June 17 (Bloomberg) -- Magforce AG, the German maker of magnetic-field technology to break down brain tumors, rose to a 10 1/2-month high after appointing former Fresenius Medical Care AG Chief Executive Officer Ben Lipps as its new CEO.
Magforce surged as much as 32 percent to 3.75 euros, the highest intraday price since Aug. 1, and was trading up 26 percent at 12:40 p.m. in Frankfurt. Volume was more than six times the three-month daily average. Lipps, 72, who stepped down from Fresenius in December after almost 14 years at the helm, will continue to advise the dialysis provider, Berlin-based Magforce said in a statement on June 14.
Magforce chose the Fresenius veteran to manage its transformation into a worldwide medical-device provider for cancer treatment. The company’s Nanotherm technology, which fights cancer by applying heat through magnetic fields to nanoparticles containing iron oxide that have been injected into the tumors, has been approved in 27 European countries.
“Our focus will be to advance this therapy to the next level with its widespread commercialization, and to build a global player in the area of cancer treatment for the good of patients,” Lipps said in the statement.
Lipps gained recognition at the end of the 1960s, when he led the research team that developed the first commercial hollow-fiber artificial kidney, a product that more than 2 million dialysis patients rely on today for life-sustaining treatment.
Magforce’s Nanotherm therapy is available at the Charite hospital in Berlin.
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