LONDON (Alliance News) - MaxCyte Inc on Tuesday said it expects to post a 30% year-on-year increase in revenue, in line with market expectations, and for its pretax loss to be an "improvement" on market expectations.
Cell engineering products and services provider MaxCyte expects to post revenue of USD12.2 million for 2016, compared to the USD9.3 million it reported a year earlier.
MaxCyte noted the strong revenue growth through the licence of its patented delivery platform for cell engineering to biopharmaceutical partners and through participation in multiple partnered programmes.
In the second half of 2016, MaxCyte also continued to focus on the progression of its CARMA programme, the development of its proprietary platform in immuno-oncology, through its research collaboration with both the Johns Hopkins Kimmel Cancer Centre and the Washington University in St Louis.
Expenditures from the CARMA programme are, like the group's pretax loss, "likely to be an improvement on market expectations", MaxCyte said.
The group said it has increasing visibility of revenue, and anticipates trading for the current year to "continue to deliver strong growth".
"We have continued to make significant progress across all areas of the business and have achieved for the second year in a row a consecutive 30% year-on-year revenue growth. MaxCyte's proprietary technology is now uniquely positioned as an enabler for the clinical application of cutting-edge treatments in immuno-oncology and gene editing," said CEO Doug Doerfler.
Shares in MaxCyte were untraded on Tuesday, having last traded at 215.00 pence.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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MaxCyte (MXCT)