MagForce Selected as Winner of 2010 STEP Award in the Category Product/Technology

Prize awarded in recognition of company's innovation and growth potential

22-Nov-2010 - Germany

MagForce Nanotechnologies AG announced that it has been selected as the 2010 recipient of the STEP award in the category product/technology. The business award, initiated by Infraserv Höchst and F.A.Z. Institute along with industry sponsors, was awarded for the fifth time this year.

"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."

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.

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