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- New funding secures financing of post-marketing trial of the NanoTherm® therapy in glioblastoma and FDA filing
- Next cancer indication in clinical development will be prostate cancer
Nanostart-holding MagForce AG (Frankfurt, XETRA: MF6), a leading medical device company in the field of nanomedicine with focus on oncology, today announced that it has successfully completed a capital increase against cash and non-cash contributions including preemptive rights in the total amount of €33.5 million.
In total, 18,606,553 new no-par value bearer shares have been subscribed. Thereof 9,750,846 new shares have been subscribed against cash and 8,855,707 new shares have been subscribed against a contribution in kind, namely converting €15.9 million shareholder loans into equity. As a result, MagForce is debt-free and has €17.6 million cash on hand to drive the company through the next inflection points.
Prof. Hoda Tawfik, COO and co-CEO of MagForce, comments: "With this capital increase, MagForce is entering a new phase. With the successful capital increase we have set the preconditions for establishing the NanoTherm® therapy in the medical community and for achieving the validation of the clinical data in Europe as well as for approaching filing for approval in the USA with the FDA. This will be achieved substantially via the announced post-marketing clinical trial with glioblastoma patients. Additionally, we will further develop the NanoTherm® therapy in other oncology indications e.g. prostate cancer, the second most frequently diagnosed cancer of men and the fifth most common cancer overall." Christian von Volkmann, CFO and co-CEO of MagForce, adds: "The successful capital increase with considerable size shows the trust and confidence international institutional investors put into the MagForce technology and the MagForce team. The company now has secured sufficient funding from renowned international investors to reach the next inflection points and is well prepared for a time of dynamic growth."
Marco Beckmann, CEO of Nanostart, adds: "We congratulate the MagForce team on this successful transaction, and are pleased that long-term financing of MagForce has been secured. The company now has the necessary financial resources to implement its planned strategy and demonstrate its strengths."
Nanostart did not use its subscription rights in the capital increase. The company's stake amounts to around 10% after the transaction.
In recent years, Nanostart has been the main source of financing for MagForce. This has significantly hampered its flexibility in terms of entering into new investments. Nanostart sold its receivables of €16.1 mn relating to MagForce to an investor at the end of 2012. The newly gained financial scope is to be used to initiate new projects.
About Nanostart AG
Nanostart AG is a leading nanotechnology venture capital company. The company invests venture capital (VC) in promising young nanotechnology companies. Nanostart invests globally and at different phases of development. Emphasis of investments is on especially innovative industries such as cleantech, life sciences, and IT/electronics. Nanostart invests either directly in nanotechnology companies or through a regional nanotechnology fund. The headquarters of Nanostart AG is in Frankfurt, Germany.
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 Dürr
Head of Corporate Communications
P: +49 69-21 93 96 111
F: +49 69-21 93 96 150
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