MagForce publishes 2013 interim report
MagForce AG published its figures for the first half of 2013, which ended on June 30, 2013.
Chairman of the Management Board Ben J. Lipps commented: “The key event in the first half of 2013 was the successful capital increase in March of this year, which enabled the new glioblastoma study to go ahead. This was approved by the Bundesinstitut für Arzneimittel und Medizinprodukte (BfArM) in April. Based on current developments, we are reiterating our outlook for full-year 2013 as published in the 2012 Annual Report. Given our roll-out plan, we expect the net loss from operating activities to be higher than in 2012, largely due to the start of the new clinical glioblastoma study and to preparations for market entry in other countries. By the end of the year, a total of three NanoActivators will have been installed and commissioned for the new study.”
The Company recorded a net loss of €2.3 million for the reporting period (–36%, previous year: €3.4 million). This improvement is largely due to the restructuring measures implemented and the strategic repositioning of the Company. Operating expenses were reduced by 48% to €1.0 million. The main reasons for this were the writedowns of long-term financial assets made in the previous year, the discontinuation of the former research projects, and reduced staff costs as a result of staff restructuring measures.
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