Research Reason: Research Original Research: MagForce AG – by GBC AG
Classification from GBC AG to MagForce AG
Company: MagForce AG
ISIN: DE000A0HGQF5
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Research Reason: Research (Anno)
Recommendation: Buy
Target price: EUR 9.15
The target price for the period from: 31/12/2023
Last rating change:
Analysts: Cosmin Filker, Marcel Goldmann
– Phase 2b of the US validation study is ongoing
– American Medical Association Billing Code available
– Break-even point expected from 2024
In the last fiscal year 2021, MagForce AG completed the planned
European implementation in the treatment of malignant brain tumors
(glioblastoma) continued or resumed. Currently four
NanoActivator devices installed in Germany and Poland are to be carried out
you can add another location in Spain. In September 2021
in this regard with the Spanish clinic Complejo Hospitalario Integral
Privado (CHIP) has entered into a cooperation agreement. After that
All approvals should be available from the second half of the year
Financial year 2022 first commercial treatments in Spain
take place.
Also in the past fiscal year 2021 there was treatment for glioblastoma
in four active treatment centers in the pandemic area
impact on closure measures. The resulting decline
Patient inquiries led to a decline in sales to EUR 0.35 million.
EUR (previous year: EUR 0.62 million). On the level of earnings, due to
consistently low level of sales, persistent negative picture of earnings
before. EBIT was EUR -6.74 million (previous year adjusted EBIT: -6.93
million euro).
Another major success on the way to market acceptance was:
Prostate cancer area indication reached. After the beginning of 2021
the successful completion of the penultimate step 2a of the main study
was handed over, the final study protocol was to be in December 2021.
FDA before. Thus, the company was able to complete the last stage 2b
start a pivotal trial in the US. At the current stage 2b
The results of the previous stage were confirmed in up to 100 patients
will be. The research is currently being conducted at MagForce AG’s own sites in:
San Antonio, Seattle and Sarasota have performed. Another important one
A milestone for approval in the US is that received in April 2022.
American Medical Association (AMA) Billing Code approval.
This gives rise to the assumption of the cost of the clinical trial
Medicare before and after price negotiations with payers
successful approval.
MagForce AG has the consent to reimburse the costs for
The surveyed patients and the so-called CPT codes for commercial purposes
patients are also available. This means MagForce has already
the costs of treating patients included in the study are reimbursed. This
guarantees a smooth transition from test reimbursement
for commercial treatments.
MagForce AG expects the FDA application to be approved at the turn of the year
2022/2023. Because the current study at MagForce’s own centers
is carried out from a smooth transition to
going to commercialization. However, we are leaving for the financial year 2022
in the treatment of prostate cancer with very low treatment revenues,
in connection with taking over the costs of a clinical trial
Medicare booth. Only in the coming financial years very much
the high sales potential of this indication area is visible. in
We take glioblastoma as a clue for the period ahead
Financial years, further expansion of treatment centers, and hence
accompanied by an increase in the number of treatments. It should be
against the background of the expected elimination of corona restrictions
take place.
As part of our forecasting model, MagForce AG should be able to
from fiscal year 2024, break-even at all earnings levels
reception. On this basis, under our DCF
pricing model a target price of EUR 9.15 and we grant it
continue to BUY the evaluation.
You can download the full analysis here:
http://www.more-ir.de/d/24591.pdf
Contact for questions
GBC AG
Halderstraße 27
86150 Augsburg
0821/241133 0
[email protected]
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Disclosure of possible conflicts of interest in accordance with Section 85 of the WpHG and Art. 20 MAR. The following possible conflict of interest exists in the company analyzed above: (5a, 5b, 11); A catalog of possible conflicts of interest can be found at:
http://www.gbc-ag.de/de/Offenlegung
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End date (time): 07/12/2022 (16:16)
Date (time) of first publication: 07/13/2022 (10:00)
——————- Sent by EQS Group AG .——————-
Publisher or
responsible for the author of the study. This announcement is not an investment advice
or inducing to enter into specific stock exchange transactions.
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