· Full-year revenues at $26.2m (21% growth over FY 2019) and second half revenue at $15.3m (15% over 2H 2019)
· Potential pre-commercial milestone payments now in excess of $950m; licensed partnered programs exceed 140 with more than 100 programs licensed for clinical use
· 2021 revenue growth expected to accelerate driven by existing partners' clinical progress and conversion of burgeoning strategic partnership pipeline
· Based on strategic review of CARMA Cell Therapies™ business, MaxCyte will focus on out-licensing valuable CARMA™ platform manufacturing processes and intellectual property without further clinical or pre-clinical investment
· MaxCyte remains on schedule to pursue a Nasdaq dual listing in 2021
Gaithersburg, Maryland - 20 JANUARY 2021: MaxCyte (LSE: MXCT, MXCL), a global cell-engineering and life sciences company, provides a trading update for the year ended 31 December 2020. MaxCyte will announce its audited results for the year ended 31 December 2020 in April 2021.
2020 financials ahead of market expectations
2020 revenues are expected to be $26.2m, an increase of approximately 21% compared to the prior year (2019: $21.6m), and ahead of market expectations for FY 2020. While COVID-19 had some negative impact, revenue growth continued in H2 2020, increasing approximately 15% over H2 2019 (approximately $15.3m compared to $13.2m). This growth reflects the increasing adoption and use of the Company's products and technologies and was buoyed by the launch of an expanded ExPERT™ range of disposables in 2020, which broadens applications available to customers. Cash and cash equivalents, including short-term investments, at year-end were approximately $34.8m following the successful $30.5m financing in May 2020, which featured Nasdaq specialist crossover investors Casdin Capital and Sofinnova Partners.
Strong 2021 outlook
MaxCyte is fully focused on expanding its core business and expects to deliver accelerating revenue growth in 2021. Management expects this growth to be supported by both the continued advancement of MaxCyte's current partners' cell therapy programs into clinical development and the subsequent realization of associated pre-commercial milestone payments, as well as by the addition of new customers via the conversion of a burgeoning partnership pipeline. The aggregate potential milestone payments from all the Company's cell therapy partnerships are now in excess of $950m, and the Company's licensed partnered programs now exceed 140 with more than 100 programs licensed for clinical use. MaxCyte remains committed to pursuing a dual-listing on Nasdaq in 2021.
Update on CARMA Cell Therapies™
Further to the Company's previously stated intention to limit MaxCyte's future financing of CARMA, MaxCyte has conducted a strategic review of the CARMA Cell Therapies subsidiary and concluded to focus on out-licensing the valuable CARMA platform manufacturing processes and intellectual property (IP) with curtailment of further research and development activities. MaxCyte believes the CARMA manufacturing know-how, preclinical and clinical data amassed to-date, and IP portfolio remain valuable assets - with significant licensing potential to enable the programs of its current and future partners. CARMA IP broadly covers mRNA-transfected, unstimulated cell therapies.
MaxCyte will finalize data analyses from dosed patients to complete the CARMA Phase 1 clinical data package in support of future potential partnership efforts.
MaxCyte will no longer make future investments in the clinical and preclinical development of CARMA assets, including its first therapeutic candidate, MCY-M11. CARMA assets will be incorporated into the Company's core business to explore opportunities to expand its leading position in non-viral cell therapy-enabling technologies. Expenses associated with the discontinuation of preclinical and clinical development activities are expected to be roughly $4m in 2021, to occur in the first half of the year. MaxCyte will focus future investment into the Company's core non-viral cell-engineering business to leverage opportunities to expand its leading position in non-viral cell therapy-enabling technologies.
Doug Doerfler, Chief Executive Officer, commented: "We have continued our strong sales and partnering momentum and delivered positive results across the business during 2020, despite facing many challenges as a result of the pandemic. We are particularly proud to have expanded our cell therapy partnerships with four industry leaders in the past 12 months and of our burgeoning strategic partnership pipeline, which reflects the increasing investment and clinical success of next-generation cell therapeutics.
"In addition, we believe strongly in the value that we have built in the CARMA platform and MCY-M11 and, although we have capped our intended investment in CARMA, we look forward to developing potential licensing opportunities for this valuable IP.
"The Board is confident regarding the outlook for the Company and we look forward to building on MaxCyte's strong operational foundation and performance of about 25% compound annual revenue growth over the past five years. Cell-based therapies continue to demonstrate tremendous promise in the treatment of patients with intractable disease and we believe MaxCyte's next-generation technology is uniquely placed to enable the development of these therapies."