MagForce (MF6)

Business description

MagForce is a German medtech firm with a European approved nanotechnology to treat brain cancers. NanoTherm therapy involves injecting NanoTherm particles with a magnetic core into the tumour.

Share price chart

Share chart

Stock data

Market cap.€157.9m
Last close€6.602
High / Low (52 weeks)€6.8 / €2.5
Stock market listingFRA
Forecast net cash (€m)3.3
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & Healthcare

Price performance

%1m3m12m
Actual16.99.1157.9
Relative *19.89.2122.3

* % Relative to local index

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Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2012A 0.0 (4.6) (5.7) (116.0) N/A N/A
2013A 0.0 (1.5) (1.6) (8.1) N/A N/A
2014E 1.6 (4.9) (5.6) (23.2) N/A N/A
2015E N/A N/A N/A N/A N/A N/A

Last updated on 11/07/2014

Investment summary

MagForce’s strategy to increase uptake of its NanoTherm therapy is on track and progress has been made in both Europe and the US in line with expectations. In Europe the installed base of NanoActivators has increased and the first patient was enrolled into the post-marketing glioblastoma (GBM) study. In the US, a positive pre-submission meeting was held with the FDA, confirming that NanoTherm will be designated as a medical device. MagForce continues to target initial commercial NanoTherm sales by end 2014, in addition to annual revenues of €100-150m as the target of the late 2013 five-year plan. Our risk-adjusted valuation published in November 2013 is €197m or €8.2/share.

Last updated on 10/07/2014

Industry outlook

MagForce’s NanoTherm therapy has been designed to directly affect tumours from within, while sparing surrounding healthy tissue. Nanoparticles are injected into a tumour and heated by an external magnetic field. This can destroy or sensitise the tumour for additional treatment such as chemotherapy or radiotherapy.

Last updated on 30/06/2014

Key management

Ben Lipps, Chairman & CEO
Christian von Volkmann, CFO

Company address

Max-Planck-Strasse 3
12489
Berlin
Germany
+49 30 308 380 0
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