DGAP-News

MagForce AG Announces Financial Results for the Fiscal Year 2021 and Operational Highlights

DGAP-News: MagForce AG / Key word(s): Annual Report MagForce AG Announces Financial Results for the Fiscal Year 2021 and Operational Highlights 30.06.2022 / 08:30 The issuer is solely responsible for the content of this announcement. MagForce AG Announces Financial Results for the Fiscal Year 2021 and Operational Highlights

• MagForce USA received approval by the Centers for Medicare and Medicaid Services (CMS) to cover the majority of treatment-related costs in the ongoing clinical trial in the US after commercial payment code approval from the American Medical Association (AMA) in April 2022
• Since MagForce USA owns and operates the treatment centers, MagForce USA can now bill for the focal prostate clinical trial, which will provide an easier transition to commercialization
• In Europe, treatments of glioblastoma patients increasing significantly after COVID-related decline 

Berlin, Germany and Nevada, USA, June 30, 2022 – MagForce AG (Frankfurt, Scale, Xetra: MF6, ISIN: DE000A0HGQF5), a leading medical device company in the field of nanomedicine focused on oncology, together with its subsidiary MagForce USA, Inc., today announced financial results and operational highlights for the year ending December 31, 2021.

USA – Focal Prostate Cancer Treatment

In late 2021, MagForce USA obtained FDA approval to utilize the commercial protocol for the ongoing clinical trial. This was a necessary pre-condition to also receive the green light from state ethics committees ("Institutional Review Board", IRB) in the beginning of Q1 2022 to proceed with the study at each of the three focal treatment centers. Following these approvals, patient outreach and patient screening programs were intensified during Q2. This was done together with key urology groups in close proximity to MagForce USA’s focal treatment centers and the patient outreach group. To further expedite the process and raise awareness, MagForce USA entered into a collaboration with two additional urological practices. These so-called reference centers are located near the Company’s study sites. Both centers run Active Surveillance programs and screen their patient base for eligible subjects. Suitable candidates then are referred to MagForce USA, with the Company handling the study recruitment and treatment process.