(Alliance News) - MaxCyte Inc on Tuesday reported a widened annual loss as the company upped its investment in its Carma treatments.
Shares in the clinical-stage cell-based therapies and life sciences firm closed 9.1% higher in London on Tuesday at 150.00 pence each.
In 2019, MaxCyte recorded a net loss of USD12.9 million, widened from USD8.9 million in 2018.
Revenue, however, was up 30% higher to USD21.6 million from USD16.7 million.
The company's total operating expenses were 36% higher year-on-year at USD31.5 million from USD23.3 million, following a 79% investment increase in its Carma treatment.
Carma is MaxCyte's therapeutic platform for next-generation CAR-based cancer treatments.
Chief Executive Doug Doerfler said: "2019 was a year of outstanding progress across all areas of our business. Our Life Sciences business continued to exhibit strong growth, reflecting MaxCyte's leadership as an enabler of next-generation cell-based therapies and resulting in a period of financial outperformance.
He continued: "Over the year we maintained progress with our lead Carma candidate, MCY-M11, which is advancing through a Phase I clinical trial, demonstrating the feasibility of our one-day cell therapy manufacturing process. We remain fully committed to the MCY-M11 clinical development programme, though are prepared for an impact on timelines due to delays caused by Covid-19 restrictions. In March 2020, dosing in the 4th cohort commenced according to schedule and at the higher dosing level. I am really proud of this achievement and would like to thank everyone involved in the trial to date."
Looking further ahead, Doerfler said he remains "highly optimistic" despite the Covid-19 pandemic.
"With unprecedented restrictions in place due to Covid-19, we remain mindful of the potential impact on revenues through slowdowns in customer operations or delays in clinical trials. However, we remain confident that MaxCyte has a resilient business model underpinned by strong recurring revenues and prospects for continued growth," he added.
By Paul McGowan; paulmcgowan@alliancenews.com
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MaxCyte (MXCT)