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MagForce

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MagForce
Company typeJoint-stock company
XETRA: MF6
ISINDE000A0HGQF5
IndustryBiomedical engineering
Founded1997
Headquarters
Berlin
,
Germany
Key people
Ben J. Lipps (CEO)

Hoda Tawfik (CMO)

Christian von Volkmann (CFO)
ProductsHealth care services, especially cancer therapy
Number of employees
25 (2017)
Websitewww.magforce.de

MagForce AG is a public company based in Berlin, Germany that has developed a nanotechnology-based therapy to treat brain tumors and prostate cancer. It is the first company in the world to receive European regulatory approval for a nanoparticle-based medical device.[1]

Foundation and development

The company was founded in 1997 as a spin-off of the Charité, the oldest hospital in Berlin, Germany and was initially formed as a limited liability company (MFH Hyperthermiesysteme GmbH).)[2] The company further developed a therapeutic approach called NanoTherm therapy among other things in a collaborative research center (German: Sonderforschungsbereich) of the Deutsche Forschungsgemeinschaft, which was based on research work conducted at the Charité Berlin.[1] In 2004, MagForce Nanotechnologies GmbH was established by renaming and merging all newly formed affiliated companies. It was converted into a joint-stock corporation in 2005.[2] The company’s initial public offering took place on 20 September 2007 on the Entry Standard of the Frankfurt Stock Exchange.[3] In 2010, MagForce received European approval for its therapeutic procedures to treat brain tumors.[4]

Ben J. Lipps, former Chairman of the Management Board for Fresenius Medical Care, became CEO of MagForce in October 2013.[5] The company is concentrating its efforts on two disease areas. In the U.S., MagForce is expecting to launch a pre-approval study for the treatment of prostate cancer and in Europe it is focusing on the treatment of brain tumors.[6][7] Under the leadership of Lipps, the company won new investors and raised significant funds. Furthermore, the company is now using its devices in clinics and launched a post-marketing clinical study that has since been closed.[8][9][10] In March 2014, the company also established a subsidiary in the U.S. called MagForce USA, Inc.[11]

In 2017, through the European Fund for Strategic Investments (EFSI), one of the key measures of the Juncker Plan, the European Investment Bank enabled MagForce to borrow up to EUR 35 million over the next three years, if certain performance criteria are achieved, in order to allow the company to roll-out its therapy to treat brain tumors throughout Europe; to promote its approval of prostate cancer treatment; and to further develop its technology.[12]

Procedure, approval and implementation

The company develops the so-called NanoTherm therapy.[5][13] It also produces the superparamagnetic iron oxide nanoparticles with an aminosilane coating measuring about 15 nanometers in diameter are introduced into the tumor. Next, a magnetic field, which is constantly changing its polarity, is applied by the NanoActivator which is also developed and built by the company. The resulting heat causes the tumor cells to die (monotherapy) or makes them more susceptible to chemotherapy or radiation therapy as part of a combination therapy regime.[6][14][15][16]

The company has a CE Mark, European approval, to treat brain tumors.[4] In the United States, MagForce is in the approval process with the Food and Drug Administration (FDA) with a view to start a pivotal study for the treatment of prostate cancer.[11]

As of September 2017, NanoActivators have been installed in hospitals in Berlin, Münster, Kiel, Cologne, Göttingen and Frankfurt. There are also devices installed in Seattle and Houston for the prostate study purposes.[11]

In Germany, primarily patients with brain tumors are being treated for whom conventional methods, such as surgery, chemotherapy or radiation therapy are no longer effective.[1] However, NanoTherm therapy is also increasingly being used during initial surgery. NanoTherm therapy is not included in the performance catalog of the German public health insurance system (as of: July 2015).[8]

Share and ownership structure

Shares in the company are no-par value shares. These are listed in the Scale segment of the Frankfurt Stock Exchange. The company’s ISIN code is DE000A0HGQF5, its Wertpapierkennnummer (WKN) is A0HGQF, and its stock symbol is MF6.[17] Avalon Capital One GmbH holds more than 25% of the shares and is the largest shareholder.[18] At the end of June 2017, 66.2% of shares were in free float.[19]

Management and staff

Ben J. Lipps is Chief Executive Officer of the company - since 1 September 2013. Christian von Volkmann is the Chief Financial Officer - since 1 October 2012. Hoda Tawfik is Chief Medical Officer - since 1 October 2012.[20]

