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Maxcyte revenues climb as big pharma seeks next generation of drugs

At present, Maxcyte is involved in more than 35 partnered programmes

picture of cells
Cell engineering technology use is growing

MaxCyte Inc’s (LON:MXCT) interim revenues picked up smartly as the specialist in cell engineering technology’s roster of big pharma customers upped their research spending.

Revenues were US$5.5mln in the six months to June, a 30% increase and slightly ahead of a forecast in July.

“We are trading in-line with expectations for the full year as both our partnered cell therapy and CARMA programs progress,” said Doug Doerfler, chief executive.

MaxCyte’s cell engineering tech is used by AstraZeneca, Merck and Roche among others but it is also developing CARMA, its own proprietary platform to tackle cancer.

At present, MaxCyte is involved in more than 35 partnered programmes, with seven clinical trials underway using its technology.

"As the convergence between gene editing technologies and immuno-oncology therapeutic advances, MaxCyte is poised to foster the next-generation of therapies," said Doerfler.

Its cell engineering technology was being used to leverage cells for drug discovery, cells for biologics/vaccine development and manufacture and cells as drugs in immuno-oncology and gene editing, he added.

Underlying losses dipped to US$0.8mln from US$0.9mln, but including a further US$500,000 invested in CARMA net losses rose to US$1.27mln (US$0.96mln).Cash at the half year was  Cash at the period end of US$12.2mln.

 "Our IPO has also allowed us to advance CARMA, our exciting, new generation of immuno-oncology treatments, from incubation to pre-clinical work that is laying the foundation for an initial US regulatory submission that is expected to allow clinical trials to begin in 2017. “

Quick facts: MaxCyte Inc

Price: 118.5 GBX

AIM:MXCT
Market: AIM
Market Cap: £68.01 m
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