical and green technology are eligible to take part in the annual competition.

ABOUT MAGFORCE NANOTECHNOLOGIES:

MagForce Nanotechnologies AG is a leader in the area of nanotechnology- based cancer treatment and the first company worldwide to receive European approval for a medical product using nanoparticles. Its proprietary procedure, Nano- Cancer(®) therapy, enables the targeted treatment of solid tumors through the intratumoral release of heat from magnetic nanoparticles. The company’s products, Nanotherm(®) and NanoActivator™, which are the components of the therapy, received EU-wide regulatory approval as medical devices for the treatment of brain 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. MagForce, Nanotherm, NanoActivator and Nano-Cancer are trademarks of MagForce Nanotechnologies AG in selected countries.

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MagForce Nanotechnologies AG

Max-Dohrn-Str. 8 Berlin Germany

Listed: Open Market (Freiverkehr) in Frankfurter Wertpapierbörse;

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