There are 25 employees at MagForce AG. A further 14 employees work at an affiliated manufacturing company in Berlin.[11]

Notes and references

  1. ^ a b c Arndt Reuning (2017-06-08). "Nanomedizin zwischen Wissenschaft und Fiktion". Deutschlandfunk Kultur (in German). Retrieved 2017-09-21. {{cite web}}: Cite has empty unknown parameters: |day=, |month=, and |deadurl= (help)
  2. ^ a b MagForce Nanotechnologies AG: Eine neue Dimension. Wirksame und schonende Krebstherapie (Image brochure of the company, December 2007), accessed 21 September, 2017.
  3. ^ "MagForce (IPO): Listing am 20. September". 4investors.de (in German). 2007-09-19. Retrieved 2017-09-21. {{cite web}}: Cite has empty unknown parameters: |day=, |month=, and |deadurl= (help)
  4. ^ a b Marlene Heckl (2014-01-09). "Nanomedizin: David gegen Goliath". thieme.de (in German). Retrieved 2017-09-21. {{cite web}}: Cite has empty unknown parameters: |day=, |month=, and |deadurl= (help)
  5. ^ a b Stephan Maaß (2013-06-16). "„Wir bekämpfen den Tumor von innen heraus"". Die Welt (in German). Retrieved 2017-09-21. {{cite web}}: Cite has empty unknown parameters: |day=, |month=, and |deadurl= (help)
  6. ^ a b John Brosky: MagForce targets U.S. for novel prostate cancer therapy. In: Medical Device Daily. 29. August 2014.
  7. ^ Christian Euler. "Was machen die Geschäfte ... Herr Lipps? „Das Leben vieler Patienten verbessern"". Welt am Sonntag (in German). Retrieved 2017-09-21. {{cite web}}: Cite has empty unknown parameters: |day=, |month=, and |deadurl= (help)
  8. ^ a b Maike Telgheder: Aufgeheizte Partikel gegen Krebs. Das Berliner Start-up Magforce startet die Behandlung von Patienten mit Gehirntumoren. In: Handelsblatt, 6. Juli 2015.
  9. ^ "BRIEF-Magforce completes capital increase". Reuters. Retrieved 2017-11-28. {{cite web}}: Cite has empty unknown parameters: |day=, |month=, and |deadurl= (help)
  10. ^ "MagForce AG successfully completed capital increase from authorized capital under exclusion of statutory subscription rights". dgap.de. 2017-06-28. Retrieved 2017-09-21. {{cite web}}: Cite has empty unknown parameters: |day=, |month=, and |deadurl= (help) Ad hoc announcement of the company
  11. ^ a b c d Information on website of MagForce, retrieved 21 September, 2017.
  12. ^ "Juncker Plan supports brain cancer treatment with €35 million loan". European Commission. 2017-08-09. Retrieved 2017-11-29. {{cite web}}: Cite has empty unknown parameters: |day=, |month=, and |deadurl= (help)
  13. ^ Angela Cullen (2013-06-17). "Magforce Surges as Fresenius Veteran Appointed as Chief". bloomberg.com. Retrieved 2017-09-21. {{cite web}}: Cite has empty unknown parameters: |day=, |month=, and |deadurl= (help)
  14. ^ "Glioblastom: Therapie mit Nanopartikel". Deutsches Ärzteblatt (in German). 2011-07-07. Retrieved 2017-09-21. {{cite web}}: Cite has empty unknown parameters: |day=, |month=, and |deadurl= (help)
  15. ^ Andrew Ward: Therapy thinks small to deliver the heat to stubborn tumours. In: Financial Times, 26 September, 2014.
  16. ^ Hans Sedlmaier: Die zweite Chance für Magforce. In: Focus Money, 39/2014, p. 16–18.
  17. ^ MagForce company profile, company website, accessed 29 November 2017.
  18. ^ "Nanotechnologie. Magforce vor entscheidendem Meilenstein". BILANZ (in German). 2017-03-25. Retrieved 2017-09-21. {{cite web}}: Cite has empty unknown parameters: |day=, |month=, and |deadurl= (help)
  19. ^ Magforce AG: Regional Expansion with a Defined Strategy Zwischenbericht für das Halbjahr zum 30. Juni 2017, p. 11, accessed 21 September 2017.
  20. ^ Magforce AG: Regional Expansion with a Defined Stategy. Geschäftsbericht 2016, p. 72, accessed 21 September 2017.
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