Market Cap€54m

Last Close €1.81

MagForce has the first European-approved, nanotechnology-based therapy to treat brain tumours. NanoTherm therapy consists of nanoparticle instillation into the tumour, activated by an alternating magnetic field, producing heat and thermally destroying or sensitising tumours.

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Investment summary

MagForce is progressing its strategy to drive uptake of its nanoparticle-based NanoTherm therapy for the treatment of prostate cancer in the United States and glioblastoma (GBM) in Europe. Four treatment centers in Europe are commercially treating GBM patients (Germany and Poland) and MagForce recently signed a cooperation agreement with a hospital in Spain, treatments are expected to start in H122. Negotiations with clinics in Italy and Austria are ongoing. The pivotal US trial for the treatment of intermediate risk prostate cancer is progressing, having successfully completed the first two stages. MagForce has now received FDA approval for the final protocol and initiated Stage 2b. The study should complete by mid-2022, potentially enabling approval and launch by H123. Loan facilities are in place to bridge the gap until profitability, with €11m zero interest bearing convertible notes and a €22m EIB loan facility remaining. Our forecasts are under review.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2019A 0.8 (5.6) (7.6) (0.28) N/A N/A
2020A 0.6 19.3 (9.7) (0.35) N/A N/A
2021E N/A N/A N/A N/A N/A N/A
2022E N/A N/A N/A N/A N/A N/A
Industry outlook

MagForce’s NanoTherm therapy system is designed to directly target cancerous tissue while not damaging surrounding healthy tissue. Superparamagnetic nanoparticles are directly instilled into the tumour or resection cavity and then activated by the NanoActivator device. This can either thermally ablate tumours or sensitise them to other treatments.

Last updated on 30/06/2022
Content on MagForce
MagForce – Primed to execute on its growth strategy
Healthcare | research QuickView | 10 November 2021
MagForce – Primed to execute on its growth strategy
Healthcare | research Update | 10 November 2021
MagForce – Time to capitalise on growth potential
Healthcare | research Update | 14 July 2021
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Share price graph
Balance sheet
Forecast net debt (€m) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual (7.2) (6.5) (51.6)
Relative* 4.5 5.5 (41.2)
52-week high/low €4.0/€1.7
*% relative to local index
Key management
Ben Lipps Chairman & CEO
Christian von Volkmann CFO
Barbara von Frankenberg VP Communications & Investor Relations