Funding in place for EU roll-out
MagForce has announced a loan of up to €35m from the European Investment Bank (EIB), of which €10m is available immediately. This funding will enable MagForce to roll out its NanoTherm devices across Europe and reach patients who were previously reluctant to travel across the border to Germany for glioblastoma treatment. While we believe the extra funds could accelerate EU device roll-out above our current assumptions, we retain our forecasts and await more details on progress. Our valuation of MagForce remains unchanged at €226m (€8.6/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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