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MaxCyte still expecting growth in the life sciences business this year

The MaxCyte business remains resilient due to strong recurring revenues including from consumables and instruments in place under long-term leases with cell therapy partners

MaxCyte Inc -

MaxCyte Inc (LON:MXCT), the global cell-based therapies and life sciences company, expects to continue to see growth in its life sciences business in 2020.

In a business update, the company said it made a strong start to 2020 and, although the coronavirus (COVD-19) pandemic has the potential to hit revenues, the MaxCyte business remains resilient due to strong recurring revenues including from consumables and instruments in place under long-term leases with cell therapy partners.

Significant growth in the life sciences business segment is expected from 2019’s levels, it added.

READ MaxCyte agrees licensing deal with next-generation CAR T pioneer

MaxCyte revealed that dosing commenced on schedule last month in the fourth cohort of patients (at the next higher cell dose) for MCY-M11 in the group's Phase I clinical trial.

MCY-M11 is the company's wholly-owned, non-viral mRNA-based cell therapy candidate - a mesothelin-targeting chimeric antigen receptor (CAR) therapy that is being tested in patients with relapsed/refractory ovarian cancer and peritoneal mesothelioma.

It said MaxCyte’s subsidiary, CARMA Cell Therapies remains fully committed to the MCY-M11 clinical development programme; however, timelines may be affected by the current deprioritisation of non-COVID-19 clinical trials and restrictions on patient recruitment at the two clinical trial sites.

In preparation for a potential delay of the CARMA clinical trial, the company said it is evaluating the potential for reduced research & development spend during the current financial period.

"We are working diligently to keep our employees, their families, our partners and our vendors safe while continuing to serve our customers and patients. With a resilient business model we have every reason to remain highly optimistic for the future," Doug Doerfler, the chief executive officer of MaxCyte said in the statement.

Quick facts: MaxCyte Inc

Price: 175 GBX

AIM:MXCT
Market: AIM
Market Cap: £134.02 m
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