Nanostart restructures activities

Nanostart holding Magforce AG (Frankfurt) a leading medical technology company focusing on nanomedicine in oncology, has restructured for 2012 in line revised strategy to focus more on clinical development and its synergies with Marketing and Sales. Nanostart reduced its headcount from 41 employees (year-end 2011) to 30 (April 1, 2012) and expects a significant reduction in company expenses in 2012 which will enable concentration on clinical development activities to support the market introduction of its EU approved NanoTherm® therapy for treatment of brain tumours.
MagForce is working closely with key medical leaders who have agreed to participate in a post-approval multi-centre study to validate the novel technology in the medical community and gain first-hand experience.

“Our successful capital increase earlier this month along with reductions in expenditures will allow us to initiate both a glioblastoma post-market authorization study along with a study in prostate carcinoma this year. These upcoming trials, conducted in centres throughout Germany, will lay the foundation for wider acceptance of the therapy and expanded commercial use,” said Dr. Andreas Jordan, Management Board and founder of MagForce. “In addition, we are in discussion with international companies and investors for strategic partnerships to share in the development costs and support international market approvals, including for the US market.”

“I am delighted to be working closely with leading European key opinion leaders who are pleased to support us in the further development of NanoTherm® therapy and participate in Magforce clinical studies,” said Prof. Dr. Hoda Tawfik, VP Clinical Development and Medical Affairs. “Within the multi-centre studies, we expect to place two to three new NanoActivator therapy systems in strategic centres before the end of this year.”