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)

-übermittelt durch die EQS Group AG.-

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.

Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung

oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.