MaxCyte, Inc. Trading Update (9020U)
January 24 2017 - 1:00AM
UK Regulatory
TIDMMXCT
RNS Number : 9020U
MaxCyte, Inc.
24 January 2017
MaxCyte, Inc.
("MaxCyte" or the "Company")
Trading Update
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(TM) 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/
###
For further information, please contact:
MaxCyte +1 301 944 1660
Doug Doerfler, Chief Executive
Officer
Ron Holtz, Chief Financial
Officer
Nominated Adviser and Broker
Panmure Gordon
Freddy Crossley (Corporate
Finance)
Fabien Holler
Duncan Monteith
Tom Salvesen (Corporate Broking) +44 (0) 20 7886 2500
Financial PR Adviser +44 (0)203 709 5700
Consilium Strategic Communications maxcyte@consilium-comms.com
Mary-Jane Elliott
Chris Welsh
Lindsey Neville
This information is provided by RNS
The company news service from the London Stock Exchange
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