TIDMMXCT TIDMTTM
RNS Number : 7557F
MaxCyte, Inc.
17 July 2019
MaxCyte, Inc.
("MaxCyte" or the "Company")
Trading Update
Significant CARMA(TM) programme progress, 80+ partnered
programmes licensed and strong financial performance with 21% year
over year revenue growth
Gaithersburg, Maryland - 17 JULY 2019: MaxCyte (LSE: MXCT,
MXCS), the global clinical-stage cell-based therapies and life
sciences company, provides an update on trading and corporate
progress for the six months ended 30 June 2019. MaxCyte expects to
formally announce its interim results for the half year ended 30
June 2019 during the week of 16 September 2019.
Current trading
MaxCyte continues to build upon its substantial momentum and is
trading in line with expectations for the full year. H1 2019
revenues are expected to increase approximately 21% year-on-year to
$8.4m (2018: $6.9m).
Next generation ExPERT(TM) launch
MaxCyte launched its next generation of instruments and
disposables, ExPERT, during the first half of the year, with
positive feedback and strong interest from existing and new
customers.
Clinical progress with MaxCyte's lead, wholly-owned programme,
MCY-M11
Following successful dosing of patients in the first cohort of a
15-patient Phase I dose-escalation clinical trial with MCY-M11,
MaxCyte's lead, wholly-owned, non-viral mRNA-based cell therapy
candidate from its CARMA(TM) platform, the Company began dosing
patients in the second cohort of its trial in May 2019. MCY-M11 is
a mesothelin-targeting chimeric antigen receptor (CAR) therapy
being tested in individuals with relapsed/refractory ovarian cancer
and peritoneal mesothelioma.
80+ partnered programmes licensed
At the half year, MaxCyte has signed licenses with partners
covering more than 80 cell therapy programmes (including recently
announced Kite (a Gilead Company), CRISPR Therapeutics and
Precision BioSciences) of which more than 45 are licensed for
clinical use. The aggregate potential milestone payments from
commercial agreements are in excess of $250m.
Commenting on MaxCyte's update, Doug Doerfler, Chief Executive
Officer, said: "We demonstrated a very strong first half of 2019
across all aspects of our business with the continued clinical
development of our first therapeutic candidate, MCY-M11; more than
20% revenue growth; a successful financing; the launch of our next
generation of instruments and disposables, ExPERT; and
demonstration of feasibility of our one-day CARMA manufacturing
process.
"We continue to make strong progress towards our goal of
establishing CARMA as a new autologous cell therapy platform for
targeted cell-based immune therapies and look forward to expanding
this exciting programme into additional solid and hematological
cancer indications, including an IV administration programme, which
we believe will significantly broaden the opportunity and value of
this advanced cancer therapy. We look forward to providing a more
detailed update at our half year results in September 2019, and on
our continued progress throughout the second half of the year."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
About MaxCyte
MaxCyte is a clinical-stage global cell-based therapies and life
sciences company applying its proprietary cell engineering platform
to deliver the advances of cell-based medicine to patients with
high unmet medical needs. MaxCyte is developing novel CARMA
therapies for its own pipeline, with its first drug candidate in a
Phase I clinical trial. CARMA is MaxCyte's mRNA-based proprietary
therapeutic platform for autologous cell therapy for the treatment
of solid cancers. In addition, through its life sciences business,
MaxCyte leverages its Flow Electroporation(R) Technology to enable
its biopharmaceutical partners to advance the development of
innovative medicines, particularly in cell therapy. MaxCyte has
placed its flow electroporation instruments worldwide, including
with all of the top ten global biopharmaceutical companies. The
Company now has more than 80 partnered programme licenses in cell
therapy with more than 45 licensed for clinical use, including four
announced commercial licenses with aggregate potential milestones
of more than $250m. With its robust delivery technology platform,
MaxCyte helps its partners to unlock the full potential of their
products. For more information, visit 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 Joint Corporate
Broker
Panmure Gordon
Emma Earl
Freddy Crossley
Corporate Broking
James Stearns +44 (0)20 7886 2500
Joint Corporate Broker
Numis Securities Limited
James Black
Duncan Monteith +44 (0)20 7260 1000
Financial PR Adviser
Consilium Strategic Communications +44 (0)203 709 5700
Mary-Jane Elliott maxcyte@consilium-comms.com
Chris Welsh
Sukaina Virji
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Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should", "expect", "envisage", "estimate", "intend",
"may", "plan", "potentially", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
A number of factors could cause actual results to differ
materially from the results and expectations discussed in the
forward-looking statements, many of which are beyond the control of
the Company. In particular, the outcome of clinical trials
(including, but not limited to the Company's CARMA trial) may not
be favourable or potential milestone payments associated with the
Company's licensed programmes may not be received. In addition,
other factors which could cause actual results to differ materially
include risks associated with vulnerability to general economic and
business conditions, competition, regulatory changes, actions by
governmental authorities, the availability of capital markets,
reliance on key personnel, uninsured and underinsured losses and
other factors. Although any forward-looking statements contained in
this announcement are based upon what the Directors believe to be
reasonable assumptions, the Company cannot assure investors that
actual results will be consistent with such forward looking
statements. Accordingly, readers are cautioned not to place undue
reliance on forward looking statements. Subject to any continuing
obligations under applicable law or any relevant AIM Rule
requirements, in providing this information the Company does not
undertake any obligation to publicly update or revise any of the
forward looking statements or to advise of any change in events,
conditions or circumstances on which any such statement is
based.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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