MagForce AG / MagForce signs distribution agreement with Turkish medical product distribution company Tek Grup . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.
* Planned market entry of NanoTherm therapy in Turkey in 2013; extension to Iraq, Albania and Azerbaijan to follow * Tek Grup responsible for market approval in these regions * Further step for internationalization of NanoTherm therapy
Berlin, Germany, May 31, 2012 - MagForce AG (Frankfurt, XETRA: MF6), a leading medical device company in the field of nanomedicine with focus on oncology, and Tek Grup Inc., a Turkish medical product distribution company, announced today the signing of an exclusive distribution agreement.
Under the terms of the agreement Tek Grup will exclusively distribute MagForce's NanoTherm therapy in Turkey, Albania, Iraq and Azerbaijan. Tek Grup is also responsible for obtaining marketing authorization of NanoTherm therapy for the treatment of brain tumors in these regions. The scope of the agreement will be extended to other tumor indications upon an equivalent approval of the NanoTherm therapy in the EU.
"I am delighted to have entered into the second important distribution agreement for our technology outside the EU. Tek Grup is an ideal partner to commercialize our innovative NanoTherm therapy in Turkey and further countries," said Dr Andreas Jordan, Executive Board and Founder of MagForce.
"We see great potential for MagForce's innovative technology in our key markets in Turkey, Iraq, Albania and Azerbaijan. Preliminary feedback from our medical advisors in oncology therapy has been extremely positive and we are excited to establish NanoTherm therapy in those regions", said Mr. Hasan Karagz, Member Of Board of Tek Grup.
About MagForce AG
MagForce AG is a leading medical technology company in the field of nanomedicine in oncology. The Company's proprietary, NanoTherm therapy, enables the targeted treatment of solid tumors through the intratumoral generation of heat via activation of magnetic nanoparticles. NanoTherm, NanoPlan, 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, NanoTherm, NanoPlan, and NanoActivator are trademarks of MagForce AG in select countries. For more information, please visit http://www.magforce.com.
About Tek Grup
Tek Grup is a leading company for sales, after sales services and support of medical devices in Turkey, Iraq, Albania and Azerbaijan where the company is distributing oncology products, peritoneal and hemodialysis products, laboratory instruments, disposables and catheters. Tek Grup has established strong relationships with medical key opinion leaders and with leading hospitals in its key markets and is supported by counselor oncologists, nephrologists, medical physics engineers, computer engineers, chemists and biologists. The company maintains partnerships with renowned medical products manufacturers including Gambro, Oncotherm, Neurowave, Bbraun.
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PRESS RELEASE: MagForce signs distribution agreement with Turkish medical product distribution company Tek Grup