Original-Research: MagForce AG (von GBC AG): BUY

Original-Research: MagForce AG - von GBC AG

Einstufung von GBC AG zu MagForce AG

Unternehmen: MagForce AG

ISIN: DE000A0HGQF5

Anlass der Studie: Research Comment

Empfehlung: BUY

Kursziel: 14.30 Euro

Kursziel auf Sicht von: End FY 2016

Letzte Ratingänderung:

Analyst: Cosmin Filker; Felix Gode, CFA

Europe: Commercial treatment with NanoTherm(R)-Therapy is now available at

clinical centre Vivantes Friedrichshain.

USA: Registration trial on target to start in 2016. Approval for treatment

of prostate cancer expected in late 2017.

MagForce AG published on the 26/04/2016 the expansion of the commercial

treatment. NanoTherm(R)-Therapy is already available for commercial

treatment of malignant brain tumours (Glioblastoma) at four clinical

centres. Now, also the clinical centre Vivantes Friedrichshain in

cooperation with the clinical centre for radiotherapy of the Charité uses

this innovative treatment.

Six clinical centres in Germany are already equipped with the

NanoActivator(R) in which four centers use the MagForce-Therapy

commercially. According to the company, the amount of treatments is still

low and therefore the sales level has not reached a notable extend. To

increase the patient enquiries, the company initiated a new patient program

and also recruited an experienced commercial development team that focuses

on Germany's neighbouring countries (especially: Poland and Czech

Republic).

A decisive factor for the expansion of the commercial treatment is the

possibility of reimbursement for the treatment of the NanoTherm(R)-Therapy.

In Germany the costs for the treatment are only covered by the private

health insurance companies, whereas in other countries the focus for

patients is set on endowments. If the treatment gets covered by the

statutory health insurance, then according to an EU-Directive, also

patients from other countries can take advantage of the reimbursement. In

general, MagForce AG tries to improve the reimbursement situation for the

treatments.

One aspect of the improvement for the reimbursement is the increase of

popularity of the NanoTherm(R)-Therapy. In the context of a currently

running post-marketing-study, the good results of previous studies should

be validated though including key opinion leaders. The early involvement of

key opinion leaders of the oncology, allows experts to familiarise

themselves with the post-marketing-study and the new treatment, which will

also increase the popularity of the MagForce-therapy.

Simultaneously to the already existing approval of the NanoTherm(R)-Therapy

for the treatment of malignant brain tumours, there is also approval

pursued to treat prostate cancer in the USA. In that regard, the subsidiary

MagForce USA, Inc. submitted in the middle of 2015 an application to the

FDA for permission to conduct a clinical study. In context of the proposed

clinical study, up to 120 male patients with prostate cancer (Gleason-Score

7: active surveillance programme) should show the elimination of the

carcinogenic lesions. We expect the start of the clinical study during the

current fiscal year 2016 and the market approval for end of the year 2017.

Based on the current forecast, we reiterate our target price of EUR 14.30

per share. Regarding the current share price of EUR 4.60, we confirm our

BUY rating.

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/13817.pdf

Kontakt für Rückfragen

Jörg Grunwald

Vorstand

GBC AG

Halderstraße 27

86150 Augsburg

0821 / 241133 0

research@gbc-ag.de

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Offenlegung möglicher Interessenskonflikte nach §34b Abs. 1 WpHG und FinAnV Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:

http://www.gbc-ag.de/de/Offenlegung.htm

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