Proactive Investors - Run By Investors For Investors

MaxCyte says earnings likely to beat expectations after bumper end to the year

Revenues increased 19% year-on-year to US$16.7mln in the 12 months to December 31, with top-line growth of 25% in the second six months
ovary pictured using electron microscope
The company's first drug candidate is being developed to tackle hard to treat forms of ovarian cancer

MaxCyte Inc (LON:MXCT) has said its underlying earnings (EBITDA) are likely to show “an improvement on market expectations” after a bumper end to the year.

Revenues increased 19% year-on-year to US$16.7mln in the 12 months to December 31, with top-line growth of 25% in the second six months. Looking ahead, the company said expects it to maintain the momentum in 2019.

MaxCyte is developing a new cancer treatment, but also licenses out the technology to larger biotechs and pharma companies, including the international giant Gilead, to aid their discovery process.

It is involved with 70 programmes, of which half are at the clinical stage of development.

Combined potential milestone payments for deals signed are US$250mln, the company said in its trading update.

CARMA 

MaxCyte’s CARMA platform is being used to develop some of the first drug candidates that use the company’s own immune system to fight solid tumours.

Currently, the batches of drugs in development have focused on blood-borne disease.

Its lead chimeric antigen receptor therapeutic candidate, MCY-M11, entered phase I clinical trials in October.

It is being used to treat people women with relapsed, or refractory (hard to treat) ovarian cancer and peritoneal mesothelioma, which affects the lining of the abdomen.

“This continues to be a very exciting time for the company and patients as we bring a new generation of CAR-based solid cancer treatments into the clinic for the first time. We look forward to the future with great confidence," said chief executive Doug Doerfler.

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY TO US PERSONS, AS DEFINED IN REGULATIONS PROMULGATED UNDER THE US SECURITIES ACT 1933, AS AMENDED (THE “US SECURITIES ACT”), OR IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE SUCH RELEASE OR PUBLICATION WOULD BE UNLAWFUL.”
View full MXCT profile View Profile

MaxCyte Timeline

Video
November 13 2018

Related Articles

Scientists in a lab
January 31 2019
CEO Gary Phillips says Pharmaxis’ healthy cash balance gives it time to choose between in-house and partnering options.
lungs
September 25 2018
The drug developer had originally to recruit 80 people for the second part of its phase II study of its SNG001 treatment, but it will now assess 120 patients
Lung X-Ray
October 22 2018
In its recent half-year results, the medical research investor recorded a loss after tax of £4.6mln in the six months ended June 30, less than the £5.2mln loss a year ago

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use