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.
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.
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.