Original-Research: MagForce AG - von GBC AG

Einstufung von GBC AG zu MagForce AG

Unternehmen: MagForce AG

Anlass der Studie: Research Comment
Empfehlung: BUY
Kursziel: 15.80 EUR
Letzte Ratingänderung: -
Analyst: Cosmin Filker, Matthias Greiffenberger

MagForce enrolls the first patient in its single-arm study in the USA -
Another important milestone for entering the attractive US market – Target
price of € 15.80 confirmed – Rating BUY

The company announced on the 02/07/2018 that it has enrolled the first
patient in its clinical evaluation with the Company's innovative NanoTherm
selective ablation. This represents an important milestone in the history
of the company and should make a significant contribution to the future
development of the US market.

The purpose of this registration study is to demonstrate that NanoTherm
therapy can focally ablate cancer lesions with minimal side effects for
patients who have progressed to intermediate risk prostate cancer stage.
The objective of the new cancer treatment is to establish itself as a
further pillar of cancer therapy alongside conventional treatment methods
such as surgery, radiation and chemotherapy.

The method is based on the insertion of a liquid containing
superparamagnetic, nano-sized iron oxide particles into the cancer cells.
Afterwards an alternating magnetic field is created, which activates the
nanoparticles, whereby the orientation of the magnetic field
alternates around 100,000 times per second, resulting in the activation of
the nanoparticles and therefore heating the tissue of the injected tumour.
This results in the destruction of cancer cells directly at the
NanoTherm depots, in addition to the hyperthermic effect in the
vicinity of the tumour.

An important milestone was the FDA's approval in February 2018 to conduct a
registration study for the approval for the treatment of prostate cancer in
the United States. The successful patent recruitment is now underway, with
the goal of enrolling up to 120 male patients in the single-arm study.

We expect the study to be completed in the second half of 2019 with
subsequent market approval at the end of 2019. Subsequently, MagForce could
tap into the high-volume US market, which should lead to significant
increases in sales.

The scheduled start of the study and the first enrollment speaks for itself
and we confirm our forecast and our price target of € 15.80 per share.
Based on the current share price, we confirm a BUY rating.

Die vollständige Analyse können Sie hier downloaden:

Kontakt für Rückfragen
Jörg Grunwald
Halderstraße 27
86150 Augsburg
0821 / 241133 0
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