Original-Research: MagForce AG - von GBC AG
Einstufung von GBC AG zu MagForce AG
Unternehmen: MagForce AG
Anlass der Studie: Research Comment
Kursziel: 11.00 EUR
Kursziel auf Sicht von: 31.12.2021
Analyst: Cosmin Filker, Marcel Goldmann
Further results of the pivotal study 2a confirm expectations, market
approval in 2021 still in prospect, price target of EUR 11.00 and BUY
After MagForce AG announced the successful completion of stage 2a of the
pivotal study for the treatment of prostate cancer in the USA in February
2021, the company has published additional, more concrete results on this
study phase in a recent company announcement. After further analysis of the
results of the 10 patients included in phase 2a, only minimal side effects
were observed in the streamlined treatment procedure, thus once again
confirming the good safety and tolerability profile.
However, the data on the efficacy of prostate treatment with MagForce
technology are also very encouraging, according to the company. Very well-
defined ablation and cell death in the area of the nanoparticle depot were
observed. In treatment with MagForce technology, magnetic nanoparticles are
introduced directly into the tumor and then heated, thereby destroying the
cancer cells. The pivotal study 2a demonstrated that the minimally invasive
procedure developed in phase 1 allows the nanoparticles to be introduced
very precisely and to remain in the desired location. Ablation in the
target area was very precise and there was minimal damage to the
surrounding tissue (range 2-4 mm).
The promising data form a good basis for the Phase 2b registration trial,
which is due to start shortly and in which patient recruitment is at an
advanced stage. In this final part of the study, which is necessary for
approval, the efficacy and safety of the MagForce technology in the
treatment of prostate cancer will be demonstrated in a total of up to 100
men. This will take place at a total of three centers in the USA, in Texas,
Washington and Florida. The inclusion of three treatment centers is
intended to ensure a prompt readiness for operation following approval. As
before, the study is expected to be completed in the second half of 2021.
This is also against the backdrop of the streamlined treatment procedure
developed during the approval phase 2a, which currently comprises only one
day. In addition, MagForce management does not currently identify any
further material pandemic delays to the further progress of the U.S. trial.
MagForce AG's current corporate announcement should be regarded as a
confirmation of the results already available. There is no relevant
information that would influence our revenue and earnings forecasts, which
is why we are keeping them unchanged. We continue to expect that revenue
from the prostate cancer treatment business should increase significantly
from 2022 onwards. In the current fiscal year 2021, the company should
therefore generate revenues primarily from the treatment of glio-blastoma,
which has already been approved in Europe. The EBITDA break-even should be
reached from 2022.
We therefore maintain both our forecasts and our price target of EUR11.00
per share. At a share price of EUR4.06, we continue to assign a BUY rating.
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Date (time) of completion: 29/04/2021 (12:35)
Date (Time) first distribution: 29/04/2021 (02:00 pm)
-------------------übermittelt durch die EQS Group AG.-------------------
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