MagForce - Key inflection points on the horizon
MagForce, a pioneer in nanotechnology-based cancer treatments, is making steady progress with its strategy to drive the uptake of its thermal ablation treatment, NanoTherm. In Europe NanoTherm is approved for glioblastoma (brain tumours) and while sales started slowly ($0.87m in FY19) MagForce saw considerable growth uplift during Q120 as it benefits from establishing new treatment centres in Germany and Poland (with expansion to Italy and Spain expected in 2021). For FY20 MagForce expects an increase in European glioblastoma patient numbers treated with NanoTherm. In the US NanoTherm is now in the final phase of the registrational study for prostate cancer; approval and launch are now expected in Q221. These indications could be the catalyst for meaningful growth in the top line and the path to sustainable profitability, which we forecast for 2022.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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