18th Sep 2019 11:59
(Alliance News) - Life sciences company MaxCyte Inc on Wednesday reported first half revenue growth but its loss widened as expenses soared.
In the six months to June 30, the firm's revenue rose by 21% to USD8.4 million from USD6.9 million
21% but its net loss widened to USD9.5 million from USD4.8 million.
MaxCyte invested USD6.6 million in its CARMA cell therapy platform, more than double the USD2.6 million it committed to the programme in the first half of 2018. Including the CARMA investment, operating expenses rose by 14% to USD16.3 million from USD10.7 million.
During the period, MaxCyte expanded its Life Sciences business to more than 80 cell therapy programmes and furthered its business relationship with Kite Pharma Inc.
It also launched its ExPERT technology platform for use in cellular engineering. ExPERT sales were "strong" in first half, MaxCyte added.
In addition, the firm began dosing for the second cohort of patients in its phase one trial of MCY-M11, a cell therapy candidate from the CARMA programme.
Looking ahead, the company expects further progress in the rest of 2019, and is trading in line with expectations.
Chief Executive Doug Doerfler said: "We have seen a strong start to 2019 during which we have continued to drive substantial growth and progress across all aspects of our business. We are also particularly encouraged by the customer response to the recent launch of our industry leading ExPERT platform and the extension of our relationship with Kite through a multi-drug clinical and commercial agreement.
"We continue to be encouraged by activity in the cell therapy sector, including the growing market for our technology."
Shares in MaxCyte were 1.6% lower at 120.00 pence each in London on Wednesday morning.
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