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29.04.2021 - 14:05:28

Original-Research: MagForce AG : Buy

Original-Research: MagForce AG - von GBC AG

Einstufung von GBC AG zu MagForce AG

Unternehmen: MagForce AG


Anlass der Studie: Research Comment

Empfehlung: Buy

Kursziel: 11.00 EUR

Kursziel auf Sicht von: 31.12.2021

Letzte Ratingänderung:

Analyst: Cosmin Filker, Marcel Goldmann

Further results of the pivotal study 2a confirm expectations, market

approval in 2021 still in prospect, price target of EUR 11.00 and BUY

rating confirmed

After MagForce AG announced the successful completion of stage 2a of the

pivotal study for the treatment of prostate cancer in the USA in February

2021, the company has published additional, more concrete results on this

study phase in a recent company announcement. After further analysis of the

results of the 10 patients included in phase 2a, only minimal side effects

were observed in the streamlined treatment procedure, thus once again

confirming the good safety and tolerability profile.

However, the data on the efficacy of prostate treatment with MagForce

technology are also very encouraging, according to the company. Very well-

defined ablation and cell death in the area of the nanoparticle depot were

observed. In treatment with MagForce technology, magnetic nanoparticles are

introduced directly into the tumor and then heated, thereby destroying the

cancer cells. The pivotal study 2a demonstrated that the minimally invasive

procedure developed in phase 1 allows the nanoparticles to be introduced

very precisely and to remain in the desired location. Ablation in the

target area was very precise and there was minimal damage to the

surrounding tissue (range 2-4 mm).

The promising data form a good basis for the Phase 2b registration trial,

which is due to start shortly and in which patient recruitment is at an

advanced stage. In this final part of the study, which is necessary for

approval, the efficacy and safety of the MagForce technology in the

treatment of prostate cancer will be demonstrated in a total of up to 100

men. This will take place at a total of three centers in the USA, in Texas,

Washington and Florida. The inclusion of three treatment centers is

intended to ensure a prompt readiness for operation following approval. As

before, the study is expected to be completed in the second half of 2021.

This is also against the backdrop of the streamlined treatment procedure

developed during the approval phase 2a, which currently comprises only one

day. In addition, MagForce management does not currently identify any

further material pandemic delays to the further progress of the U.S. trial.

MagForce AG's current corporate announcement should be regarded as a

confirmation of the results already available. There is no relevant

information that would influence our revenue and earnings forecasts, which

is why we are keeping them unchanged. We continue to expect that revenue

from the prostate cancer treatment business should increase significantly

from 2022 onwards. In the current fiscal year 2021, the company should

therefore generate revenues primarily from the treatment of glio-blastoma,

which has already been approved in Europe. The EBITDA break-even should be

reached from 2022.

We therefore maintain both our forecasts and our price target of EUR11.00

per share. At a share price of EUR4.06, we continue to assign a BUY rating.

Die vollständige Analyse können Sie hier downloaden:


Kontakt für Rückfragen

Jörg Grunwald



Halderstraße 27

86150 Augsburg

0821 / 241133 0



Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:



Date (time) of completion: 29/04/2021 (12:35)

Date (Time) first distribution: 29/04/2021 (02:00 pm)

übermittelt durch die EQS Group AG.

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.

Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung

oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.


@ dpa.de