- H117: EIB funding to accelerate rollout
New financing from the European Investment Bank (EIB) of up to €35m will support NanoTherm’s European rollout for treatment of both brain and prostate cancer patients. In the US, a second clinical treatment site has been established in Texas and the IDE approval process with the FDA continues. In H117, the net loss for the period was €3.0m (H116: €3.2), while gross cash as of 30 June 2017 stood at €7.7m but does not include any drawdowns from the EIB loan, which was signed post period.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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