DGAP-News: MagForce AG / Key word(s): Private Equity
MagForce AG: Successful final closing of a growth financing round for
MagForce USA, Inc. under the lead of Mithril Capital Management
08.08.2014 / 14:00
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MagForce AG: Successful final closing of a growth financing round for
MagForce USA, Inc. under the lead of Mithril Capital Management
Berlin, Germany, August 8th, 2014 - MagForce AG (Frankfurt, Entry Standard,
XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the
field of nanomedicine focused on oncology, today announced that its
subsidiary MagForce USA, Inc. has successfully closed its growth financing
round. Mithril Capital Management, a growth-stage technology fund founded
by Ajay Royan and Peter Thiel, led a group of strategic investors including
the management in financing MagForce USA's growth round with proceeds of
USD 15 million, with an option to increase the size of the round to USD 30
million. MagForce AG owns 77% of MagForce USA as of this closing. The
strategic investors presently hold 23% of MagForce USA and may increase
their ownership in future by exercising the warrants held by them. After
all warrants are exercised, MagForce AG will continue to retain a majority
ownership position in MagForce USA.
MagForce USA, Inc., has been granted a license by MagForce AG for the
development and commercialization of NanoTherm(TM) Therapy for the
treatment of brain and prostate cancers and will be responsible for
developing the North American market (US, Mexico and Canada) for MagForce's
technology and products. Under the prostate cancer license, MagForce USA
will also receive royalties for the sale of NanoTherm(TM) particles for the
treatment of prostate cancer outside North America.
Ben J. Lipps, Chairman and CEO of MagForce AG and also of MagForce USA,
Inc., commented: "I am very optimistic about the US market, which has the
largest potential especially for prostate cancer treatment. MagForce USA
aims at developing its technology to offer a new focal treatment for
Intermediate Stage Prostate Cancer with precise ablation of the cancer
lesion while sparing normal tissue. In Mithril, we have found the right
collaborator to support our expansion plans. Ajay Royan and Peter Thiel
have proven themselves numerous times to be valuable partners in helping
companies unlock long-term growth."
Ajay Royan, co-founder and managing general partner of Mithril, said:
"Conventional treatments for prostate cancer have significant side effects
and other limitations, while patients with glioblastoma currently have few
good options at all. That's why MagForce's innovative approach to solid
tumors is very promising and potientially important."
About MagForce AG and MagForce USA, Inc.
MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange
(MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc.
is a leading medical device company in the field of nanomedicine focused on
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.
Please learn more: video (You Tube)
About Mithril Capital Management
Mithril is a global investment firm that provides capital to leading growth
companies by partnering with teams who use technology to build
transformative and durable businesses, often in industries long overdue for
change. Each of these businesses is unique, but all face common challenges
to unlocking long-term growth. Mithril helps navigate these critical
inflection points by investing in size and with conviction. For more
information, please visit: www.mithril.com
Disclaimer
This announcement does not contain or constitute or form part of, and
should not be construed as, an offer or invitation to sell, or the
solicitation of an offer to buy or subscribe for, any securities to any
person. This announcement appears as a matter of record only, inasmuch as
the offering described herin has been completed.
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
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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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281517 08.08.2014
DGAP-News: MagForce AG: Successful final closing of a growth financing round for MagForce USA, Inc. under the lead of Mithril Capital Management
| Source: EQS Group AG