MagForce Shareholders' Meeting resolves to increase capital by up to â‚¬33.5 million
MagForce AG /
MagForce Shareholders' Meeting resolves to increase capital by up to â‚¬33.5
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* Capital increase against cash and noncash contributions by granting
preemptive rights of up to a total of â‚¬33.5 million approved at
* Debt reduction and debt-to-equity swap planned
Berlin, Germany, January 25, 2013 - MagForce AG (Frankfurt, XETRA: MF6), a
leading medical technology company in the field of nanomedicine in oncology,
announced today that the Company's Shareholders' Meeting, which took place
earlier in the day, approved all agenda items with a majority of votes.
With immediate effect, the Company's share capital can therefore be increased by
up to â‚¬18.6 million against cash and noncash contributions, granting preemptive
rights to shareholders. The new shares with a notional value of â‚¬1.00 will be
issued for â‚¬1.80. The Company was also granted the right to issue new shares at
the issue price of â‚¬1.80 per share to certain creditors against noncash
contributions to the extent that shareholders' preemptive rights are disapplied
for shares counting as fractions or that preemptive rights have not been
exercised following the expiration of the subscription period for all
shareholders, but only up to a maximum of 8,933,643 new shares. The preemptive
rights will not be traded on the stock exchange.
In the short to medium term, MagForce will use part of these cash funds to
finance the post-marketing glioblastoma study. As well as financing its
operating business, the Company will repay loans in the amount of â‚¬16.1 million
to its primary creditors, insofar as this amount is not converted to equity as
part of a debt-to-equity swap.
"The capital measures approved today will allow the Company to restructure its
balance sheet by eliminating â‚¬16.1 million in debt as part of its strategic
financing activities while also raising sufficient cash funds for upcoming
tasks," explained Christian von Volkmann, CFO and Co-CEO. "In view of the
Company's long-term corporate planning and the establishment of its NanoThermÂ®
therapy on the market, the Management and Supervisory Board felt that these
measures were vital to the Company's future and were very pleased with the
approval of these measures. We are confident that MagForce's business model with
NanoThermÂ® therapy will be a profitable one."
About MagForce AG
MagForce AG is a leading medical technology company in the field of nanomedicine
in oncology. The Company's proprietary, NanoThermÂ® therapy, enables the targeted
treatment of solid tumors through the intratumoral generation of heat via
activation of magnetic nanoparticles. NanoThermÂ®, NanoPlanÂ®, and
NanoActivator(TM) are components of the therapy and have received EU-wide
regulatory approval as medical devices for the treatment of brain tumors.
MagForce, NanoThermÂ®, NanoPlanÂ®, and NanoActivator(TM)are trademarks of MagForce
AG in select countries. For more information, please visit www.magforce.com.
This release may contain forward-looking statements and information which may be
identified by formulations using terms such as "expects", "aims", "anticipates",
"intends", "plans", "believes", "seeks", "estimates" or "will". Such forward-
looking statements are based on our current expectations and certain
assumptions, which may be subject to a variety of risks and uncertainties. The
results actually achieved by MagForce AG may substantially differ from these
forward-looking statements. MagForce AG assumes no obligation to update these
forward-looking statements or to correct them in case of developments, which
differ from those, anticipated.
MC Services AG
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MagForce_Press Release_Jan 25, 2013:
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