Magforce AG (DE:MF6G) 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 €13.4m through equity and debt to aid in the roll-out of devices across the broader EU.
EU: Driving uptake through a multi-pronged strategy
Treatment of patients with NanoTherm therapy resulted in a small increase in associated FY16 revenues to €176k (2015: €155k). MagForce plans to drive this treatment through roll-out across Europe, improved cross-border reimbursement, better clinical awareness and seeking of domestic reimbursement within Germany. MagForce acknowledges that attracting cross-border patients has proven problematic; broader EU roll-out remains vital to driving EU NanoTherm revenues.
US: Awaiting an FDA decision
In FY16, MagForce USA updated its pre-clinical NanoTherm trials to meet FDA requirements and will look to continue its discussions in H217 as it aims for Investigational Device Exemption (IDE) approval. MagForce seeks to commercially launch its NanoTherm therapy for prostate cancer into the US in 2018 and in 2016 established a second clinical site in Texas (CHRISTUS Santa Rosa Hospital).
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