DGAP-News: MagForce AG / Key word(s): Final Results
MagForce AG: MagForce Publishes Financial Results 2013 and Operative
Highlights
30.06.2014 / 10:01
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- Ben J. Lipps new Chairman of the Management Board and Chief Executive
Officer of MagForce AG since September 1, 2013
- Installation of two additional NanoActivator(R) devices at university
hospitals Münster and Kiel
- Start of clinical post-marketing study with glioblastoma (GBM) patients
(after period-end)
- Incorporation of subsidiary MagForce USA, Inc. (after period-end)
- Pre-IDE-Meeting with U.S. Food and Drug Administration (FDA) discussing
registration process for NanoTherm(TM) therapy in the USA (after
period-end)
Berlin, Germany and Nevada, USA, June 30, 2014 - MagForce AG (Frankfurt,
Entry Standard, XETRA: MF6), a leading medical device company in the field
of nanomedicine focused on oncology, published today its financial results
for the fiscal year ending on December 31, 2013 and operative highlights.
Ben J. Lipps, CEO at MagForce, explained: "I am pleased to report that we
achieved our 2013 targets and are progressing well toward achieving our
objectives for the year 2014. Regarding our brain cancer therapy, our main
objective for 2013 was to facilitate our post-marketing clinical study in
recurrent glioblastoma (GBM) patients in Germany. Together with our
clinical investigators, we have reached a very significant milestone in the
first quarter of 2014, with the enrollment of the first patient into the
study at Münster University Hospital. We also expect to treat patients
commercially at the end of 2014. With respect to our expansion phase
outside Germany, we continue preparing our registration path for the USA.
In an in-person meeting with the U.S. Food and Drug Administration (FDA) we
discussed MagForce's NanoTherm(TM) therapy presubmission. We received very
constructive feedback on our request and have now a better understanding of
the issues and process for the registration of NanoTherm(TM) therapy in the
USA. Regarding the application of our NanoTherm(TM) therapy for the
treatment of prostate cancer, NanoTherm(TM) is viewed as a very promising
complement to current treatment approaches."
With the incorporation of MagForce Ventures GmbH in 2013 and subsequently
of MagForce USA, Inc. in spring 2014 together with the grant of a license
for the development and commercialization of NanoTherm(TM) therapy in the
field of brain tumors the USA, MagForce established the basis to tap the US
market and attract new groups of investors as well as new clients. In order
to keep pace with the fast progress, MagForce wants to increase the
awareness for the Company in the financial community and presented at
various capital market conferences in the first half of 2014.
Results of operations, net assets and financial position
The key financials for the fiscal year 2013 developed according to plan.
The loss from operations increased to EUR 7.0 million compared to 2012 (EUR
5.8 million), largely due to the start of the post-marketing clinical
glioblastoma study and to preparations for market entry through the
Management's increased efforts to bring more devices to the market. Other
operating expenses increased from EUR 3.2 million in 2012 to EUR 4.2
million in 2013, also attributable to the capital increase in the beginning
of the fiscal year, increased capital market activities in general and
corresponding consulting fees. On the other hand results of the
restructuring measures taken in 2012 materialized for the first time in
full 2013 resulting in a reduction of administrative expenses. The net loss
of EUR 1.6 million was significantly lower than in 2012 (EUR 5.7 million)
due to an accounting gain in connection with the contribution to equity of
a license to develop and commercialize the NanoTherm(TM) therapy for the
treatment of brain tumors in the USA to our newly established subsidiary
MagForce Ventures GmbH. These shareholdings were subsequently contributed
to MagForce USA, Inc. against issuance of shares in 2014.
Cash outflows from operating activities were EUR -6.8 million (2012: EUR
-5.5 million). Cash outflows from investing activities amounted to EUR -0.9
million (2012: EUR 0 million), and cash flows from financing activities to
EUR 16.3 million (2012: EUR 6.2 million).
The available liquidity at the end of 2013 amounted to EUR 9.3 million
(2012: EUR 0.7 million). During the reporting period, the Company received
cash funds of EUR 17.6 million from capital increases.
As a result of the capital increase, MagForce has no debt as of Decemer 31,
2013.
Outlook 2014
In the year 2014, the Company will focus on continuing to establish
additional NanoTherm(TM) therapy centers throughout Germany as well as on
developing the US market by initiating the registration process with the
FDA through its newly founded subsidiary MagForce USA, Inc. Given the
roll-out plan and the ongoing clinical study, the Company expects operating
expenses and negative operating cash flow to be higher in 2014 than in the
previous year. This increase is in line with the measures taken in 2013 and
the corresponding focus of the Company on key strategic value drivers.
However, management expects first revenues from the commercial treatment of
patients starting at the end of 2014.
About MagForce AG
MagForce AG, listed in the entry standard (MF6), together with its
subsidiary MagForce USA, Inc. is a leading medical device company in the
field of nanomedicine in oncology. The Group's proprietary NanoTherm(TM)
therapy enables the targeted treatment of solid tumors through the
intratumoral generation of heat via activation of superparamagnetic
nanoparticles. NanoTherm(TM), NanoPlan(R), and NanoActivator(R) 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 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.
Contact:
Anne Hennecke
MC Services AG
T +49 211 529252-22
F +49 211 529252-29
Email: anne.hennecke@mc-services.eu
End of Corporate News
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Language: English
Company: MagForce AG
Max-Planck-StraÃe 3
12489 Berlin
Germany
Phone: +49 (0)30 308 380 0
Fax: +49 (0)30 308 380 99
E-mail: info@magforce.com
Internet: www.magforce.com
ISIN: DE000A0HGQF5
WKN: A0HGQF
Listed: Freiverkehr in Berlin, Düsseldorf, Stuttgart; Frankfurt in
Open Market (Entry Standard)
End of News DGAP News-Service
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275771 30.06.2014
DGAP-News: MagForce AG: MagForce Publishes Financial Results 2013 and Operative Highlights
| Source: EQS Group AG