Trading Update

RNS Number : 8749D

MaxCyte, Inc.

12 July 2016

 

MaxCyte, Inc.

("MaxCyte" or the "Company")

Trading Update

Maryland, USA - 12 July 2016: MaxCyte (LSE: MXCT), the developer and supplier of cell engineering technology to biotechnology and pharmaceutical firms engaged in cell therapy, drug discovery and development, biomanufacturing, gene editing and immuno-oncology, provides its first trading update since joining the AIM market for the six months ended 30 June 2016. The Company is pleased to report progress in line with its expectations for the full year. Revenues for the first half of 2016 were not less than $5.4 million, an increase of over 30 percent over first half 2015 revenues of $4.2 million.

The Company has continued to expand its customer base in Cell Therapy amongst leading pharmaceutical and biotechnology companies, and in the Drug Discovery market, where MaxCyte's customers include nine of the top ten global biopharmaceutical companies by revenue.

Development of MaxCyte's CARMA platform and its pipeline of next-generation cell therapies, including its strategic research collaboration with the Johns Hopkins Kimmel Cancer Center, are successfully advancing according to the Company's plans. In addition, the Company continues to enable the most advanced preclinical and clinical programs in cell-based immune-oncology and gene editing through its licensed programs with Cell Therapy customers.

Commenting on MaxCyte's maiden trading update, Doug Doerfler, Chief Executive Officer, said:  "We have continued to build strong momentum across the markets we serve during the first half of 2016 and have made great progress across all areas of our business since launching our successful IPO on AIM in March this year, with over 30 percent growth versus the same period last year.  We continue to build significant capabilities in our infrastructure and partnering efforts to further drive momentum. In addition, further pre-clinical studies, conducted under the strategic research collaborations within our CARMA programs, are demonstrating the platform's potential for safety, anti-tumour activity and overall survival benefits. With consistently increasing visibility of revenues, we are trading in line with our expectations for the full year. Both the CARMA and partnered cell therapy programs are progressing well. We look forward to the future with great confidence."   

MaxCyte will announce its interim results for the half year ended 30 June 2016 before the end of September 2016.

For further information, please contact:

MaxCyte	[phone]
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)	[phone]
Financial PR Adviser Consilium Strategic Communications	[phone] [e-mail]
Mary-Jane Elliott Chris Welsh Lindsey Neville

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

About MaxCyte

MaxCyte is an established and revenue generating US-based developer and supplier of cell engineering technology to biotechnology and pharmaceutical firms engaged in cell therapy, drug discovery and development, biomanufacturing, gene editing and immuno-oncology, markets which the Directors estimate to be, in aggregate, in excess of $35 billion in 2015. 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 cell-based 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, commercial and clinical 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 with an established regulatory path.

MaxCyte is developing CARMA, its proprietary platform in immuno-oncology, to deliver a validated non-viral approach to CAR therapies in a number of cancer indications, including solid tumors where existing CAR-T approaches face significant challenges.

For more information visit http://www.maxcyte.com/

 

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