MaxCyte PLC (LON:MXCT) said its first-half revenues had grown 30% to US$10.9mln in the first half and told investors that its research and development operation was expected to be self-funded by the end of the year.
The company licences out its technology, which generates a revenue stream and potential milestone payment, currently worth an estimated US$800mln, from life sciences companies that use its cell engineering know-how in drug development.
It has also begun advancing its own potential treatments, creating an R&D business called CARMA Cell Therapies.
Scientists working for CARMA are currently developing a potential therapy for ovarian cancer and peritoneal mesothelioma. Results from a phase I study are expected later this year.
In the meantime, management has been working with a strategic advisory firm called Locust Walk on “the capital acquisition process”.
Following on from this, MaxCyte said expects CARMA Cell Therapies to be self-funded by the end of 2020.
Assessing the financial performance of the commercial operation, MaxCyte said current trading had been strong and the momentum had continued into the early part of the second half.
It is launching an expanded range of ExPERT disposables to “broaden applications by customers”, and presumably, enhance revenues.
A successful US$30mln financing in May has provided the financial support for MaxCyte’s planned dual listing on US growth market NASDAQ next year.
Published at Wed, 15 Jul 2020 06:55:00 +0000-MaxCyte performs strongly; CARMA Cell Therapies expected to be self-funding by year-end