MaxCyte, Inc. Business Update Related to COVID-19 Pandemic (2917J)
April 09 2020 - 2:00AM
UK Regulatory
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RNS Number : 2917J
MaxCyte, Inc.
09 April 2020
MaxCyte, Inc.
("MaxCyte" or the "Company")
MaxCyte Provides Business Update Related to COVID-19
Pandemic
- Robust start to trading year with strong revenue results year-to-date 2020
- Dosing of fourth cohort initiated according to plan in Phase I
clinical trial of lead CARMA therapy candidate, MCY-M11
Gaithersburg, MD - 9 April 2020: MaxCyte (LSE: MXCT), the global
cell-based therapies and life sciences company, provides today a
business update regarding the potential impact of the COVID-19
pandemic. The Company also confirms that MCY M11 dosing commenced
in March 2020, in the fourth cohort (at the next higher cell dose)
of MaxCyte's Phase I clinical trial.
MaxCyte's key priority is to ensure the health and safety of its
employees in light of COVID-19 and to continue supporting its
customers and partners. MaxCyte has, since February, successfully
implemented business continuity plans, by adapting working
protocols and shifts at its labs and facilities and focusing on
essential production and shipping activities to safeguard its
employees and their dependents while maintaining service and
support for customers.
Financial Update
MaxCyte's revenue results for the year 2020 to date accelerated
from H2 2019 growth and were significantly ahead of internal
projections as the Company has experienced consistent demand of its
next generation ExPERT(TM) instruments and disposables. The Company
remains confident that, notwithstanding the emerging global
slowdown in customer and hospital operations as described below,
MaxCyte has a resilient business model supported by a high
proportion of recurring revenues. Maxcyte has made a strong start
to 2020 and expects to continue to see growth in the life sciences
business in 2020. The Company reported $16.7m of cash at the end of
2019. As previously announced on 20th January 2020 reported 2019
trading for the full year was ahead of market expectations. The
Company expects to report audited results for the year ended 31
December 2019 on 21 April 2020 and the Company's long-term outlook,
looking beyond COVID-19, remains very positive.
Life Sciences Business Progress
Due to the unprecedented restrictions put in place around
COVID-19, including global lock-downs, MaxCyte has noted the
potential negative impact on revenues through slowdowns in customer
operations, extension of sales cycles because of visitor
restrictions at the operational sites of potential customers,
shrinkage in customer capital budgets or delays in customers'
clinical trials. However, 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 and significant growth in this business segment is
expected as compared to 2019. MaxCyte announced its ninth cell
therapy agreement in March 2020, with Allogene Therapeutics,
bolstering the potential pre-commercial milestone payments
potentially due to the Company to significantly in excess of $650
million.
CARMA(TM) Program Update
Maxcyte today announces that dosing has commenced, in March 2020
according to plan, in the fourth cohort of patients (at the next
higher cell dose) for MCY-M11 in MaxCyte'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.
At the start of 2020, MaxCyte established CARMA Cell Therapies
as a wholly owned subsidiary to facilitate independent investment
and new partnerships to advance the CARMA platform. In support of
this initiative, MaxCyte has retained Locust Walk, a global life
science strategic advisory and transaction firm. The Company
expects CARMA to be self-funded by 2021.
CARMA Cell Therapies remains fully committed to the MCY-M11
clinical development program, however timelines may be impacted due
to the current deprioritization 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 is evaluating the potential for reduced R&D
spend during the current financial period.
Doug Doerfler, CEO of MaxCyte, commented : "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."
About MaxCyte
MaxCyte, the clinical-stage global cell-based therapies and life
sciences company, uses its proprietary next-generation cell and
gene therapies to revolutionize medical treatments and ultimately
save lives. The Company's premier cell engineering enabling
technology is currently being deployed by leading drug developers
worldwide, including all of the top ten global biopharmaceutical
companies. MaxCyte licenses have been granted to more than 100 cell
therapy programmes, with more than 70 licensed for clinical use,
and the Company has now entered into nine clinical/commercial
license partnerships with leading cell therapy and gene editing
developers. MaxCyte was founded in 1998, is listed on the London
Stock Exchange (AIM:MXCT) and is headquartered in Gaithersburg,
Maryland, US. For more information, visit www.maxcyte.com .
About MaxCyte's Technology
MaxCyte's Flow Electroporation(R) technology and next-generation
ExPERT(R) platform enable our partners to accelerate, streamline
and improve the drug development process from the early stages of
research to commercialization. MaxCyte is also developing novel
CARMA therapies, with its first wholly-owned 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 2020, MaxCyte established CARMA Cell
Therapies, a wholly owned subsidiary to facilitate independent
investment and new partnerships to advance the CARMA platform.
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.
Chris Welsh com
Sukaina Virji
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END
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