^

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: 15.80 Euro
Letzte Ratingänderung: 
Analyst: Cosmin Filker, Matthias Greiffenberger

Capital increase at US subsidiary secures financing of the clinical trial;
price target and rating unchanged
 
In its company press release of 08/08/2018, MagForce AG announced the
completion of a successful capital increase at the US subsidiary MagForce
USA, Inc. By exercising 700,000 subscription rights, which were issued
within the framework of a growth financing in 2014 and by subscription of
166,666 new shares, the US subsidiary is receiving gross issue proceeds in
the amount of USD 9.0 million.
 
The potentially high-volume US activities of MagForce AG are bundled at the
US subsidiary. A registration trial of focal ablation for prostate cancer
is currently being conducted in the US, whereas the inclusion of the first
patients already took place in July 2018. A total of up to 120 male
patients will be included in the trial. Against this background, the
current capital increase is, on the one hand, a key financing module of the
clinical trial and, in our opinion, also proof of the major shareholders
trust with regard to the successful development of the US market.
 
With the company press release, MagForce AG confirmed the trial schedule,
according to which the start of the commercial treatment is expected by the
end of 2019, after which the trial completion is to take place as of H2
2019. The clinical trial is currently being conducted at two treatment
centres. At the start of the commercialisation phase, further treatment
centres/urological practices are to be included, so that a comprehensive
treatment should become possible in the US. The potential is huge. In the
US, around 260,000 men become diseased with prostate cancer every year,
whereby we can assume a significant increase in the annual number of cases
over the next few years. By 2035, some 350,000 new cases a year are to be
added. With a majority of these patients, who are experiencing only slow
growth of the cancer cells, there is strong demand for focal treatment
options such as the ones offered by MagForce.
 
The liquidity inflow at the MagForce subsidiary does not have a noteworthy
influence on the DCF valuation model. Furthermore, the licensing schedule
has been confirmed in the US, and for that reason we are keeping our
valuation model and price target in the amount of EUR 15.80 unchanged. We
continue to assign the BUY rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/16811.pdf

Kontakt für Rückfragen
Jörg Grunwald
Vorstand
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
++++++++++++++++
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. 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
+++++++++++++++

-------------------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.

°