24th Sep 2018 10:18
LONDON (Alliance News) - MaxCyte Inc on Monday said its loss widened in the first half of 2018 as it continued to invest in the development of its CARMA drug platform.
The life sciences company said its operating loss widened to USD4.5 million in the six months ended June 30, compared to USD4.0 million reported for the same period a year prior.
Revenue rose by 12% to USD6.9 million from USD6.2 million year-on-year, reflecting continued expansion of the company's customer base, it said.
Meanwhile, operating expenses grew to USD10.7 million compared to USD9.5 million for the same period in 2017, resulting principally from the USD500,000 increase in spending on CARMA, as well as higher investment in sales & marketing, product development.
MaxCyte said it anticipates that the results of a phase I study in ovarian cancer and peritoneal mesothelioma may help support the safety and potential effectiveness of its CAR drug candidate developed from the CARMA platform. The result is expected before the year-end.
If successful, it may establish the CARMA platform as a new autologous cell therapy platform for developing improved targeted cell-based immune therapies, MaxCyte said.
"We are in an excellent position across the business as MaxCyte continues to grow and gain momentum," said Chief Executive Doug Doerfler.
"MaxCyte's board therefore anticipates continued progress for the remainder of the 2018 financial year, and the company is trading in line with expectations," added Doerfler.
Shares in MaxCyte were untraded on Monday, last quoted at 234.00 pence each.
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