This is a correction of the announcement from 10:24 26.03.2012 CET. Reason for the correction: Correction of year-end 2011 employee number Berlin, March 26, 2012 - MagForce AG (Frankfurt, XETRA: MF6), a leading medical technology company focusing on nanomedicine in oncology announced today the company`s restructuring and revised corporate strategy for 2012. The company reduced its headcount from 41 employees (year-end 2011) to 30 (April 1, 2012) and expects a significant reduction in company expenses in 2012 as compared to 2011. The implemented cost reductions will enable the company to work more effectively and concentrate on clinical development activities to support the market introduction of NanoTherm therapy. MagForce has revised its corporate strategy to put more emphasis on clinical development and its synergies with Marketing and Sales. The company has received EU approval for its technology, NanoTherm therapy, for the treatment of brain tumors. Product revenues in 2011 were lower than expected due to the lack of involvement among leading medical experts in the development of the therapy. MagForce is now working closely with these key opinion leaders who have agreed to participate in a post-approval multi-center study to validate the novel technology in the medical community and gain first-hand … Continue reading
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