MagForce publishes financial results and operative highlights for 2012

28-Jun-2013 - Germany

MagForce AG published its financial results and operative highlights for the fiscal year ending on December 31, 2012.

The highlight of the Company’s development in the 2012 reporting period was the completion of the strategic realignment and operational restructuring of MagForce AG. Ultimately, MagForce focused on establishing the NanoTherm® therapy on the oncological market and on commercializing it for value creation in the short-term. MagForce therefore concentrated on the primary steps needed for successful marketing. As a result, we built up a network with leading neurosurgeons and neuro-oncologists and developed a clinical trial plan for a three-armed, randomized study on glioblastoma patients to underscore the benefits of the NanoTherm® therapy and facilitate its acceptance among specialists. In 2012, the study was submitted to the Ethics Commission, the Federal Institute for Drugs and Medical Devices and the Federal Office for Radiation Protection and was approved in the first half of 2013.

In accordance with the new strategy, the core segments of the Company, including Clinical Development, Business Development, Medical Affairs and Legal & IP, were consolidated to the Munich site. In addition to the Software Development and Finance departments, the production of nanoparticles and NanoActivators™ remained at the Company’s headquarters in Berlin. At the same time, early-stage research activities were substantially reduced and can be outsourced as needed. As a result, the Company expects seven-digit annual savings (in euros) in these areas.

In the short to medium term, MagForce will use the majority of its finances for the post-marketing study of glioblastoma, which will greatly contribute to the Company’s strategic expansion. MagForce will also focus on establishing the NanoTherm® therapy on the market with its distribution partners, including DELRUS and TekGrup, its development partners, such as the Mayo Clinic for gastro-intestinal tumors and the Department of Urology at Düsseldorf University for prostate cancer, as well as the production of nanoparticles.

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