MagForce successfully completes capital increase in the total amount of 33.5 million New funding secures financing of post-marketing trial of the NanoTherm therapy in glioblastoma and FDA filing Next cancer indication in clinical development will be prostate cancer
Berlin, Germany, March 20, 2013 - MagForce AG (Frankfurt, XETRA: MF6), a leading medical device company in the field of nanomedicine with focus on oncology, today anounced that it has successfully completed a capital increase against cash and non-cash contributions including preemptive rights in the total amount of 33.5 million. In total, 18,606,553 new no-par value bearer shares have been subscribed. Thereof 9,750,846 new shares have been subscribed against cash and 8,855,707 new shares have been subscribed against a contribution in kind, namely converting 15.9 million shareholder loans into equity. As a result, MagForce is debt-free and has 17.6 million cash on hand to drive the company through the next inflection points.
Prof. Hoda Tawfik, COO and co-CEO of MagForce AG, commented: "With this capital increase, Magforce is entering a new phase. With the successful capital increase we have set the preconditions for establishing the NanoTherm Therapy in the medical community and for achieving the validation of the clinical data in Europe as well as for approaching filing for approval in the USA with the FDA. This will be achieved substantially via the anounced post-marketing clinical trial with glioblastoma patients. Additionally, we will further develop the NanoTherm Therapy in other oncology indications e.g. prostate cancer, the second most frequently diagnosed cancer of men and the fifth most common cancer overall." Christian von Volkmann, CFO and co-CEO of MagForce AG, added: "The successful capital increase with considerable size shows the trust and confidence international institutional investors put into the MagForce technology and the MagForce team. The company now has secured sufficient funding from renowned international investors to reach the next inflection points and is well prepared for a time of dynamic growth."
About MagForce AG MagForce AG is a leading medical device company in the field of nanomedicine with the focus on oncology. The Company`s proprietary, NanoTherm Therapy, enables the local treatment of solid tumors through the intratumoral generation of heat via activation of magnetic 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 select countries. For more information, please visit http://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. This release is no offer to buy shares.
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MagForce successfully implements capital increase