MaxCyte, Inc. Trading Update (7813K)
12 July 2017 - 4:00PM
UK Regulatory
TIDMMXCT TIDMMXCR
RNS Number : 7813K
MaxCyte, Inc.
12 July 2017
MaxCyte, Inc.
("MaxCyte" or the "Company")
Trading Update
Maryland, USA - 12 July 2017: MaxCyte (LSE: MXCT, MXCR), a
US-based global company dedicated to driving the acceleration of
the discovery, development, manufacturing and commercialisation of
next-generation, cell-based medicines, provides an update on
trading for the six months ended 30 June 2017.
The Company is pleased to report revenues for the first half of
2017 were $6.2 million, an increase of approximately 13.5 percent
over first half 2016 revenues of $5.5 million. While the progress
of the underlying business has been robust, the commercial license
agreement with CRISPR Therapeutics and investment in the commercial
platform have been a core focus for the period. With these in
place, MaxCyte remains strongly positioned for continued
growth.
The Company continues to enable the most advanced preclinical
and clinical programs in cell-based medicines through currently
more than 45 high-value cell therapy partnered programmes covering
cutting-edge fields of immuno-oncology, gene editing and
regenerative medicine, delivering high-value recurring licensing
revenue, with more than 15 programmes licensed for clinical-stage
use. MaxCyte remains focused on progressing its CARMA program and
the Company is on track to submit its first investigational new
drug (IND) application for the program in H2 2017, which would be a
significant achievement.
Commenting on MaxCyte's half-year trading update, Doug Doerfler,
Chief Executive Officer, said: "We have continued to make
significant progress across all areas of the business and have
achieved another period of strong growth. For this year, given the
timing of certain contracts, we expect an increase in the normal
seasonal weighting of revenues as compared to the prior year. In
April, we bolstered our cash position by GBP20 million (before
expenses) via a successful financing and will continue to apply
prudent cash control to the business. Other business highlights
have included the signature of a commercial license agreement with
CRISPR Therapeutics and Casebia Therapeutics, MaxCyte's cooperative
research and development agreement ("CRADA") with the National
Institute of Health's ("NIH") National Institute of Allergy and
Infectious Diseases ("NIAID"), and recently presented and published
scientific data.
"MaxCyte's proprietary technology is now uniquely positioned as
an enabler for the clinical and commercial application of
cutting-edge treatments in immuno-oncology and gene editing. Having
implemented several key global sales and marketing initiatives in
support of the instrument business in the first half of the year,
the Company remains focused on building momentum and on continuing
to deliver significant growth," he added.
MaxCyte expects to announce its interim results for the half
year ended 30 June 2017 in September 2017.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
About MaxCyte
MaxCyte (LSE: MXCT, MXCR) is a US-based global company dedicated
to driving the acceleration of the discovery, development,
manufacturing and commercialization of next-generation, cell-based
medicines. The Company provides its patented, high-performance cell
engineering platform to biopharmaceutical partners engaged in drug
discovery and development, biomanufacturing, and cell therapy,
including gene editing and immuno-oncology. With its robust
delivery platform, MaxCyte's team of scientific experts helps its
partners to unlock their product potential and solve problems. This
platform allows for the engineering of nearly all cell types,
including human primary cells, with any molecule, at any scale. It
also provides a high degree of consistency and minimal cell
disturbance, thereby facilitating rapid, large-scale, clinical and
commercial grade cell engineering in a non-viral system and with
low-toxicity concerns. The Company's cell-engineering platform is
FDA-accredited, providing MaxCyte's customers and partners with an
established regulatory path to commercialize cell-based medicines.
MaxCyte is also developing CARMA, its proprietary, breakthrough
platform in immuno-oncology, to rapidly manufacture CAR therapies
for a broad range of cancer indications, including solid tumors
where existing CAR-T approaches face
significant challenges. For more information, visit http://www.maxcyte.com/
###
MaxCyte Inc.
Doug Doerfler, Chief Executive
Officer
Ron Holtz, Chief Financial
Officer +1 301 944 1660
Nominated Adviser and Broker
Panmure Gordon
Freddy Crossley (Corporate
Finance)
Duncan Monteith
Ryan McCarthy
Tom Salvesen (Corporate Broking) +44 (0) 20 7886 2500
Financial PR Adviser
Consilium Strategic Communications
Mary-Jane Elliott +44 (0)203 709 5700
Chris Welsh maxcyte@consilium-comms.com
Lindsey Neville
This information is provided by RNS
The company news service from the London Stock Exchange
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