MagForce - Striding towards major inflection pointsDE000A0HGQF5magforce141020qv.pdf

MagForce, a pioneer in nanotechnology-based cancer treatments, is making steady progress with its strategy to drive the uptake of its thermal ablation treatment, NanoTherm. In Europe, NanoTherm is approved for glioblastoma (brain tumours) and while sales started slowly MagForce is seeing considerable growth in sales in 2020. Newly established treatment centres in Germany and Poland (with expansion to Italy and Spain expected in 2021), is driving an increasing number of glioblastoma patients treated with NanoTherm. In the US, NanoTherm is now in the final phase of the registrational study for prostate cancer; approval and launch are now expected in H221. These indications could be the catalyst for meaningful growth in the top line and the path to sustainable profitability, which we forecast for 2022. We value MagForce at €269.1m.