Edison Investment Research - MagForce AG (MF6) MagForce - 2019 a pivotal year

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Edison Investment Research

Susie Jana

MagForce - 2019 a pivotal year

MagForce continues to implement its two-pillar strategy. A gross $9.0m capital raise secured by subsidiary MagForce USA in August will enable financing of the pivotal US prostate cancer trial to completion. In Europe, expansion outside Germany has started and a NanoActivator will be installed in Poland by the end of the year. Of the â‚¬9.2m reported revenue and other operating income in H118, â‚¬24k relates to EU glioblastoma multiforme (GBM) treatments, while the remainder (â‚¬8.8m) was non-cash income relating to hidden reserves as a result of the MagForce USA share transfer. We forecast revenues to pick up in 2019 following the roll-out of devices across Europe and a launch in the US (in late 2019). We value MagForce at â‚¬303.1m or â‚¬11.5/share.

21/11/2018 7 EN

Underlying

MagForce AG

MagForce is engaged in the research, development, manufacturing, and commercialization of medical devices and therapies for the treatment of solid, localized cancer tumors. Co.'s targeted cancer treatment, NanoTherm™ therapy, consists of three interrelated components: NanoTherm™, magnetic fluid containing iron-oxide nanoparticles, NanoActivator®, magnetic field applicator and NanoPlan®, treatment planning software. These three products are manufactured within Co. and are classified, in the European Union, as medical devices. Co. is focused on treatments for glioblastoma and prostate cancer.

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DE000A0HGQF5 Germany

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Susie Jana

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MagForce - 2019 a pivotal year

MagForce - Termination of coverage

Research Comment englisch - MagForce AG - 27.07.22

Research Comment - MagForce AG - 27.07.22

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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