DGAP-News: Nanostart-holding MagForce AG announces company restructuring and revised corporate strategy for 2012
(firmenpresse) - DGAP-News: Nanostart AG / Key word(s): Miscellaneous
Nanostart-holding MagForce AG announces company restructuring and
revised corporate strategy for 2012
26.03.2012 / 12:20
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- Greater emphasis on clinical development to
provide key physicians with access to NanoTherm therapy
- Start of post marketing glioblastoma study Q3 2012 to support expanded
market acceptance with leading medical experts
- Enhanced activities for international partnerships and initiation of
discussions with FDA
- Focus on development partnerships and strategic investors to expand
patient access and further reduce development costs
- Significant decrease in operating expenses expected in 2012 through
headcount reduction
Frankfurt / Berlin - March 26, 2012 - Nanostart-holding
MagForce
AG (Frankfurt, XETRA: MF6), a leading medical technology company focusing
on
nanomedicine in oncology announced today the company's restructuring and
revised corporate strategy for 2012. The company reduced its headcount from
52 employees (year-end 2011) to 30 (April 1, 2012) and expects a
significant
reduction in company expenses in 2012 as compared to 2011. The implemented
cost reductions will enable the company to work more effectively and
concentrate on clinical development activities to support the market
introduction of NanoTherm(R) therapy.
MagForce has revised its corporate
strategy to put more emphasis on clinical development and its synergies
with
Marketing and Sales. The company has received EU approval for its
technology,
NanoTherm(R) therapy, for the treatment of brain tumors. Product revenues
in 2011 were lower than expected due to the lack of involvement among
leading medical experts in the development of the therapy. MagForce is now
working
closely with these key opinion leaders who have agreed to participate in a
post-approval multi-center study to validate the novel technology in the
medical community and gain first-hand experience.
'Our successful capital increase earlier this month along with reductions
in expenditures will allow us to initiate both a glioblastoma post-market
authorization study along with a study in prostate carcinoma this year.
These upcoming trials, conducted in centers throughout Germany, will lay
the foundation for wider acceptance of the therapy and expanded commercial
use,' said Dr. Andreas Jordan, Management Board and founder of MagForce.
'In addition, we are in discussion with international companies and
investors for strategic partnerships to share in the development costs and
support international market approvals, including for the US market.'
'I am delighted to be working closely with leading European key opinion
leaders who are pleased to support us in the further development of
NanoTherm(R) therapy and participate in Magforce clinical studies,' said
Prof. Dr. Hoda Tawfik, VP Clinical Development and Medical Affairs. 'Within
the multi-center studies, we expect to place two to three new NanoActivator
therapy systems in strategic centers before the end of this year.'
In 2012, MagForce is pursuing international partnerships, specifically
in the US, and plans to initiate discussions with the FDA. Furthermore, the
company is in discussion with strategic investors who were not able to
participate in recently announced fully-subscribed capital increase, but
are interested in future investment opportunities with the company.
About Nanostart:
Nanostart AG headquartered in the German financial capital of Frankfurt, is
a leading nanotechnology investment company, with portfolio companies
spanning the globe from Silicon Valley to Singapore. The company provides
venture capital financing for nanotechnology companies in various growth
phases with a focus on innovation-driven industries of the future such as
cleantech, life sciences and IT/electronics. Through its subsidiary
Nanostart Asia and the venture capital fund in Singapore,Nanostart is proud
to be the investment partner of the Singaporean
government.
About MagForce:
MagForce AG (XETRA: MF6) is a leading medical technology company focusing
on nanomedicine in oncology. The company's proprietary procedure,
NanoTherm(R) therapy, enables the targeted treatment of solid tumors
through the intratumoral generation of heat via activation of magnetic
nanoparticles. NanoTherm(R), NanoPlan(R), 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 are trademarks of MagForce AG in selected
countries. For more information, please visit www.magforce.com.
Disclaimer:
This notice constitutes neither an offer to sell nor a solicitation of
offers to purchase or subscribe to securities. There will be no public
offering of
securities of Nanostart AG in conjunction with the existing listing of its
shares in the 'Entry Standard' segment of the regulated unofficial market
(Freiverkehr) on the Frankfurt Stock Exchange. This notice does not
constitute a securities prospectus. Neither this notice nor the information
contained within is intended for direct or indirect distribution within
Canada, Australia or Japan.
Media contact:
Nanostart AG
Dr. Hans Joachim Duerr
Head of Corporate Communications
Goethestrasse 26-28
D-60313 Frankfurt,Germany
phone: +49 (0)69-21 93 96 111
fax: +49 (0)69-21 93 96 150
e-mail:presse(at)nanostart.deEnd of Corporate News
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26.03.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de
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Datum: 26.03.2012 - 12:20 Uhr
Sprache: Deutsch
News-ID 128153
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