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- Comprehensive restructuring introduced
- Integration of medical opinion leaders into post-marketing trial to increase acceptance of NanoTherm® therapy
- Strategic and distribution partnerships established
- Cost savings expected to amount to million Euros due to a package of measures
- Loss for the period reduced by 22% to €3.6 million
Nanostart-holding MagForce AG (Frankfurt, Xetra: MF6), a leading medical device company in the field of nanomedicine with a focus on oncology, today announced the financial results for the first half of the 2012 fiscal year, ending June 30, 2012. Simultaneously, the company released details of a package of measures. With this restructuring, MagForce is completing a period of important strategic refocus.
"In the first half of the year, we laid out the basic requirements for the acceptance and future commercialization of our NanoTherm® therapy, and for the future development of our company. Today we are concluding this phase of strategic focus with the introduction of vital measures and additions to the management team. Over the short term, we are concentrating all our efforts and financial resources on establishing NanoTherm® therapy in the area of oncology and consequentially on the post-marketing clinical trial in glioblastoma. Together with strategic and distribution partners, we want to reinforce the commercialization of NanoTherm® therapy, ensuring sufficient funding." commented Christian von Volkmann, CFO.
In the first half of the year, MagForce was able to successfully finalize distribution partnerships with DELRUS (Russia) and Tek Grup (Turkey), as well as a development partnership with the Mayo Clinic (USA).
During the reporting period, the company recorded a loss of €3.6 million (prior year period: €4.6 million). The decline is essentially a result of the restructuring measures introduced at the end of 2011 and the accompanying strategic change. Personnel expenses decreased due to the reduction in staff, particularly in the second management level, as well as in commercial functions.
In the first half of the year, the company successfully raised €4.5 million by issuing new shares. After the reporting period end, two further capital increases took place with gross proceeds amounting to €665,000. The capital measures serve to safeguard liquidity and maintain business operations, as well as financing further business growth.
About Nanostart AG
Nanostart AG (OTCQX: NASRY) headquartered in the German financial capital of Frankfurt, is a leading nanotechnology investment company, with portfolio companies spanning the globe from Silicon Valley to Singapore. The company provides venture capital financing for nanotechnology companies in various growth phases with a focus on innovation-driven industries of the future such as cleantech, life sciences and IT/electronics. As main shareholder of Nanostart Asia Pacific Ptd Ltd, Nanostart invests as partner of the Singaporean government.
MagForce AG is a leading medical technology company in the field of nanomedicine in oncology. The Company's proprietary, NanoTherm® therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of magnetic nanoparticles. NanoTherm®, NanoPlan®, and NanoActivator™ are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in select countries. For more information, please visit www.magforce.com
This notice constitutes neither an offer to sell nor a solicitation of offers to purchase or subscribe to securities. There will be no public offering of securities of Nanostart AG in conjunction with the existing listing of its shares in the “Entry Standard” segment of the regulated unofficial market (Freiverkehr) on the Frankfurt Stock Exchange. This notice does not constitute a securities prospectus. Neither this notice nor the information contained within is intended for direct or indirect distribution within Canada, Australia or Japan.
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Dr. Hans Joachim Duerr
Head of Corporate Communications
60313 Frankfurt, Germany
phone: +49 (0)69-21 93 96 111
fax: +49 (0)69-21 93 96 150
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