MagForce

MagForce AG is a publicly traded German company based in Berlin, Germany that develops medical devices that generate magnetic hyperthermia to treat cancer. The company was founded in 1997 as a spin-off from Charité.
MagForce has developed a solution of iron oxide nanoparticles that is directly injected into the tumor. A couple of days later, the person with the tumor is placed inside a large piece of equipment similar to an MRI machine, also manufactured by MagForce, which creates a strong, fast-changing magnetic field. The changing magnetic field causes the particles to vibrate, which in turn generates heat, destroying the tissue, or at least making the tumor more vulnerable to other treatments, like radiation. Generally there are six such sessions in the machine.
The company was listed on the Frankfurt exchange in 2007, and received the CE mark for its system in 2010.
By 2013, sales of the system were poor; one reason for that was that the company had been run with little money, raising only about 11 million euros by 2010, and had scant clinical trial with which to convince oncologists that its system was effective and safe. The CEOs, Hoda Tawfik and Christian von Volkmann, re-evaluated the company's strategy, and raised 33.3 million euros, and used about half of that to retire debt. Around that time they hired Ben J. Lipps, former chairman of Fresenius Medical Care, to become CEO. The company established a US subsidiary, which raised around $15M in 2014 to pursue US approval. In 2017 MagForce obtained access to 35M euros in loans from the European Investment Bank under the Juncker Plan.