|By Marketwire .||
|October 1, 2012 03:06 PM EDT||
BERLIN -- (Marketwire) -- 10/01/12 -- MagForce AG /MagForce publishes half-year report. Processed and transmitted by Thomson Reuters ONE.
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- Comprehensive restructuring introduced
- Integration of medical opinion leaders into post-marketing trial to increase acceptance of NanoTherm® therapy
- Strategic and distribution partnerships established
- Cost savings expected to amount to million Euros due to a package of measures
- Loss for the period reduced by 22% to EUR3.6 million
BERLIN, Germany, October 1, 2012 - MagForce AG (FRANKFURT: MF6) (XETRA: MF6), a leading medical device company in the field of nanomedicine with a focus on oncology, today announced the financial results for the first half of the 2012 fiscal year, ending June 30, 2012. Simultaneously, the company released details of a package of measures (see today's press release "MagForce to radically enforce market setup strategy with new management team"). With this restructuring, MagForce is completing a period of important strategic refocus.
"In the first half of the year, we laid out the basic requirements for the acceptance and future commercialization of our NanoTherm® therapy, and for the future development of our company. Today we are concluding this phase of strategic focus with the introduction of vital measures and additions to the management team. Over the short term, we are concentrating all our efforts and financial resources on establishing NanoTherm® therapy in the area of oncology and consequentially on the post-marketing clinical trial in glioblastoma. Together with strategic and distribution partners, we want to reinforce the commercialization of NanoTherm® therapy, ensuring sufficient funding." commented Christian von Volkmann, CFO.
In the first half of the year, MagForce was able to successfully finalize distribution partnerships with DELRUS (Russia) and Tek Grup (Turkey), as well as a development partnership with the Mayo Clinic (USA).
During the reporting period, the company recorded a loss of EUR3.6 million (prior year period: EUR4.6 million). The decline is essentially a result of the restructuring measures introduced at the end of 2011 and the accompanying strategic change. Personnel expenses decreased due to the reduction in staff, particularly in the second management level, as well as in commercial functions.
In the first half of the year, the company successfully raised EUR4.5 million by issuing new shares. After the reporting period end, two further capital increases took place with gross proceeds amounting to EUR665,000. The capital measures serve to safeguard liquidity and maintain business operations, as well as financing further business growth. About MagForce AG MagForce AG is a leading medical technology company in the field of nanomedicine in oncology. The Company's proprietary, NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of magnetic nanoparticles. NanoTherm®, NanoPlan®, and NanoActivator() are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm®, NanoPlan®, and NanoActivator() are trademarks of MagForce AG in select countries. For more information, please visit www.magforce.com. Disclaimer This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.
MagForce_financial results_HY2012: http://hugin.info/143761/R/1645530/530175.pdf
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Source: MagForce AG via Thomson Reuters ONE
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