MagForce - Primed to execute on its growth strategy
MagForce continues to pursue its two-pillarMagForce continues to pursue its two-pillar strategy to drive uptake of its nanotechnology-based thermal ablation treatment, NanoTherm. In the United States, MagForce has received FDA approval to start Stage 2b of its pivotal study in prostate cancer. The study is expected to complete in mid-2022 and we now anticipate approval and launch in H123 (versus H122 previously). This is a key value inflection as long-term growth depends on US approval. In Europe, NanoTherm is approved for glioblastoma (brain tumours) and progress in H121 has been hampered by COVID-19 and the continued forced closure of treatment centres. Treatments have now resumed in H221 and management is confident that it can regain sales momentum as pandemic headwinds abate. Our forecasts are under review. strategy to drive uptake of its nanotechnology-based thermal ablation treatment, NanoTherm. In the United States, MagForce has received FDA approval to start Stage 2b of its pivotal study in prostate cancer. The study is expected to complete in mid-2022 and we now anticipate approval and launch in H123 (versus H122 previously). This is a key value inflection as long-term growth depends on US approval. In Europe, NanoTherm is approved for glioblastoma (brain tumours) and progress in H121 has been hampered by COVID-19 and the continued forced closure of treatment centres. Treatments have now resumed in H221 and management is confident that it can regain sales momentum as pandemic headwinds abate. Our forecasts are under review.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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