Consecutive 30 percent year-on year revenue growth
Maryland, USA – 24 January 2017: MaxCyte (LSE: MXCT), the developer and supplier of cell engineering products and technologies to biopharmaceutical firms engaged in cell therapy, drug discovery and development, biomanufacturing, gene editing and immuno-oncology, provides an update on trading for the year ended 31 December 2016. The Company is pleased to report that revenues for the full year 2016 are expected to be in line with market expectations, at approximately $12.2 million, an increase of more than 30 percent over 2015 revenues of $9.3 million. In addition, the Company reports that CARMA expenditures and Loss Before Tax are likely to be an improvement on market expectations.
Products and services
The drug discovery/development and cell therapy markets are increasingly adopting the Company’s technology, driven by its unique applicability in new therapeutic areas such as immuno-oncology and gene editing. MaxCyte has also seen strong revenue growth through the license of its patented, high-performance delivery platform for cell engineering to biopharmaceutical partners, including nine of the top ten global biopharmaceutical companies by revenue, and through participation in multiple partnered programmes.
CARMA
In addition, during the second half of the year, MaxCyte continued its focus on the progression of its CARMA program through its strategic research collaboration with the Johns Hopkins Kimmel Cancer Center and the recently announced collaboration with Washington University in St. Louis.
Outlook
The Company remains focused on building momentum and on continuing to deliver significant growth. With increasing visibility of revenues, MaxCyte’s Board anticipates trading for the current 2017 financial year to continue to deliver strong growth.
Commenting on MaxCyte’s full-year trading update, Doug Doerfler, Chief Executive Officer, said: “We have continued to make significant progress across all areas of the business and have achieved for the second year in a row a consecutive 30 percent year-on-year revenue growth. MaxCyte’s proprietary technology is now uniquely positioned as an enabler for the clinical application of cutting-edge treatments in immuno-oncology and gene editing. The latter was recently underlined with published results from our collaboration with the National Institute of Allergy and Infectious Diseases (NIAID) showing that we can now repair a defective gene in stem cells from patients with a rare immunodeficiency disorder. We view this as highly significant and valuable to the Company and look forward to the future with great confidence.”
MaxCyte will announce its results for the year ended 31 December 2016 during March 2017.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
About MaxCyte
MaxCyte is a developer and supplier of cell engineering products and technologies to biopharmaceutical firms engaged in cell therapy, drug discovery and development, biomanufacturing, gene editing and immuno-oncology markets. The Company’s patented Flow Electroporation™ Technology enables its products to deliver fast, reliable and scalable cell engineering to drive the research and clinical development of a new generation of medicines.
MaxCyte’s high performance platform allows transfection with any molecule or multiple molecules and is compatible with nearly all cell types, including hard-to-transfect human primary cells. 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 technology platform is CE-marked and FDA-accredited, providing MaxCyte’s customers and partners with an established regulatory path.
Using the unique capabilities of its technology, MaxCyte is developing CARMA, its proprietary platform in immuno-oncology, to deliver a validated non-viral approach to CAR therapies across a broad range of cancer indications, including solid tumors where existing CAR-T approaches face significant challenges.
For more information, visit http://www.maxcyte.com/
