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MagForce continues to implement its two-pillar strategy. A gross $9.0m capital raise secured by subsidiary MagForce USA in August will enable financing of the pivotal US prostate cancer trial to completion. In Europe, expansion outside Germany has started and a NanoActivator will be installed in Poland by the end of the year. Of the €9.2m reported revenue and other operating income in H118, €24k relates to EU glioblastoma multiforme (GBM) treatments, while the remainder (€8.8m) was non-cash income relating to hidden reserves as a result of the MagForce USA share transfer. We forecast revenues to pick up in 2019 following the roll-out of devices across Europe and a launch in the US (in late 2019). We value MagForce at €303.1m or €11.5/share.

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