MagForce - NanoTherm on track for US approval in 2021
In H120, MagForce started the next stage in its pivotal prostate cancer study required by the US FDA for approval of its thermal ablation treatment, NanoTherm. Stage 2a of the trial has now completed and, as expected, confirmed minimal treatment-related side effects are observed with the streamlined protocol. Stage 2b is due to initiate in early Q221 to establish efficacy in 120 patients and MagForce plans to concurrently begin commercial preparations ahead of potential approval and launch in H221. The US opportunity is ~70% of our valuation. MagForce completed a gross €4.7m share placing in December that strengthened the balance sheet and will continue to fund NanoTherm’s European roll-out for the treatment of brain tumours and the US launch preparations. We value MagForce at €273.1m or €9.3/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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