MagForce AG Announces Successful Share Capital Increase from Authorized Capital
MagForce AG, a leading medical device company in the field of nanomedicine focused on oncology, today successfully completed the capital increase from authrized capital resolved on June 28, 2017. The Company’s share capital will therefore be increased from its current level of EUR 25,622,711.00 to EUR 26,343,172.00 by issuing 720,461 new no-par-value shares at a price of EUR 6,94 per share by partially utilising existing authorised capital against cash contributions. The transaction is accompanied by Hauck & Aufhaeuser Privatbankiers. All new shares were subscribed by UK-based M&G International Investments Ltd. in a private placement. Gross proceeds for MagForce AG amount to EUR 5.0 million.
The additional capital will be mainly used to accelerate the on-going international expansion of MagForce, in particular in Europe.
The current roll-out plan sees MagForce placing its NanoActivators in a number of European countries and thus enabling patients to be treated in their home countries. This will allow patients to be treated with MagForce’s NanoTherm therapy as quickly and conveniently as possible following diagnosis.
Facilitating treatment of patients in their home countries will also simplify reimbursement in those countries where MagForce already has the CE mark approval for the treatment of brain tumours. Amongst others, MagForce’s commercial and medical teams have identified Poland, Italy, Switzerland and Spain as suitable countries for NanoTherm treatment centres.
Based on the highly satisfying treatment results, management expects that the European roll-out, combined with reimbursement approval in the relevant countries, is expected to significantly speed up revenue generation and profitability of the European business.
About MagForce AG and MagForce USA, Inc.
MagForce AG, listed in the Scale segment 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® therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles.
NanoTherm®, NanoPlan®, and NanoActivator® 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.
Contact:
MagForce AG
Max-Planck-Straße 3
12489 Berlin
T +49 (0)30 308 380-0
F +49 (0)30 308 380-99
info(at)magforce.com