CORRECTION: MagForce AG Announces Company Restructuring and Revised Corporate Strategy for 2012
(Thomson Reuters ONE) -
MagForce AG /
CORRECTION: MagForce AG Announces Company Restructuring and Revised Corporate
Strategy for 2012
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The issuer is solely responsible for the content of this announcement.
This is a correction of the announcement from 10:24 26.03.2012 CET. Reason for
the correction: Correction of year-end 2011 employee number
* 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
Berlin, March 26, 2012 - 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 41 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® 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® 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® 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 MAGFORCE AG:
MagForce AG is a leading medical technology company focusing on nanomedicine in
oncology. The company's proprietary procedure, NanoTherm® therapy, enables the
targeted treatment of solid tumors through the intratumoral generation of heat
via activation of magnetic nanoparticles. NanoTherm®, NanoPlan®, 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 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.
Contact:
Stacy Wiedenmann
Director Investor Relations & Corporate Communications
Magforce AG
Max-Dohrn-Str. 8
10589 Berlin
T +49 30 308 380 31
F +49 30 308 380 99
M +49 151 12000 722
email: swiedenmann(at)magforce.com
www.magforce.com
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: MagForce AG via Thomson Reuters ONE
[HUG#1597261]
Unternehmensinformation / Kurzprofil:
Datum: 26.03.2012 - 15:38 Uhr
Sprache: Deutsch
News-ID 128385
Anzahl Zeichen: 6348
contact information:
Town:
Berlin
Kategorie:
Business News
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