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nanotimes Companies Facts
dications upon an equivalent approval of the Nano-Therm(R) therapy in the EU. "I am delighted to have entered into the second important distribution agreement for our technology outside the EU. Tek Grup is an ideal partner to commercialize our innovative NanoTherm(R) therapy in Turkey and further countries," said Dr Andreas Jordan, Executive Board and Founder of MagForce. Moreover, MagForce has entered into a pre-clinical research agreement with Mayo Clinic (Rochester, MN, USA), a leading US medical center. Under the terms of the agreement, Mayo Clinic will start a research program applying MagForce‘s NanoTherm(R) therapy to investigate the preclinical efficacy of the therapy in pancreatic and liver cancer. The project will be directed by Dev Mukhopadhyay, Professor of Biochemistry/Molecular Biology, and the study will be funded by Mayo Clinic. The goal of the project is to achieve preclinical proof-of-concept in order to file the clinical development program supporting the FDA PMA (FDA premarket approval) of the NanoTherm(R) therapy in these indications.
MagForce also announced the financial results for the fiscal year 2011 ending December 31, 2011. During the reporting period 2011, the first sales of NanoTherm® therapy in the amount of EUR41,000 (previous year EUR0) were achieved. Net loss for the year of EUR8,588,000 (previous year EUR7,447,000) incurred during the reporting period was mainly due to increased operating expenses of EUR7,022,000 (previous year EUR6,464,000). The increase in operating expenses primarily resulted from an increase in personnel costs. This increase was mostly reversed in the second half of 2011. The net loss was offset by income from capital increases. In 2011, the equity capital of the Company was increased from EUR3,917,000 to EUR4,127,000 by issuing new shares in return for cash contributions. Furthermore, subordination agreements were concluded with the major shareholders for the loans granted by them in the amount of EUR15,171,000. The Company also received new loans from its principal shareholder Nanostart for financing its operational activities.
MagForce continues to be over-indebted as a result of the net loss for the fiscal year. However, the Company has been able to prepare a positive forecast for the successful continuation of its business. In line with the new strategy, the Company is focusing its operational activities on further validation of its technology and joint marketing with strategic partners and distributors in 2012. The Company plans further capital measures in 2012.
Merck, Germany (Bloomberg: MRK), announced that within the scope of a capital increase by the Israeli start-up company QLight Nanotech, it is acquiring an interest in the Jerusalem-based company. QLight Nanotech is a spin-off subsidiary of Yissum, the technology transfer company of the Hebrew University of Jerusalem. QLight Nanotech develops products for use in displays and energy-efficient light sources based on quantum dots. The transaction is expected to close in the second quarter of 2012. With this investment Merck will hold an equity stake in the Israel start-up company. Further financial details were not disclosed.