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case of greater patient volume for faster refinancing of the research and would cause development costs. In 2018, the corresponding approval study was approved by the responsible authority Food and Drug
Administration and is currently in the implementation. Ben Lipps: “FDA approval was a much greater success than the capital market has so far realized. It is important to understand that the FDA was classified as a medical technology product some time ago. The FDA requirements for a medical device are significantly less stressful and risky. If we can provide our forecast results in the upcoming study, which refers to the treatment of prostate cancer, we will quickly receive the commercial approval.”
27:
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costs of the technology have so far proved prohibitive for its commercial breakthrough. Another obstacle to the acceptance of the method is the lack of automatic reimbursement by health insurance companies. Reimbursements have, up to date, only been authorised throughout Europe, after patients have made private advance payments.
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The equipment necessary to generate the alternating magnetic field was installed in clinics across German cities including Berlin, Cologne, MĂĽnster, Kiel, and
Frankfurt. In early 2019, a mobile version of the apparatus was introduced in Lublin, eastern Poland. However, the relatively high acquisition
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machine, also manufactured by MagForce, which creates a strong, fast-changing magnetic field. When exposed to an alternating magnetic field, the nanoparticles to oscillate at an extremely high speed, which in turn generates heat causing the temperature within the cancer cells to rise to as much as 70
254:
In July 2022, the
Management Board, in consultation with the Supervisory Board, began insolvency proceedings. The proceedings were officially opened in October 2022. Following these proceedings, the company shares lost nearly all their value, leading to a decision to delist from the stock exchange in
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The company established a US subsidiary, which raised around $ 15M in 2014 to pursue US approval. The FOCUS reports in 2018 on the company's US strategy: with the specially founded subsidiary
Magforce USA, Inc. is to be granted in the United States for the treatment of prostate cancer, which in the
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By 2013, sales of the system were poor; one reason for that was that the company had been run with little money, raising only about 11 million euros by 2010, and had scant clinical trial with which to convince oncologists that its system was effective and safe. The CEOs, Hoda Tawfik and
Christian
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degrees
Celsius. This intense heat destroys the cancerous tissue, or significantly weakens it to a point that it is made more vulnerable to other treatments, like radiation. Typically, there are six such treatment sessions in the machine. The treatment is noted for its minimal side effects.
236:, Lipps expressed optimism about MagForce's future, stating the company was" on the path to becoming a successful and highly profitable global player in oncology, with the potential to significantly improve the lives of cancer patients".
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Group, took over as the company's CEO. Lipps had played a crucial role in the widespread market adoption of dialysis procedures and was drawn to MagForce by his enthusiasm for innovative technology. In an interview with
223:) and their first authorisation, specifically for the treatment of glioblastoma in 2010,The scientific basis for this form of NanoTherm therapy was established by researchers at the Charité hospital in Berlin.
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von
Volkmann, re-evaluated the company's strategy, and raised 33.3 million euros, and used about half of that to retire debt. In September 2013, American Ben Lipps, who had previously led the DAX-listed
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The medical technology company conducts research in the field of nano medicine. It was the first company to receive
European authorisation for a medical device containing nanoparticles, in 2010.
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MagForce was founded in 1997 by Berlin biologist
Andreas Jordan and biology engineer Regina Scholz, with Peter Heinrich later stepping in to manage the company.
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properties that is directly injected into the tumor. A couple of days later, the person with the tumor is placed inside a large piece of equipment similar to an
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Stock
Exchange in 2007. Having developed their NanoTherm, NanoPlan, and NanoActivator treatment systems, they received EU-wide certification (
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MagForce has developed a cancer treatment known as NanoTherm, which specifically targets solid tumours. The procedure involves a solution of
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619:"Press Release: Germany: Investment Plan for Europe - EIB backs cancer therapy developer MagForce with up to EUR 35m"
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369:"Der Investitionsfonds der Europäischen Union: Eine innovative Methode mit weltweiter Strahlkraft"
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419:"MagForce AG gibt positive Ergebnisse der Hauptversammlung 2018 bekannt | Corporate - EQS News"
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447:"Arbeit statt Rente: Unruhestand von Managern als Viagra fĂĽrs Ego"
594:"Healthcare-Veteran Ben Lipps: "Die MagForce-Idee ist brillant""
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In 2017, MagForce obtained a €35M euro investment from the
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to treat cancer. The company was founded in 1997 as a
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508:["We fight the tumor from within"].
506:""Wir bekämpfen den Tumor von innen heraus""
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712:"Ist das der Steve Jobs der MedTech-Welt?"
682:[Press release from MagForce AG].
552:"3. Artikel und Aspekt im Altisländischen"
445:Böschen, Mark; Werle, Klaus (2014-03-02).
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662:"Cancer survival could use the MagForce"
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558:, Berlin, Boston: DE GRUYTER, 2000,
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532:Constine, Josh (August 8, 2014).
592:BILANZ-Redaktion (2018-05-07).
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478:Meyer, Jens-Uwe (2016-09-09).
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311:Deutschlandfunk Kultur
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486:(in German)
451:Der Spiegel
355:www.wiwo.de
314:(in German)
175:MagForce AG
138:Health care
752:Categories
722:2024-08-14
646:2023-02-23
604:2022-08-29
579:2022-08-29
538:TechCrunch
518:2017-09-21
490:2024-08-14
464:2024-08-14
428:2024-08-14
378:2024-08-14
318:2017-09-21
289:References
247:under the
110:Key people
666:EPvantage
459:2195-1349
217:Frankfurt
46:Traded as
692:cite web
598:DIE WELT
511:Die Welt
234:Die Welt
195:spin-off
134:Products
73:Industry
20:MagForce
221:CE mark
208:History
199:Charité
183:Germany
161:Website
145:therapy
102:Germany
83:Founded
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179:Berlin
142:cancer
96:Berlin
272:with
197:from
128:(CFO)
122:(CMO)
116:(CEO)
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698:link
568:ISBN
455:ISSN
86:1997
60:ISIN
560:doi
278:MRI
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