BERLIN, Sept. 30, 2013 (GLOBE NEWSWIRE) --
* Capital increase of €33.5 million successfully completed
* New glioblastoma study approved by BfArM
* Ben J. Lipps new Chairman of the Management Board from September 1, 2013
* Operating expenses significantly reduced thanks to implementation package,
net loss for the period down 36% to €2.3 million
* Forecast for 2013 confirmed, roll-out plan will lead to increased net loss
year-on-year
Berlin, September 30, 2013 - MagForce AG (Frankfurt, XETRA: MF6), a leading
medical device company in the field of nanomedicine with a focus on oncology,
today published its figures for the first half of 2013, which ended on June
30, 2013.
Chairman of the Management Board Ben J. Lipps commented: "The key event in the
first half of 2013 was the successful capital increase in March of this year,
which enabled the new glioblastoma study to go ahead. This was approved by the
Bundesinstitut für Arzneimittel und Medizinprodukte (BfArM) in April. Based on
current developments, we are reiterating our outlook for full-year 2013 as
published in the 2012 Annual Report. Given our roll-out plan, we expect the net
loss from operating activities to be higher than in 2012, largely due to the
start of the new clinical glioblastoma study and to preparations for market
entry in other countries. By the end of the year, a total of three
NanoActivators will have been installed and commissioned for the new study."
The Company recorded a net loss of €2.3 million for the reporting period (-36%,
previous year: €3.4 million). This improvement is largely due to the
restructuring measures implemented and the strategic repositioning of the
Company. Operating expenses were reduced by 48% to €1.0 million. The main
reasons for this were the writedowns of long-term financial assets made in the
previous year, the discontinuation of the former research projects, and reduced
staff costs as a result of staff restructuring measures.
In the first half of the year, the Company successfully completed its previously
announced capital increase against cash and noncash contributions with
preemptive rights for shareholders in the total amount of approximately €33.5
million. The new shares were subscribed in return for cash payments and noncash
contributions, and shareholder loans of €15.9 million were converted into
equity. This left MagForce debt-free and with €17.5 million in cash at that
time.
In June, the Supervisory Board of MagForce AG appointed Dr. Ben J. Lipps, former
CEO of Fresenius Medical Care, as Chairman of the Management Board and Chief
Executive Officer of the Company effective September 1, 2013. Dr. Lipps has
represented the Company since that date together with his fellow Management
Board members Prof. Hoda Tawfik (CMO/COO) and Christian von Volkmann (CFO), who
have remained in their respective positions.
About MagForce AG
MagForce AG is a leading medical device company in the field of nanomedicine in
oncology, listed in the entry standard (MF6). The Company's proprietary,
NanoTherm(®) therapy, enables the targeted treatment of solid tumors through the
intratumoral generation of heat via activation of superparamagnetic
nanoparticles. NanoTherm(®), NanoPlan(®), and NanoActivator(TM) 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(TM) are trademarks of MagForce AG in selected 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_Press Release_September 30, 2013: http://hugin.info/143761/R/1732233/579491.pdf
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