MagForce AG announces successful capital increase of the subsidiary MagForce USA, Inc.

MagForce AG / Key word(s): Capital Increase

MagForce AG announces successful capital increase of the subsidiary MagForce USA, Inc.

31-Dec-2019 / 11:39 CET/CEST

Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP – a service of EQS Group AG.

The issuer is solely responsible for the content of this announcement.


MagForce AG announces successful capital increase of the subsidiary MagForce USA, Inc.

Berlin, Germany and Nevada, USA, December 31, 2019 – MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, announces the successful completion of a capital increase of its subsidiary MagForce USA, Inc. The issuance of a total of 292,200 new shares will generate gross proceeds of approximately USD 4.5 million for MagForce USA, Inc. The new MagForce USA, Inc. shares were subscribed by Lipps & Associates LLC, of which Ben Lipps, CEO of MagForce AG and MagForce USA, Inc., is the principal owner.

Following the issue of the new shares, MagForce AG holds 65.3 percent of the shares in MagForce USA, Inc. and will continue to retain a majority ownership position in the US subsidiary.

The proceeds from the capital increase will mainly be used to fund operational spending, Stage 2 of MagForce’s pivotal clinical trial for the focal treatment of prostate cancer, and to prepare for commercialization.

– End of Insider Information –

Contact:
Barbara von Frankenberg
Vice President Communications & Investor Relations
T +49-30-308380-77
E-Mail: bfrankenberg@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.


31-Dec-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language: English
Company: MagForce AG
Max-Planck-Straße 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
Indices: Scale 30
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Stuttgart, Tradegate Exchange
EQS News ID: 945227

 
End of Announcement DGAP News Service

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