MaxCyte, Inc. Trading Update (4641C)
22 January 2018 - 6:00PM
UK Regulatory
TIDMMXCT TIDMMXCR
RNS Number : 4641C
MaxCyte, Inc.
22 January 2018
MaxCyte, Inc.
("MaxCyte" or the "Company")
Trading Update
Gaithersburg, Maryland - 22 January 2018: MaxCyte (LSE: MXCT,
MXCR), a US-based global company driving the acceleration of the
discovery, development, manufacturing and commercialisation of
next-generation, cell-based medicines, provides an update on
trading and corporate progress for the year ended 31 December 2017.
The Company is pleased to report that revenues for the full year
2017 are expected to be approximately $14.0 million, an increase of
approximately 14 percent over 2016 revenues of $12.3 million.
EBITDA for the period is expected to be in line with market
expectations. Cash and cash equivalents at the year-end were $25.3
million (compared to $11.7 million in 2016).
CARMA (chimeric antigen receptor "CAR" therapy) programme
MaxCyte announces that its lead CARMA (CAR therapy) candidate,
MCY-M11, is expected to commence dosing in cancer patients in 2018.
Filing of an investigational new drug ("IND") application with the
US Food and Drug Administration ("FDA") has been completed for
MCY-M11, and the Company is in active discussions with the FDA to
enable the start of its Phase I clinical trial in 2018 for patients
with advanced peritoneal cancers, including ovarian cancer. The
Board believes the CARMA programme has the potential to address
some of the most significant issues with current CAR-T therapies
including challenging side effects as well as complex and
time-consuming manufacture.
MaxCyte is also expanding its next-generation CAR therapy
programme for potential use in further treating solid and
hematological cancers, including an intravenous administration
programme. This significantly broadens the opportunity and value of
this advanced cancer therapy.
Products and services
Driven by its unique applicability in new therapeutic areas such
as immuno-oncology (particularly in CAR) and gene editing,
MaxCyte's enabling technology is continuing to see broad adoption
across key markets in cell therapy and drug discovery/development.
MaxCyte continues to strengthen its presence in key markets and
territories where the Company and the Board believe there is
significant growth potential.
MaxCyte has also seen continued expansion of its technology to
more than 200 instrument placements worldwide, including with nine
of the top ten global biopharmaceutical companies by revenue, and
through participation in more than 50 partnered programme licenses
in cell therapy. The Company's partnered programmes for its
enabling technology continue to advance to and through the clinic
(including now more than 20 licensed for clinical use). In
addition, as partnered programmes continue to grow in number and
move towards the marketplace, they present an opportunity for
additional enabling technology commercial licensing agreements,
such as the one it executed in March 2017 with CRISPR Therapeutics
and Casebia Therapeutics, both leaders in gene editing.
Outlook
The Company remains focused on advancing the high value CARMA
programme where the Board believes there is a very significant
opportunity for MaxCyte and continuing to expand its operations
across the fast-growing cell therapy market. MaxCyte's Board
anticipates continued strong growth for the current 2018 financial
year.
Commenting on MaxCyte's update, Doug Doerfler, Chief Executive
Officer, said: "We have continued to make significant progress
across all areas of the business, particularly with regard to
expanding our infrastructure for sales/marketing, applications of
our products, as well as manufacturing and regulatory, to support
our partners as they make advances in developing exciting new
classes of medicines. We've also made important progress with
CARMA, advancing MCY-M11 by filing our IND and are on course to
dose patients in 2018 in our US-based Phase I clinical trial. This
is a very exciting time for the Company and patients as we bring a
new generation of CAR-based cancer treatments into the clinic for
the first time. We look forward to the future with great
confidence."
MaxCyte will announce its results for the year ended 31 December
2017 during April 2018.
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 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
technology to biopharmaceutical partners engaged in drug discovery
and development, biomanufacturing, and cell therapy, including gene
editing and immuno-oncology. With its robust delivery technology,
MaxCyte's team of scientific experts helps its partners to unlock
their product potential and solve problems. This enabling
technology 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 technology is
FDA-accredited, providing MaxCyte's customers and partners with an
established regulatory path to commercialize cell-based medicines.
MaxCyte is also an early-stage drug development company developing
CAR therapies via its proprietary platform in immuno-oncology,
which allows for development of novel virus-free CAR therapies
targeting a broad range of cancers with controlled persistence. For
more information, visit http://www.maxcyte.com/.
###
For further information, please contact:
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)
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
Suki Virji
This information is provided by RNS
The company news service from the London Stock Exchange
END
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