BERLIN & NEVADA--(BUSINESS WIRE)--GBC Research, an independent German research house focusing on listed small and midcap companies, has initiated the coverage on MagForce AG (Frankfurt, Entry Standard, XETRA: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, with a "Buy" recommendation and a price target of EUR 13.20.
MagForce's shares closed on Tuesday, May 19, 2015 at EUR 5.63 on Xetra. Hence, the GBC analysis values the Company with an upside potential of more then 100% to the Tuesday closing price.
GBC expects MagForce to reach the EBIT break-even in the 2017 financial year. This is in-line with the Companys' own five-year strategic plan which calls for annual revenues between EUR 100-150 million by 2019.
The GBC report highlights that since commercial treatment of brain tumor patients in Germany commenced, MagForce AG has registered increasing interest in the treatment of brain tumors, both nationally and internationally. The analysts expect that the Company is likely to transform the increased interest into an increase in the number of treated patients and therefore already generate initial revenues during the post-marketing study.
According to GBC Research, based on the significantly higher number of cases alone, the second indication, prostate cancer, holds a much higher potential than glioblastoma. The treatment of prostate cancer could therefore be the decisive driver for MagForce AG. Approval in this segment is initially intended in the USA, with a request for submission of a study protocol already having been sent to the FDA (U.S. Food and Drug Administration) and the filing of an Investigational Device Exemption is expected to be announced soon.
Moreover, the analysts remarked that with several corporate measures, especially the commitment of the extremely well-known technology investor Peter Thiel, who joined the American subsidiary MagForce USA, Inc. as an investor, MagForce has secured a very stable financial basis for the development and regional expansion.
Ben Lipps will, for the first time, present tomorrow, May 21, 2015 at GBC's 19. MKK - Munich Capital Market Conference in The Charles Hotel Munich, at 11:40-12:20 am CET in room GBC II.
The full report is available for download at www.magforce.de/en/presse-investoren/analyst-coverage-research-reports.html
About MagForce AG and MagForce USA, Inc.
MagForce AG, listed in the entry standard of the Frankfurt Stock Exchange (MF6, ISIN: DE000A0HGQF5), together with its subsidiary MagForce USA, Inc. is a leading medical device company in the field of nanomedicine focused on oncology. The Group's proprietary NanoTherm(TM) therapy enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of superparamagnetic nanoparticles. Mithril Capital Management, a growth-stage technology fund founded by Ajay Royan and Peter Thiel, along with MagForce AG, are investors and strategic partners in MagForce USA, Inc.
NanoTherm(TM), NanoPlan(R), and NanoActivator(R) are components of the therapy and have received EU-wide regulatory approval as medical devices for the treatment of brain tumors. MagForce, NanoTherm(TM), NanoPlan(R), and NanoActivator(R) are trademarks of MagForce AG in selected countries.
For more information, please visit: www.magforce.com
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This release may contain forward-looking statements and information which may be identified by formulations using terms such as "expects", "aims", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-looking statements are based on our current expectations and certain assumptions, which may be subject to a variety of risks and uncertainties. The results actually achieved by MagForce AG may substantially differ from these forward-looking statements. MagForce AG assumes no obligation to update these forward-looking statements or to correct them in case of developments, which differ from those, anticipated.
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