Home » Business News » 2012 » October » October 1, 2012

MagForce Publishes Half-Year Report

October 1, 2012 - Berlin

MagForce AG /MagForce publishes half-year report.Processed and transmitted by Thomson Reuters ONE.

The issuer is solely responsible for the content of this announcement.

- Comprehensive restructuring introduced

- Integration of medical opinion leaders into post-marketing trial toincrease acceptance of NanoTherm® therapy

- Strategic and distribution partnerships established

- Cost savings expected to amount to million Euros due to a package ofmeasures

- Loss for the period reduced by 22% to EUR3.6 million

BERLIN, Germany, October 1, 2012 - MagForce AG (FRANKFURT: MF6) (XETRA: MF6), aleading medical device company in the field of nanomedicine with a focus ononcology, today announced the financial results for the first half of the2012fiscal year, ending June 30, 2012. Simultaneously, the company releaseddetailsof a package of measures (see today's press release "MagForce to radicallyenforce market setup strategy with new management team"). With thisrestructuring, MagForce is completing a period of important strategicrefocus.

"In the first half of the year, we laid out the basic requirements for theacceptance and future commercialization of our NanoTherm® therapy, andfor thefuture development of our company. Today we are concluding this phase ofstrategic focus with the introduction of vital measures and additions tothemanagement team. Over the short term, we are concentrating all our effortsandfinancial resources on establishing NanoTherm® therapy in the area ofoncologyand consequentially on the post-marketing clinical trial in glioblastoma.Together with strategic and distribution partners, we want to reinforce thecommercialization of NanoTherm® therapy, ensuring sufficient funding."commentedChristian von Volkmann, CFO.

In the first half of the year, MagForce was able to successfully finalizedistribution partnerships with DELRUS (Russia) and Tek Grup (Turkey), aswell asa development partnership with the Mayo Clinic (USA).

During the reporting period, the company recorded a loss of EUR3.6 million(prioryear period: EUR4.6 million). The decline is essentially a result of therestructuring measures introduced at the end of 2011 and the accompanyingstrategic change. Personnel expenses decreased due to the reduction instaff,particularly in the second management level, as well as in commercialfunctions.

In the first half of the year, the company successfully raised EUR4.5million byissuing new shares. After the reporting period end, two furthercapitalincreases took place with gross proceeds amounting to EUR665,000. Thecapitalmeasures serve to safeguard liquidity and maintain business operations, aswellas financing further business growth.About MagForce AGMagForce AG is a leading medical technology company in the field ofnanomedicinein oncology. The Company's proprietary, NanoTherm® therapy, enablesthe targetedtreatment of solid tumors through the intratumoral generation ofheat viaactivation of magnetic nanoparticles. NanoTherm®,NanoPlan®, andNanoActivator(™) are components of the therapy and have receivedEU-wideregulatory approval as medical devices for the treatment of braintumors.MagForce, NanoTherm®, NanoPlan®, and NanoActivator(™) aretrademarks ofMagForce AG in select countries.For more information, please visit release may contain forward-looking statements and information whichmay beidentified by formulations using terms such as "expects", "aims","anticipates","intends", "plans", "believes", "seeks", "estimates" or "will". Suchforward-looking statements are based on our current expectationsand certainassumptions, which may be subject to a variety of risks anduncertainties. Theresults actually achieved by MagForce AG may substantially differ fromtheseforward-looking statements. MagForce AG assumes no obligation to updatetheseforward-looking statements or to correct them in case of developments,whichdiffer from those, anticipated.

MagForce_financial results_HY2012:

This announcement is distributed by Thomson Reuters on behalf ofThomson 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


Anne Hennecke
MC Services AG
T +49 89 210228-18
F +49 89 210228-88
M +49 151 12 555 759
Email: Email Contact


Comment on this story