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MagForce

US NanoTherm IDE approval a major milestone

Update | Pharmaceutical & healthcare | 23 Feb 2018

MagForce has received IDE approval to start its first pivotal clinical trial evaluating NanoTherm focal ablation therapy for prostate cancer in the US. This is a major milestone for the company. Prostate cancer in the US presents a significant market opportunity (representing ~60% of our rNPV) and makes sense strategically as a first US indication. The start of this trial will broaden the geographic and therapeutic reach of NanoTherm therapy beyond Europe, where it is already approved for brain cancer. Our updated valuation is EUR 302.6m.

MagForce

2019 a pivotal year

Update | Pharmaceutical & healthcare | 21 Nov 2018

MagForce continues to implement its two-pillar strategy. A gross $9.0m capital raise secured by subsidiary MagForce USA in August will enable financing of the pivotal US prostate cancer trial to completion. In Europe, expansion outside Germany has started and a NanoActivator will be installed in Poland by the end of the year. Of the EUR 9.2m reported revenue and other operating income in H118, EUR 24k relates to EU glioblastoma multiforme (GBM) treatments, while the remainder (EUR 8.8m) was non-cash income relating to hidden reserves as a result of the MagForce USA share transfer. We forecast revenues to pick up in 2019 following the roll-out of devices across Europe and a launch in the US (in late 2019). We value MagForce at EUR 303.1m or EUR 11.5/share.

MagForce

2019 a pivotal year

QuickView | Pharmaceutical & healthcare | 19 Nov 2018

MagForce continues to implement its two-pillar strategy. A gross $9.0mcapital raise secured by subsidiary MagForce USA in August will enablefinancing of the pivotal US prostate cancer trial to completion. In Europe,expansion outside Germany has started and a NanoActivator will beinstalled in Poland by the end of the year. Of the €9.2m reported revenueand other operating income in H118, €24k relates to EU glioblastomamultiforme (GBM) treatments, while the remainder (€8.9m) was one-off,non-cash income relating to hidden reserves as a result of the MagForceUSA shares transfer. Revenues are likely to pick up in 2019, following theroll-out of devices across Europe and a launch in the US (in late 2019).

MagForce

Scale Update - 2019 a pivotal year

Update | Pharmaceutical & healthcare | 07 Nov 2018

MagForce continues to implement its two-pillar strategy. A gross $9.0m capital raise secured by subsidiary MagForce USA in August will enable financing of the pivotal US prostate cancer trial to completion. In Europe, expansion outside Germany has started and a NanoActivator will be installed in Poland by the end of the year. Of the EUR 9.2m reported revenue and other operating income in H118, EUR 24k relates to EU glioblastoma multiforme (GBM) treatments, while the remainder (EUR 8.9m) was one-off, non-cash income relating to hidden reserves as a result of the MagForce USA shares transfer. Revenues are likely to pick up in 2019, following the roll-out of devices across Europe and a launch in the US (in late 2019).

MagForce

NanoTherm US prostate cancer trial initiates

Update | Pharmaceutical & healthcare | 04 Jul 2018

MagForce has announced the enrolment of the first patient in its pivotal clinical trial evaluating NanoTherm focal ablation therapy in the US for prostate cancer. The trial started as expected in Q218 and further patient recruitment is underway at the two clinical sites (CHRISTUS Santa Rosa and the University of Washington). Prostate cancer presents a significant market opportunity in the US (representing ~60% of our rNPV) and makes sense strategically as a first US indication.

MagForce

Scale Update - 2017 lays foundation for 2018 progress

Update | Pharmaceutical & healthcare | 18 May 2018

MagForce continues to execute its two-pronged strategy. With EUR 35m now available in financing from the European Investment Bank (EIB), MagForce can roll out its Nanotherm devices outside of Germany for the treatment of glioblastoma multiforme (GBM) patients. Plans for 2018 to expand into Poland and Italy reflect the high levels of enquires coming from both countries. In the US, the first patient is expected to enrol into the pivotal clinical trial for prostate cancer in Q218, following the investigational device exemption (IDE) approval in February 2018.

MagForce

2017 lays foundation for 2018 progress

Update | Pharmaceutical & healthcare | 17 May 2018

MagForce continues to execute its two-pronged strategy. With EUR 35m now available in financing from the EIB, MagForce can now roll out its Nanotherm devices outside of Germany for the treatment of glioblastoma multiforme (GBM) patients. Plans for 2018 to expand into Poland and Italy reflect the high levels of enquires coming from both countries. In the US, the first patient is expected to enrol into the pivotal clinical trial for prostate cancer in Q218, following the investigational device exemption (IDE) approval in February 2018. We value MagForce at EUR 11.7/share.

Heliad Equity Partners

Strong gains allow further diversification

Update | Investment Companies | 11 Apr 2018

Heliad Equity Partners (Heliad) posted strong results for FY17, with profit before tax of EUR 39.6m compared with a loss of EUR 22.2m in FY16. This was principally driven by share price gains among listed holdings, notably FinTech Group and MagForce. These increases allowed Heliad to realise gains of EUR 19.5m, supporting further diversification of the portfolio through additional participations in some existing private holdings, and new investments in both listed and unlisted companies, including mattress and home furnishing specialist Sleepz, and vertically integrated jewellery company Elumeo. A FY17 dividend of EUR 0.20 has been recommended.

MagForce

H117: EIB funding to accelerate rollout

Update | Pharmaceutical & healthcare | 06 Oct 2017

New financing from the European Investment Bank (EIB) of up to EUR 35m will support NanoTherm’s European rollout for treatment of both brain and prostate cancer patients. In the US, a second clinical treatment site has been established in Texas and the IDE approval process with the FDA continues. In H117, the net loss for the period was EUR 3.0m (H116: EUR 3.2), while gross cash as of 30 June 2017 stood at EUR 7.7m but does not include any drawdowns from the EIB loan, which was signed post period.

Heliad Equity Partners

Scale Update - Key portfolio holdings drive results

Update | Investment Companies | 14 Sep 2017

Heliad Equity Partners benefited from the stock price appreciation of its major listed portfolio holdings (most notably FinTech and MagForce), posting a considerable increase in PBT to EUR 10.9m from a pre-tax loss of EUR 24.8m in H116. Importantly, this includes a considerable proportion of realised gross capital gains of EUR 7.8m (above EUR 2.5m in H116), translating into an improved cash position (net cash of EUR 0.5m compared with net debt of EUR 2.1m in FY16). Consequently, net asset value improved by 8.7% vs FY16 to EUR 9.16 and the stock is now trading at a 23% discount to its NAV.

MagForce

Funding in place for EU roll-out

Update | Pharmaceutical & healthcare | 11 Aug 2017

MagForce has announced a loan of up to EUR 35m from the European Investment Bank (EIB), of which EUR 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 EUR 226m (EUR 8.6/share).

MagForce

Scale Update - FY16: Slow NanoTherm uptake affects top line

Update | Pharmaceutical & healthcare | 13 Jul 2017

MagForce continues to execute the strategy originally proposed in late 2013. Domestic reimbursement discussions are ongoing within Germany but expansion in the rest of Europe remains the focus as MagForce looks to increase patient numbers. In the US, a second clinical treatment site has been established in Texas and the IDE approval process with the FDA continues. Post period the company has raised gross EUR 13.4m through equity and debt to aid in the roll-out of devices across the broader EU.