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Posted: Nov 17, 2010

MagForce Receives Renowned Business Award

(Nanowerk News) Nanostart subsidiary MagForce Nanotechnologies AG, a leader in the area of nanotechnology-based cancer treatment, has been selected as the 2010 recipient of the STEP award in the category "product/technology". "We are honored to receive the prestigious STEP award in recognition of MagForce's novel therapy for the treatment of brain tumors. Our innovative therapeutic approach uses nanoparticles, which are activated through the application of a magnetic field to produce heat within the tumor," said Dr. Peter Heinrich, CEO of MagForce. "Following our recent EU approval, we are focusing on building the commercial structures needed to launch of our Nano-Cancer-therapy at leading German cancer centers in early 2011. Our transformation from a research and development company to a commercial business also signifies a new therapy option for patients diagnosed with brain tumors."
"We congratulate our majority-owned portfolio company MagForce Nanotechnologies on its achievement, particularly against such a field of outstanding nominees," commented Marco Beckmann, CEO of Nanostart AG. "This vote of confidence by the selection committee, comprised of experts from both science and industry, underscores the promising outlook for Nano-Cancer® therapy in the oncology market."
The STEP award, initiated by Infraserv Höchst and F.A.Z. Institute along with leading industry sponsors, was awarded for the fifth time this year. More than 100 companies competed in this year's STEP award. Small and mid-sized growth companies in innovative fields ranging from pharmaceuticals, chemicals, life science, biotechnology, and nanotechnology to medical and green technology are eligible to take part in the annual competition.
About Nanostart
Nanostart AG, headquartered in the German financial capital of Frankfurt, is the world's leading nanotechnology investment company, with portfolio companies spanning the globe from Silicon Valley to Singapore. The company provides venture capital financing for nanotechnology companies in various growth phases with a focus on innovation-driven industries of the future such as cleantech, life sciences and IT/electronics. Through its subsidiary and venture capital fund in Singapore, Nanostart is proud to be the investment partner of the Singaporean government. For further information, please visit www.nanostart.de.
About MagForce
MagForce Nanotechnologies AG is a leader in the area of nanotechnology-based cancer treatment and the first company worldwide to receive European approval for a medical product using nanoparticles. Its proprietary procedure, Nano-Cancer® therapy, enables the targeted treatment of solid tumors through the intratumoral release of heat from magnetic nanoparticles. The company's products, Nanotherm® and NanoActivator™, which are the components of the therapy, received EU-wide regulatory approval as medical devices for the treatment of brain tumors. For further information, please visit www.magforce.com.
Source: Nanostart (press release)
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