17th Jul 2019 13:43
(Alliance News) - MaxCyte Inc on Wednesday reported double-digit revenue growth in the first half of 2019 and expects to see continued progress throughout the second half of the year.
The cell-based therapies and life sciences company said is trading in line with expectations for 2019, with revenue in the six months to the end of June expected to come in 21% higher year-on-year at USD8.4 million.
During the period, the AIM-listed company launched its next generation of instruments and disposables, ExPERT, with positive feedback and strong interest from existing and new customers.
Also, MaxCyte said it has signed licenses with partners, covering more than 80 cell therapy programmes, of which more than 45 are licensed for clinical use. The aggregate potential milestone payments from commercial agreements are in excess of USD250 million.
Turning to MaxCytes wholly-owned clinical development programme, the company said it began dosing patients in the second cohort of its trial in May. The study follows successful dosing of patients in the first cohort of its clinical trial with MCY-M11, MaxCyte's lead cell therapy candidate from its CARMA platform.
MCY-M11 is a mesothelin-targeting chimeric antigen receptor therapy being tested in individuals with relapsed/refractory ovarian cancer and peritoneal mesothelioma.
"We demonstrated a very strong first half of 2019 across all aspects of our business," noted Chief Executive Doug Doerfler.
"We look forward to providing a more detailed update at our half year results in September 2019, and on our continued progress throughout the second half of the year," added Doerfler.
MaxCyte will announce its half-year results during the week of September 16, it said.
The stock was trading 2.0% lower on Wednesday in London at 124.43 pence a share.
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