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MaxCyte says earnings likely to beat expectations after bumper end to the year

Revenues increased 19% year-on-year to US$16.7mln in the 12 months to December 31, with top-line growth of 25% in the second six months
ovary pictured using electron microscope
The company's first drug candidate is being developed to tackle hard to treat forms of ovarian cancer

MaxCyte Inc (LON:MXCT) has said its underlying earnings (EBITDA) are likely to show “an improvement on market expectations” after a bumper end to the year.

Revenues increased 19% year-on-year to US$16.7mln in the 12 months to December 31, with top-line growth of 25% in the second six months. Looking ahead, the company said expects it to maintain the momentum in 2019.

MaxCyte is developing a new cancer treatment, but also licenses out the technology to larger biotechs and pharma companies, including the international giant Gilead, to aid their discovery process.

It is involved with 70 programmes, of which half are at the clinical stage of development.

Combined potential milestone payments for deals signed are US$250mln, the company said in its trading update.

CARMA 

MaxCyte’s CARMA platform is being used to develop some of the first drug candidates that use the company’s own immune system to fight solid tumours.

Currently, the batches of drugs in development have focused on blood-borne disease.

Its lead chimeric antigen receptor therapeutic candidate, MCY-M11, entered phase I clinical trials in October.

It is being used to treat people women with relapsed, or refractory (hard to treat) ovarian cancer and peritoneal mesothelioma, which affects the lining of the abdomen.

“This continues to be a very exciting time for the company and patients as we bring a new generation of CAR-based solid cancer treatments into the clinic for the first time. We look forward to the future with great confidence," said chief executive Doug Doerfler.

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