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LONDON (Alliance News) - MaxCyte Inc on Wednesday said its loss narrowed in 2018 on higher annual fees from its partners as it progresses on MCY-M11 therapeutic candidate development.
The life sciences company reported a net loss of USD8.9 million for 2018 versus USD9.9 million a year earlier, as revenue increased by 19% to USD16.7 million from USD14.0 million.
MaxCyte said revenue growth was driven by high-margin recurring annual fees from its cell therapeutics business.
During the year, the company treated its first patient with MCY-M11, a therapeutic candidate from MaxCyte's CARMA platform, in the first phase of a dose-escalation clinical trial.
The clinical trial of MCY-M11 is designed to establish CARMA as a new autologous cell therapy platform for next-generation targeted cell-based immune therapies, the company said.
"MaxCyte has established itself as a world leader in non-viral cell engineering - offering a rapid and efficient means of delivering the future generation of cell-based therapies," said Chief Executive Doug Doerfler. "We look forward to the future with great confidence."
MaxCyte shares were trading 0.3% lower on Wednesday at 187.00 pence each.
