MagForce - Revenue growth is needed from EU roll-out
MagForce is making progress with its strategy to drive the uptake of its thermal ablation treatment, NanoTherm. It is approved in Europe for brain tumours and is in a registrational US study for prostate cancer. MagForce has realigned its commercial strategy in Europe by installing its first device in Poland where, unlike Germany, payments are less dependent on reimbursement from insurers. New treatment centres (ex-Germany) could be the catalysts for meaningful growth in the top line. The pivotal US study has experienced unforeseen delays in standardising the procedure and completion and launch are now expected in H220. Long-term growth depends on the commercialisation of NanoTherm in the US. A recent capital raise (gross €5m) and loan facilities should provide funding until profitability.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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