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Magforce (DE:MF6G) is moving forward with its strategy to drive uptake and acceptance (in the US and Europe) of its NanoTherm nanoparticle-based therapy for cancer. In Germany, Magforce has six centres commercially capable (three utilised, c50 patients to date) of treating glioblastoma (GBM) patients. To accelerate uptake of NanoTherm treatment in Europe, we expect Magforce to look to expand from Germany into other countries over six to 18 months. In the US, its subsidiary Magforce USA is in talks with the FDA to initiate a planned clinical trial in prostate cancer patients (potential launch in 2018). The company expects the trial to initiate in mid-2017; data are expected 12 months later. Our valuation is €225m (€8.8/share).
First NanoActivators installed in the US
MagForce has installed the first NanoActivators (two out of four installed) in the US ahead of the planned prostate cancer trial. This machine is similar to those currently installed in Germany for GBM, with specific modifications for both the US market and treatment of prostate cancer. MagForce USA is in possession of four NanoActivators; we expect at least another one to be installed within the next six months for use in the forthcoming clinical trial.
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