DGAP-News: MagForce AG
/ Key word(s): Capital Increase
15.12.2020 / 13:20
The issuer is solely responsible for the content of this announcement.
MagForce AG Successfully Completes Private Placement of New Shares
– Placement of 1.165 million shares or 4.2 percent of the share capital
– Gross proceeds of approx. EUR 4.7 million
Berlin and Nevada, December 15, 2020 – MagForce AG (Frankfurt, Scale, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, announced today that the Management Board, with approval of the Supervisory Board, has resolved and successfully completed an increase the Company’s share capital by way of a partial exercise of authorized capital under exclusion of shareholders’ subscription rights in the amount of 1,165,000 EUR by issuing 1,165,000 new ordinary bearer shares with no-par value (Stückaktien), each with a notional value of EUR 1.00, against cash contributions (the “New Shares”).
The New Shares were allocated at a placement price of 4.00 EUR per share in a private placement. The majority of the New Shares were subscribed by Apeiron Investment Group Ltd. and by MagForce’s CEO, Dr. Ben Lipps.
“2021 is set to be a decisive year as we hope to see the successes of our two-pronged strategy that we implemented for bringing our NanoTherm therapy system to benefit brain tumor patients in Europe as well as prostate cancer patients in the US. We are grateful for the trust that our long standing investors and also new shareholders place in our innovative technology,” said Dr. Ben Lipps, Chief Executive Officer of MagForce AG and MagForce USA, Inc.
The Company intends to use the net proceeds from the Capital Increase to further implement its growth strategy and to strengthen the balance sheet:
In Europe, MagForce had made significant progress in its roll-out strategy to bring its innovative NanoTherm therapy system to brain tumor patients which is now been impressively reflected in the treatment figures. The official opening of the latest NanoTherm therapy treatment center in Germany, at the Hufeland clinic in Mühlhausen, which was announced earlier this week, marks the fourth clinic in Europe offering MagForce’s technology for the commercial treatment of brain tumors. MagForce is also planning further installations of NanoActivator devices as part of their European rollout strategy in partner hospitals in other European countries and also anticipates another NanoTherm treatment center in Germany.
In the US, MagForce is currently completing stage 2a of its U.S. focal prostate cancer treatment study. Treatment results in the current stage of the study, with a streamlined procedure, show only minimal treatment-related side effects that are tolerable and similar to those of biopsies. The ablation analysis showed a very well-defined ablation and cell death in the area of the nanoparticle deposit, as observed in previous preclinical studies. Start of the final stage of the study, Stage 2b, is expected to begin in early 2021. While the study is being completed, MagForce will already begin preparations for commercialization, which is anticipated to start in mid or the second half of 2021.
About MagForce AG and MagForce USA, Inc.
NanoTherm(R), 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.
Press- and investor contact information:
Barbara von Frankenberg
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.
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