MagForce - US prostate cancer study progresses
MagForce has announced it has completed treatment of the first 10-patient cohort in the pivotal prostate cancer study required by the US FDA for approval. Importantly, it has reported that the procedure for instilling its NanoTherm particles has now been standardised and the study can enrol up to 110 additional patients to establish efficacy in thermally ablating prostate cancer lesions. Management has reported initial findings from this first cohort that indicate treatment side effects have been minimal and in line with that of biopsies; achieving a tolerable treatment will be key to attaining both approval and reimbursement. We still anticipate US approval and launch in Q420 but highlight both prudent trial execution and punctual commercial roll-out are essential in achieving this goal. We retain our financial forecasts and valuation of MagForce at €261.5m or €9.5/share.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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