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(Alliance News) - MaxCyte Inc on Wednesday predicted a sharp rise in first half revenue on increased client usage of its products and said that its research & development subsidiary is expected to be self-funded by the end 2020.
Shares in the clinical-stage cell-based therapies & life sciences firm were trading 5.7% higher at 233.52 pence each on Wednesday afternoon in London.
MaxCyte licences out its technology to life sciences companies that use its cell engineering know-how in drug development.
The company expects to post revenue of USD10.9 million for the six months to the end of June, up 30% year-on-year. The rise in revenue was attributed to increased adoption and usage of the company's products by its client base.
MaxCyte highlighted that its R&D business, CARMA Cell Therapies, is now established as a wholly-owned subsidiary to facilitate independent investment and new partnerships.
Scientists working for CARMA are currently developing MCY-M11, which is a potential therapy for ovarian cancer and peritoneal mesothelioma, the company said, adding that results from a Phase I study are expected in the second half of 2020.
CARMA Cell Therapies is expected to be self-funded by the end of 2020.
Looking ahead, Chief Executive Doug Doerfler said: "We are pleased to have delivered positive momentum across all aspects of our business in the first half of 2020 and into July. We were delighted to expand our cell therapy partnerships with three industry-leaders as well as the continued clinical progress of the first CARMA therapeutic candidate, MCY-M11.
"We remain mindful of the impact of the Covid-19 global pandemic and continue to work diligently to mitigate any potential restrictions and delays in our operations and to protect our team, their families, our customers and patients. We remain confident in our prospects for long-term growth fuelled by our next-generation gene-editing enabling technology and a resilient business model."
By Ife Taiwo; ifetaiwo@alliancenews.com
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