04 April 2018

MaxCyte Reports Final Results for Year Ended 31 December 2017

 

Gaithersburg, Maryland – 04 April 2018: MaxCyte (LSE: MXCT, MXCR), the global cell-based medicines and life sciences company, today announces its full-year audited results for the year ended 31 December 2017.

 

HIGHLIGHTS (including post-period-end highlights)

All financial amounts are in USD unless noted otherwise.

 

Financial Highlights

  • Revenues increased 14% to $14.0 million (2016: $12.3 million)
  • Gross margins remained stable at 90%
  • Investment in CARMA™ (chimeric antigen receptor “CAR” therapy) was $7.5 million (2016: $1.3 million) as the Company prepared and completed the filing of its first investigational new drug (“IND”) application with the US Food and Drug Administration (“FDA”)
  • Operating expenses (including CARMA investment) increased to $21.8 million in 2017 (2016: $13.7 million)
  • Net loss before CARMA investment was $2.4 million in 2017 (2016: $2.0 million)
  • EBITDA before CARMA investment was a loss of $1.2 million for both 2016 and 2017, after adjusting for non-cash stock-based compensation
  • Total assets were $31.4 million at 31 December 2017 (2016: $16.1 million)
  • Cash and cash equivalents totalled $25.3 million at 31 December 2017 (2016: $11.7 million)
  • Successful fund raise of $25.5 million (before expenses) in April 2017

 

Operational Highlights

  • Filed an IND application with the FDA for the Company’s lead CARMA candidate, MCY-M11
  • Presented pre-clinical in vivo research results demonstrating the potential of the CARMA platform for use in developing immunotherapies for the treatment of solid tumours, which other CAR-T therapies are currently unable to treat, at the American Association for Cancer Research (“AACR”) Annual Meeting
  • Signed a non-exclusive commercial licence agreement in March 2017 with CRISPR Therapeutics and Casebia Therapeutics
  • Expanded the Company’s enabling technology business to more than 50 cell therapy partnered programmes covering cutting-edge fields
  • Entered into a Cooperative Research and Development Agreement (“CRADA”) with the National Institutes of Health’s (“NIH”) National Institute of Allergy and Infectious Diseases (“NIAID”) to develop treatments for X-linked chronic granulomatous disease (“CGD”) using next-generation gene correction leveraging CRISPR/Cas9
  • Presented new in vitro data demonstrating the potential of MaxCyte’s cGMP-compliant proprietary delivery platform to enable single nucleotide correction utilising CRISPR gene editing in the treatment of sickle cell disease (“SCD”) at the American Society of Gene and Cell Therapy (“ASGCT”) Annual Meeting
  • Continued investing in sales and marketing capabilities to grow the Company’s customer base
  • Ongoing collaboration with world leaders in the CAR field in both solid cancers and haematological malignancies, with nine academic clinical trials supported by MaxCyte’s technology
  • Appointed new Board member, Richard Douglas, PhD (in February 2018), and new executive vice president, Brad Calvin (in August 2017)

“Our core markets, cell therapy and immuno-oncology, are growing very rapidly. With our unique technology, we remain at the forefront of a wide variety of programmes across this exciting and increasingly valuable area of healthcare. As a result of our targeted investment strategy, we’ve made strong progress with our CARMA programme during the last year. We advanced MCY-M11, our lead CARMA candidate, through to the filing of our IND application and are on course to dose patients in 2018 in our US-based Phase I clinical trial. “Throughout 2017, we have also continued to make significant advances across all areas of our core enabling technology business, particularly with regard to expanding our infrastructure for sales/marketing and applications of our products, as well as manufacturing and regulatory support, to enable our partners as they develop exciting new classes of medicines. 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, and continue to enable our partners to make important new medical advancements. We look forward to the future with great confidence.”

Doug Doerfler

CEO of MaxCyte

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

 

About MaxCyte

 

MaxCyte is a global cell-based medicines and life sciences company applying its patented cell engineering technology to help patients with high unmet medical needs in a broad range of conditions. MaxCyte is developing novel CARMA therapies for its own pipeline. CARMA is MaxCyte’s mRNA-based proprietary platform for autologous cell therapy. In addition, through its core business, the Company leverages its Flow Electroporation Technology to enable its partners across the biopharmaceutical industry to advance the development of innovative medicines, particularly in cell therapy, including gene editing and immuno-oncology. The Company has placed its cutting-edge flow electroporation instruments worldwide, including with nine of the top ten global biopharmaceutical companies, and has more than 50 partnered programme licences in cell therapy including more than 20 licensed for clinical use. With its robust delivery technology, 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 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

Chris Welsh

Suki Virji

 

+44 (0)203 709 5700

maxcyte@consilium-comms.com

 

***Click here for the full report***

 


Back to previous page