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MaxCyte reports strong growth in cash and total assets in 2017 as revenues increase by 14%

The AIM-listed global cell-based medicines and life sciences company said its revenue for the year to 31 December 2017 was US$14.0mln, up from US$12.3mln a year earlier, with gross margins unchanged at 90%
Tumours
MaxCyte is developing CARMA, an mRNA-based proprietary platform for autologous cell therapy

MaxCyte Inc (LON:MXCT) reported strong growth in its cash and total assets in 2017 as revenues increased by 14% and gross margins remained stable.

The AIM-listed global cell-based medicines and life sciences company said its revenue for the year to 31 December 2017 was US$14.0mln, up from US$12.3mln a year earlier, with gross margins unchanged at 90%.

READ: MaxCyte prepares for phase I study of potential cancer breakthrough

The firm is developing CARMA, an mRNA-based proprietary chimeric antigen receptor (CAR) platform for autologous cell therapy.

MaxCyte said its investment in CARMA in 2017 was US$7.5mln, up from US$1.3mln in 2016 as the company prepared and completed the filing of its first investigational new drug application with the US Food & Drug Administration.

The group’s net loss before​ CARMA investment was US$2.4mln in 2017, up from a US$2.0mln net loss in 2016, while adjusted underlying earnings (EBITDA) before CARMA investment was a loss of US$1.2mln in both 2016 and 2017.

As at 31 December 2017, MaxCyte’s total assets were US$31.4mln, up from US$16.1mln a year earlier, with its cash and cash equivalents totalling US$25.3mln, up from $11.7mln in 2016, boosted by its successful fund raise of US$25.5mln in April 2017.

Core markets growing very rapidly

Commenting on the annual results, Doug Doerfler, MaxCyte’s CEO said: "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.”

He added: “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."  

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Article
October 10 2018

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