MaxCyte Inc (LON:MXCT) said it was in a strong financial position as it prepares for the launch of a phase I clinical trial of a cancer treatment which helps to deploy the body’s own immune defences to combat strains of the killer disease.
It said it is in active discussions with the US Food & Drug Administration to begin the study of MCY-M11, which is based on its CARMA technology.
MaxCyte believes its discovery will address some of the most significant issues with current CAR-T therapies, including challenging side effects as well as complex and time-consuming manufacturing process.
Promising new way to fight cancer
CAR T-cell therapy is a promising new way to get immune cells called T cells (a type of white blood cell) to fight cancer by changing them in the lab so they can find and destroy cancer cells.
The update came alongside a trading statement from MaxCyte, which also has a commercial arm selling and licensing cell engineering technology.
In the year ended December 31, its revenues were around US$14mln, up 14% on the year earlier. The company said underlying earnings (EBITDA) would be in line with expectations, while it was sitting on US$25.3mln of cash as at the period end.
“We have continued to make significant progress across all areas of the business, particularly with regard to expanding our infrastructure for sales [and] marketing, applications of our products, as well as manufacturing and regulatory, to support our partners as they make advances in developing exciting new classes of medicines,” said chief executive Doug Doerfler.
“We've also made important progress with CARMA, advancing MCY-M11 by filing our IND [investigational new drug] and are on course to dose patients in 2018 in our US-based phase I clinical trial.
“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. We look forward to the future with great confidence."
In late afternoon trading, MaxcCyte shares held steady at 276p.
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