4th Apr 2018 12:10
LONDON (Alliance News) - MaxCyte Inc on Wednesday reported revenue growth in its recently finished financial year, but its loss significantly widened on spending on its autologous cell therapy platform.
The cell-based medicines company posted revenue of USD14.0 million for 2017, up 14% from USD12.3 million the prior year. The company said this was a result of steps taken to improve performance through targeted sales and marketing investment.
The company's operating loss widened significantly to USD9.3 million from USD2.7 million the year before, with research & development costs rising to USD11.3 million from USD4.7 million.
MaxCyte invested USD7.5 million in CARMA, its immuno-oncology platform to rapidly manufacture therapies for a broad range of cancer indications. It is aiming to begin clinical work with a CARMA drug candidate in 2018, pending appropriate regulatory clearances.
"Throughout 2017, we have also continued to make significant advances across all areas of our core enabling technology business, particularly with regard to expanding our infrastructure for sales/marketing and applications of our products, as well as manufacturing and regulatory support, to enable our partners as they develop exciting new classes of medicines," said Chief Executive Officer Doug Doerfler.
The stock was trading 2.0% lower at 244.00 pence per share on Wednesday.
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