MagForce - Winds of change
MagForce is making progress in its strategy to drive the uptake of NanoTherm, its thermal ablation treatment approved in Europe for brain tumours (GBM). Despite the impact of COVID-19, 17 GBM patients were treated during H120; management expects to sustain this in H220 (c 30–40 in FY20) and triple it in FY21 (c 90–120). Safety data from the US study for prostate cancer are still expected in Q420; however, the impact of COVID-19 means launch is now expected in H221 (vs the prior Q221 forecast). Growth in European sales, driven by reimbursement and the ongoing roll-out of devices, and the potential launch in the US will be key to crystallising value. MagForce’s market cap is €70m with an EV of €92m.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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