MagForce

DB: MF6

€138.6m market cap

€4.8 last close

MagForce has the first Europe-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.

Investment summary

MagForce is progressing its strategy to drive uptake and acceptance (in the US and Europe) of its nanoparticle-based therapy NanoTherm, for the treatment of cancerous tumours. It has recently expanded from Germany into Poland and now has four centres in Europe that are commercially capable of treating glioblastoma patients. A loan of up to €35m from the European Investment Bank and access to €15m growth funding via zero interest bearing convertible notes will continue to fund the roll-out. A registrational clinical trial for prostate cancer is ongoing in the US using an FDA-approved one day protocol. Approval and launch are expected in H221. The opportunity in the US will become a significant driver for growth in the long term.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 0.1 (6.5) (8.7) (32.8) N/A N/A
2019A 0.8 (5.6) (7.6) (28.2) N/A N/A
2020E 0.8 (6.6) (8.6) (30.8) N/A N/A
2021E 2.4 (5.2) (7.5) (26.9) N/A N/A
Industry outlook

MagForce’s NanoTherm therapy is designed to directly target cancerous tissue while sparing surrounding healthy tissue. Magnetic nanoparticles are directly instilled into a tumour or a resection cavity and activated by specialist equipment (NanoActivator). This can either thermally ablate tumours or sensitise them to other treatments (chemotherapy or radiotherapy).

Last updated on 21/01/2021
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Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (€m) 27.1
Forecast gearing ratio (%) 488
Price performance
%
1m
3m
12m
Actual (9.4) 84.6 13.2
Relative* (13.7) 66.7 10.4
52-week high/low €5.4/€2.1
*% relative to local index
Key management
Ben Lipps Chairman & CEO
Christian von Volkmann CFO
Barbara von Frankenberg VP Communications & Investor Relations

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