MagForce cancer news
MagForce will reduce its headcount by 15 (56%) to 12 to focus on commercialization of its NanoTherm therapy. The company said it will focus its financial resources on a postmarketing trial of the therapy in glioblastoma, which is slated to begin early next year. MagForce said it would reduce its early research activities to a minimum and would outsource such activities as necessary. As a part of the restructuring, VP of Clinical Development and Medical Affairs Hoda Tawfik transitioned to COO and co-CEO. Acting CFO Christian von Volkmann became CFO and co-CEO. The company expects the moves to save a "seven digit Euro amount," but did not provide details. NanoTherm, which comprises injectable iron oxide-coated nanoparticles heated by an external magnetic field, is marketed for cancer. Earlier this year, the company reduced headcount by 11 (27%) to 30 to concentrate on clinical activities to support the launch of NanoTherm therapy (see BioCentury, April 2). ...