MagForce

DB: MF6

€117.9m market cap

€4.56 last close

MagForce has a European approved nanotechnology-based therapy to treat brain cancer. Nanoparticles are injected into the tumour and activated by an external magnetic field, producing heat and thermally destroying or sensitising the tumour.

Investment summary

MagForce is progressing its strategy to drive uptake and acceptance (in the US and Europe) of its NanoTherm nanoparticle-based therapy for cancer. MagForce has three centres in Germany that are commercially capable of treating glioblastoma patients. To accelerate uptake in Europe, MagForce is expanding from Germany into other countries with a loan of up to €35m from the European Investment Bank. Installation of the first device in Lublin, Poland has been achieved, with further expansion anticipated in 2019. In the US, its subsidiary MagForce USA has initiated a pivotal clinical trial for prostate cancer. Proceeds from the MagForce USA capital increase ($9m gross) in August 2018 will finance the trial to completion, with commercial treatments potentially starting early-2020 (following regulatory approval).

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2016A 0.5 (6.6) (7.2) (27.8) N/A N/A
2017A 0.7 (6.7) (7.5) (28.3) N/A N/A
2018E 0.3 (10.2) (11.4) (43.2) N/A N/A
2019E 5.8 (7.8) (9.1) (34.4) N/A N/A
Last updated on 23/05/2019
Industry outlook

MagForce’s NanoTherm therapy has been designed to directly affect tumours from within, while sparing surrounding healthy tissue. Magnetic nanoparticles are directly injected into a tumour and are then heated in the presence of an external magnetic field generated by specialist equipment (NanoActivator). This can destroy or sensitise the tumour for additional treatment.

Last updated on 23/05/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (€m) 13.8
Forecast gearing ratio (%) 111
Price performance
%
1m
3m
12m
Actual (6.2) (19.7) (23.2)
Relative* (4.0) (23.1) (16.6)
52-week high/low €7.0/€4.4
*% relative to local index
Key management
Ben Lipps Chairman & CEO
Christian von Volkmann CFO
Barbara von Frankenberg VP Communications & Investor Relations