Original-Research: MagForce AG - von GBC AG

Einstufung von GBC AG zu MagForce AG

Unternehmen: MagForce AG

Anlass der Studie: GBC Management Interview
Empfehlung: Management Interview
Letzte Ratingänderung:
Analyst: Cosmin Filker

In its current letter to shareholders, MagForce AG reports a sustained
positive development in the number of treatments for brain tumor patients
(glioblastoma) in Europe. After the preparatory work for the
commercialization of the MagForce technology has been completed in recent
years, significant treatment revenues are expected to be generated for the
first time in 2020. GBC analyst Cosmin Filker spoke with MagForce CEO Dr.
Ben Lipps:

Cosmin Filker: Dr. Lipps, already at the beginning of fiscal year 2020, you
reported a very positive development in patient inquiries. Obviously, this
is reflected in an increase in the number of treatments. What are the
reasons for this success?

Dr. Ben Lipps: During 2015 to 2018, we evaluated the NanoTherm procedure,
which was originally developed from 2007 to 2010, and developed with our
clinical colleagues an improved medical procedure which is more effective
and easier to apply. Our partner clinics are convinced of NanoTherm Therapy
and use it with great commitment for the benefit of their patients in the
treatment of glioblastoma. We therefore assume that the number of
treatments will continue to increase sustainably.

All company activities in Europe are aimed at further increasing awareness
of the NanoTherm therapy system and making the therapy available to
patients: For example, our 'NanoTherm Therapy School', a practice-oriented,
unique and versatile application training course for the use of NanoTherm
therapy for the treatment of glioblastoma, which was developed in close
cooperation with leading experts, continues to be very successful. The goal
of the comprehensive application training, which is aimed at physicians and
medical professionals in the field of neuro-oncology, is to certify
surgeons in the use of the Company's innovative NanoTherm technology - only
last week, another unit was included in the training, and interest in
NanoTherm Therapy is greater than ever before.

I would like to remind you that the global opportunity for treating
glioblastoma is approximately 160,000 patients per year. This procedure has
a significant global market opportunity of approximately 4 billion Euros
per year for this treatment.

Cosmin Filker: The MagForce technology for the treatment of malignant brain
tumors is currently available at two locations in Germany and at one
location in Poland. What are your further expansion plans?

Dr. Ben Lipps: Our expansion activities, such as installations of
NanoActivator devices in partner hospitals in Spain and Italy, which were
planned for the second half of 2020, will be further delayed due to the
enormous impact that the COVID-19 pandemic is unfortunately currently
having again in these countries. However, we are seeing interest from other
European countries and will continue our roll-out strategy in the coming
months. In addition, we are planning to open at least one further NanoTherm
Therapy Center in Germany, which records around 3,000 new incidences of
glioblastoma patients annually. Last but not least, the latest NanoTherm
treatment center will be opened in the next few days at the Hufeland Klinik
in Mühlhausen - following the installation work, the official approvals
have now also been successfully completed. All this will help us to achieve
our treatment goal for 2021 and triple the number of commercial treatments
compared to 2020.

Cosmin Filker: Covid-19 has delayed your European roll-out. The planned
installations in Spain and Italy have been postponed. What are your current
plans for these regions?

Dr. Ben Lipps: Of course, we are still in contact with potential partner
clinics in Italy and Spain - but due to the COVID 19 pandemic, they are
extremely involved in its effects. Consequently, we are approaching other
European countries - the interest in these countries is definitely still
there and we are in such close contact that we will take further concrete
steps as soon as possible.

Cosmin Filker: How quickly can new locations be developed, also with regard
to the production of new treatment devices?

Dr. Ben Lipps: The development of the container plug-and-play solution,
which has become the delivery standard in Germany as well as in European
countries, has significantly shortened the time to start patient treatment
in new centers. On site, only a point source for the installation of the
double-deck container on the campus of the clinic and a standard three-
phase current connection are required, which takes about 8 days in total.
The pre-installed containers will be transported to the clinic by truck.
The time for installation and commissioning on site is another 14 days.
MagForce delivers complete regulatory and technic documentation to the
clinic administration in advance so that official approvals can be issued
quickly. Currently, we do not expect more than 3 months from the date of
order placement to commission a new NanoTherm treatment center in Germany
or other European countries. For the production of new NanoActivators, we
currently still have material in stock for the new production of three
additional devices, which will be manufactured on schedule if required.

Cosmin Filker: Finally, a question on the current development of the
approval for the treatment of prostate cancer in the USA. According to the
letter to shareholders, the initial results of the current stage of the
pivotal study confirm that treatment with MagForce technology has few side
effects. So will the approval be granted in 2021 as expected?

Dr. Ben Lipps: Correct, the treatment results in the current stage of the
study, with the streamlined procedure, also 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 depot, as observed in previous preclinical

This is what we expected, but is nevertheless very encouraging, as patients
can be treated much faster. It is obvious that the streamlined study
protocol will benefit patients by completing the entire treatment within
one day, thus minimizing the burden of repeated visits to the treating
physician - a significant advantage especially in times of COVID-19.

We continue to expect to have sufficient data in the fourth quarter of 2020
to confirm that our streamlined procedure continues to have minimal side
effects for patients and to gain the necessary 80 percent confidence that
the clinical objectives can be met.

The plan is that while we are completing the study, we will already begin
preparations for commercialization, which is still expected to begin in mid
or second half of 2021 - visibility is currently low due to COVID-19. The
three clinical centers participating in our study are already fully
equipped with NanoActivator devices and can immediately start commercial
treatment of patients once FDA approval is obtained. Upon completion of the
study, we plan to have two additional proprietary treatment centers in
place. Additional centers will then be opened in strategic locations in the
U.S. to enable the treatment of patients locally. MagForce is already in
contact with the most important 'Active Surveillance Programs' throughout
the country to ensure that treatment is consistently delivered once the
therapy is launched.

Particularly in the last few weeks, we have seen the advantages of the
structure we implemented in the U.S., which enables us to conduct the
clinical registration study despite COVID-19 - even though we cannot, of
course, work completely detached from effects of the pandemic.

Considering the potential global market for an effective treatment with
minimal side effects over 500,000 patients could be treated per year and
benefit from such a therapy. Therefore, the market potential is between 3.5
and 12.5 billion dollars per year depending on the business model.

Cosmin Filker: Dr. Lipps, thank you for the interview.

Die vollständige Analyse können Sie hier downloaden:

Kontakt für Rückfragen
Jörg Grunwald
Halderstraße 27
86150 Augsburg
0821 / 241133 0
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
Date (time) of completion: 14/10/2020 (3:30 pm)
Date (time) of first distribution: 15/10/2020 (9:30 am)

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IPO im Fokus


ISIN: DE000A3CM708
Grundkapital (vor IPO): 3.120.000 EUR
Angebotene Aktien: bis zu 690.000 Aktien
Zeichnungsfrist: 11.10.2021 bis voraus. 25.10.2021
Bookbuildingspanne: 3,30 bis 3,60 Euro
Börse: Börse Düsseldorf

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