19 September 2017

Results for the Six Months ended 30 June 2017

 

Maryland, USA – 19 September 2017 – 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, announces today its financial results for the six months ended 30 June 2017.

 

HIGHLIGHTS (including post-period end highlights)

 

Financial Highlights

 

  • Revenues of $6.2 million for the six months ended 30 June 2017, a 13.6% increase over $5.5 million for the same period of 2016

 

  • Gross margins remained stable over the six months ended 30 June 2017 and 2016 at approximately 90% for each period

 

  • Operating expenses increased to $9.5 million compared to $5.9 million for the same period of 2016, including a $1.6 million increase in investments for CARMA (to $2.1 million for the current period) and increases in costs related to research and development (R&D) and expanding our global sales and marketing capabilities

 

  • Net loss before the CARMA investment was $2.2 million for the six months ended 30 June 2017, compared to net loss before the CARMA investment of $0.8 million for the same period of 2016.  Net loss including the CARMA investment was $4.3 million over the period, compared to $1.3 million for the same period of 2016

 

  • Short-term and long-term deferred revenues increased from $2.7 million at 31 December 2016 to $3.7 million at 30 June 2017 due principally to growth in cell therapy licenses including the commercial license with CRISPR Therapeutics and Casebia Therapeutics signed in March 2017
  • The cash balance for the Company increased to $30.2 million at 30 June 2017, compared to $11.7 million at 31 December 2016, largely driven by the Company's £20.0 million (before expenses) fund raise on the AIM market of the London Stock Exchange which completed on 24 April 2017

 

 

 

 

First Half Corporate and Operational Highlights

 

  • Non-exclusive commercial license agreement signed March 2017 with CRISPR Therapeutics and Casebia Therapeutics to develop CRISPR/Cas9-based therapies for hemoglobin-related diseases and severe combined immunodeficiency (SCID). MaxCyte has received an initial upfront payment during the six months ended 30 June 2017 and under the terms of the license will also receive milestone and sales-based payments

 

  • Expansion to more than 45 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 use

 

  • Continued advancement of CARMA collaborations with Johns Hopkins Kimmel Cancer Center and the Washington University in St. Louis with the current intention being to submit the first investigational new drug (IND) application for the CARMA programme in the second half of 2017

 

  • Presentation at the American Association for Cancer Research (AACR) Annual Meeting in Washington, DC of pre-clinical in vivo research results demonstrating the potential of the CARMA platform for use in developing immunotherapies for the treatment of solid tumours

 

  • 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 and MaxCyte’s Flow Electroporation™ Platform. Science Translational Medicine published results from a collaborative MaxCyte/NIAID study, which demonstrated gene repair in stem cells from patients with this rare immunodeficiency disorder

 

  • Presentation at the American Society of Gene and Cell Therapy (ASGCT) Annual Meeting in May of new in vitro data demonstrating the potential of MaxCyte’s cGMP-compliant proprietary delivery platform to enable CRISPR gene editing in the treatment of sickle cell disease (SCD)

 

  • Continued investments in sales and marketing capabilities to grow our customer base, comprised of leading pharmaceutical and biotechnology companies, including nine of the top ten global biopharmaceutical companies by revenue

 

  • Continued collaboration with world leaders in the CAR field in both solid cancers and haematological malignancies, with nine academic clinical trials using MaxCyte’s technology

 

Commenting on MaxCyte’s interim financial results, Doug Doerfler, Chief Executive Officer, said: “We have continued to make significant progress across all areas of the business and have achieved another period of strong growth. For this year, given the timing of certain contracts, we expect an increase in the normal seasonal weighting of revenues towards the second half as compared to the prior year.  In April, we bolstered our cash position by £20 million (before expenses) via a successful financing completed at a premium to the market price and will continue to apply prudent cash control to the business as we invest to drive growth.  Other business highlights have included the signature of a commercial license agreement with CRISPR Therapeutics and Casebia Therapeutics, MaxCyte’s CRADA with the NIH’s NIAID, expansion of our cell therapy partnered programmes to more than 45, and advancement of our CARMA programme and recent presentation and publication of scientific data in gene correction.

 

“MaxCyte’s proprietary technology continues to enable cutting-edge treatments in immuno-oncology and gene editing with world-leading companies in these fields. Having implemented several key global sales and marketing initiatives in support of the instrument business in the first half of the year, and recently adding a new Executive Vice President of Global Marketing, the Company remains focused on building momentum and on continuing to deliver significant growth and long-term value for its stakeholders,” he added.

 

Conference call for analysts

A briefing for analysts will be held at 11.00 am BST on Tuesday 19 September 2017 at the offices of Panmure Gordon & Co., One New Change, London, EC4M 9AF. There will be a simultaneous live conference call with Q&A, and the presentation will be available on MaxCyte’s website at http://www.maxcyte.com/

 

Dial-in details:

Participant dial-in:          08006940257
International dial-in:     +44 (0) 1452 555566
Participant code:             86361241

 

An audio replay file will be made available shortly afterwards via the Company website: 

http://www.maxcyte.com/

 

About MaxCyte

MaxCyte (LSE: MXCT, MXCR) is a US-based global company driving the acceleration of the discovery, development, manufacturing and commercialisation 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 to unlock their product potential and solve problems. 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 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 platform is FDA-accredited, providing MaxCyte’s customers and partners with an established regulatory path to commercialise 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/

 

***Please read the full release here***


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