Magforce AG (DE:MF6G) has announced a loan of up to €35m from the European Investment Bank (EIB), of which €10m is available immediately. This funding will enable MagForce to roll out its NanoTherm devices across Europe and reach patients who were previously reluctant to travel across the border to Germany for glioblastoma treatment. While we believe the extra funds could accelerate EU device roll-out above our current assumptions, we retain our forecasts and await more details on progress. Our valuation of MagForce remains unchanged at €226m (€8.6/share).
Broader EU roll-out now financed
To drive uptake of NanoTherm treatment, MagForce will roll out devices across the EU in an effort to target glioblastoma patients who were reluctant to travel to Germany (where MagForce has six devices installed, three used commercially) for treatment. In addition to glioblastoma therapy, MagForce plans to utilise this new funding to both support NanoTherm’s use in prostate cancer and the development of next-generation nanoparticles (capable of transporting drugs as well as generating heat). While access to the devices remains a key factor in driving treatment numbers, we believe efforts to raise both clinicians’ and patients’ awareness of the therapy will ultimately determine the success of the devices in these new territories.
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