20 March 2017

MaxCyte Reports Final Results for Year Ended 31 December 2016


Consistent top-line growth with 32% increase in revenues and gross margins approaching 90%

Maryland, USA – 20 March 2017: MaxCyte (LSE: MXCT), a US-based global company driving the acceleration of the discovery, development, manufacturing and commercialization of next-generation, cell-based medicines, today announces its full-year audited results for the year ended 31 December 2016, a pivotal year as it became a publicly traded company.

HIGHLIGHTS (including post-period-end highlights)

Financial highlights

  • Successful initial public offering (IPO) on the AIM market of the London Stock Exchange on 29 March 2016 raising £10.0 million (before expenses)
  • Revenues of $12.3 million (32% increase over $9.3 million in 2015)
  • Gross margins remained stable at 89%
  • CARMA investment totalled $1.3 million for 2016, compared to $0.3 million for 2015
  • Operating expenses (including CARMA investment) increased to $13.7 million in 2016, compared to $9.0 million in 2015
  • Net loss before CARMA investment was $2.0 million including $0.9 million in PLC expenses post-IPO (net loss before CARMA expenses of $1.1 million in 2015)
  • Total assets were $16.1 million at the end of 2016, compared to $6.4 million at the end of 2015
  • Cash and cash equivalents totalled $11.7 million at the end of 2016, compared to $2.4 million at the end of 2015

Operational and corporate highlights

  • Non-exclusive commercial license agreement signed March 2017 with CRISPR Therapeutics and Casebia Therapeutics (a joint venture established by CRISPR Therapeutics and Bayer AG) to develop CRISPR/Cas9-based therapies for hemoglobin-related diseases and severe combined immunodeficiency (SCID). Under the terms of the license, MaxCyte will receive upfront, milestone, and sales-based payments
  • Strategic research collaboration established with the Washington University in St. Louis to develop MaxCyte’s proprietary CARMA platform in blood cancers and related pipeline of next-generation cell therapies
  • Advancement of collaboration with Johns Hopkins Kimmel Cancer Center with the goal of entering the clinic with a CARMA drug candidate in 2017 pending appropriate regulatory clearances
  • Continued growth of customer base, comprising leading pharmaceutical and biotechnology companies, including nine of the top ten global biopharmaceutical companies by revenue
  • Expansion to more than 40 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
  • Continued collaboration with world leaders in the CAR field in both solid cancers and haematological malignancies, with eight academic clinical trials initiated that use MaxCyte’s technology
  • Expansion of Asian distribution network, adding distributors in Japan and Singapore to support growing market demand for MaxCyte STX® Scalable Transfection System and MaxCyte VLX® Large Scale Transfection System
  • Publication of results in Science Translational Medicine from a collaborative study with the National Institutes of Health’s (NIH) National Institute of Allergy and Infectious Diseases (NIAID) demonstrating CRISPR-Cas9 repair in stem cells from patients with a rare immunodeficiency disorder, enabled by MaxCyte’s technology
  • Appointment of Debra K. Bowes as executive vice president, business and strategic development, to lead alliance-building efforts for CARMA

“We are pleased to have carried the strong momentum from the first half of 2016 through to the end of the calendar year, continuing to make significant progress across all areas of the business. We delivered strong financial results in 2016, including more than 30% year-on-year revenue growth for the second consecutive year. Throughout the year, we have demonstrated our unique position as an enabler for the clinical application of cutting-edge treatments in fields such as immuno-oncology and gene editing. Our collaborations with leading institutions such as the Johns Hopkins Kimmel Cancer Center and the recently announced strategic collaboration with Washington University in St. Louis continue to progress well, with a first IND for a candidate from our CARMA programme anticipated in 2017, and advancing the platform in extended therapeutics areas. Most recently, we announced that we had signed a non-exclusive commercial license agreement with CRISPR Therapeutics and Casebia Therapeutics (a joint venture established by CRISPR Therapeutics and Bayer AG) to develop CRISPR/Cas9-based therapies for hemoglobin-related diseases and SCID. We look forward to continuing this progress through 2017 and beyond and have significant confidence in our growth plans as our partners and customers utilise our unique platform and technologies.”

Doug Doerfler

CEO of MaxCyte

For further information please contact:

MaxCyte
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
Tom Salvesen (Corporate Broking)
+44 (0) 20 7886 2500

Financial PR Adviser
Consilium Strategic Communications
Mary-Jane Elliott
Chris Welsh
Lindsey Neville
+44 (0)203 709 5700
maxcyte@consilium-comms.com

About MaxCyte

MaxCyte (LSE: MXCT), is a US-based global company driving 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 unlock the potential of their products and solve development and commercialization challenges. 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 with minimal cell disturbance, thereby facilitating rapid, large-scale, clinical and commercial grade high-performance cell engineering in a non-viral system and with low-toxicity concerns. The Company's cell-engineering platform is CE-marked and 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 tumours where existing CAR-T approaches face significant challenges.

For more information, visit http://www.maxcyte.com/

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