10th May 2016 08:50
LONDON (Alliance News) - Cell engineering technology supplier MaxCyte Inc on Tuesday said its pretax loss narrowed in 2015, its first results published since it floated in London in March.
MaxCyte said its pretax loss for the year to the end of December was USD1.4 million, compared to a USD1.8 million loss in 2014.
Revenue grew to USD9.3 million from USD7.2 million, outpacing a rise in its cost of sales but partially offset by increases in research and development spending and in sales and marketing costs.
MaxCyte said it expanded its customer base over the course of the year and signed a strategic research collaboration agreement with the Johns Hopkins Kimmel Cancer Center, the cancer research centre in Baltimore, US.
The company also bolstered its distribution network through securing new partners covering the Chinese, South Korean and Indian markets.
Chief Executive Doug Doefler said MaxCyte had a positive year, with significant progress made in developing its CARMA immuno-oncology platform. He added 2016 has started well, and the company is anticipating further progress will be made.
MaxCyte shares were untraded on Tuesday at 80.00 pence. That compares to the 70.00p London float price.
By Sam Unsted; [email protected]; @SamUAtAlliance
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