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MaxCyte - delivering growth, highlighting value

MaxCyte - delivering growth, highlighting value

MaxCyte (LON:MXCT) delivered a consensus-beating 30% step up in 2019 (FY19) revenues, driven by sales of licences for its proprietary cell engineering platform and early clinical milestones from some of its eight clinical/commercial licences, reaching a five-year revenue compound annualised growth rate (CAGR) of 25%. With more than US$650mln in potential pre-commercial milestones payable from its eight clinical/commercial licences with cell therapy partners, recent advances in its partners’ development programmes are set to translate into further upside to core revenues from FY20. With its novel cell therapy platform CARMA now separated into a wholly-owned subsidiary, targeting self-sufficiency by 2021, and key data due from its lead asset mid-2020, there is increasing visibility on the value and prospects of both its technology and therapeutic divisions.

MaxCyte signed five of eight clinical/commercial deals for its proprietary cell engineering Flow Electroporation technology in FY19, (seven of eight in just 15 months) echoing the explosive growth in the cell and gene therapy sector, which grew 70% in 2018 attracting more than US$13bn of funding. The most recent of its high profile and well-funded partnerships include agreements with Kite (owned by Gilead), Editas Medicine, Vor Biopharma and KSQ Therapeutics. MaxCyte is in an exceptional position to continue to benefit from the growth of the industry given the versatility of its cell engineering platform, which is supported by a Master File with the US Food and Drug Administration (as well as similar filings in other countries), providing an established regulatory path for its partners to commercialise cell-based medicines.

Aggregate potential pre-commercial milestones of more than US$650mln are just starting to be realised, as its partners advance programmes into and through clinical studies. MaxCyte partner, CRISPR Therapeutics/Vertex moved forward on its pioneering CTX001 programme, a gene-edited drug to treat sickle cell and thalassemia, while Precision BioSciences advanced its off-the-shelf CAR-T therapy PBCAR0191, targeting B-Cell lymphomas. Editas Medicine progressed EDIT-301 towards clinical studies, also tackling blood disorders. These advances help validate the versatility and utility of MaxCyte’s differentiated non-viral technology, which enables a fundamental process in cellular engineering, the transfection (transfer) of therapeutic molecules into cells, in a consistent and highly scalable manner.

Quick facts: MaxCyte Inc

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Price: 1000 GBX

Market Cap: £1.01 billion

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Maxcyte revenues rise 21%, hailing three new strategic licences with cell...

Proactive Research analyst Emma Ulker discusses MaxCyte's (LON:MXCT) commercial momentum across its cell therapy business, which led to 21% year-on-year top-line growth to US $26.2mln in fiscal (FY) 2020.  Ulker says this included three new strategic licences with high profile cell therapy...

on 29/4/21

3 min read