MagForce

DB: MF6

€134.6m market cap

€5 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 nanoparticle-based therapy for cancer. MagForce has recently expanded from Germany into Poland and will have four centres in Europe that are commercially capable of treating glioblastoma patients by end-2019. A loan of up to €35m from the European Investment Bank and €5m gross proceeds from a recent private placement will continue to fund the roll-out. A pivotal clinical trial for prostate cancer is ongoing in the US, with commercial treatments potentially starting in Q420 following regulatory approval; 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)
2017A 0.7 (8.8) (9.5) (36.0) N/A N/A
2018A 0.1 (7.1) (8.7) (32.8) N/A N/A
2019E 0.7 (9.6) (10.5) (38.7) N/A N/A
2020E 2.9 (5.3) (6.6) (23.7) N/A N/A
Last updated on 19/07/2019
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 19/07/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (€m) 20.2
Forecast gearing ratio (%) 160
Price performance
%
1m
3m
12m
Actual 16.0 1.9 (3.0)
Relative* 16.9 1.8 1.3
52-week high/low €7.0/€4.1
*% relative to local index
Key management
Ben Lipps Chairman & CEO
Christian von Volkmann CFO
Barbara von Frankenberg VP Communications & Investor Relations

Content on MagForce