MaxCyte Inc’s (LON:MXCT) shares rose on Monday after chief executive Doug Doerfler said the life sciences group’s outlook for the current year and beyond was “exceptionally positive” after its full-year revenues exceeded market expectations.
In morning trading, MaxCyte shares were 9% higher at 132.50p.
The company is at the cutting edge of cell-therapy and immuno-oncology, with commercial deals worth more than US$650mln in milestone payments.
However, it generates its income from licensing out its CARMA technology to most of the world’s largest drug companies and it also has an instruments and disposables business.
Last year, MaxCyte generated sales of US$21.6mln, up 30% year-on-year. It had cash and equivalents at the end of 2019 of US$16.7m.
Running in parallel to its commercial activities, MaxCyte has a drug discovery operation.
It is currently overseeing the phase I clinical trial of MCY-M11 that is been administered to women with hard to treat ovarian cancer and people with peritoneal mesothelioma (which affects the lining of the abdomen).
In this latest update, MaxCyte said there had been no dose-limiting toxicities or side-effects from the drug, which is a mesothelin-targeting chimeric antigen receptor (CAR) therapy.
So-called CAR-T immunotherapies use specially altered T cells — a part of the immune system — to fight cancer.
Great strides in the clinic
“We have made great strides in the clinic and have seen continued good progress with our phase I clinical trial with MCY-M11,” said CEO Doerfler.
Assessing the performance of the wider group, he added: “MaxCyte is well-positioned in the rapidly growing, global gene editing and cell therapy space.
“We have continued to make impressive progress across all areas of the business and our outlook is exceptionally positive.
“Our financial performance is strong, reflecting the high demand for our instruments and disposables business as well as robust revenue generation from an ever-increasing number of commercial licenses.
“Notably, we entered one commercial agreement in 2017, two in 2018, and five in 2019 and continue to be selected as the partner of choice by leading gene editing cell therapy developers, globally.”