(Alliance News) - MaxCyte Inc said Monday trading was ahead of market expectations in 2019 as revenue rose and five new clinical-commercial licenses were signed.
MaxCyte shares were trading 10% higher in London at 133.80 pence each on Monday.
In a trading update for the year ended December 31, the cell-based medicines and life sciences company said its revenue is expected to increase 30% to USD21.6 million compared to USD16.7 million in 2018.
The company said revenue growth accelerated in the second half, increasing approximately 36% to USD13.2 million, compared to USD9.7 million a year before.
During the first half of 2019, MaxCyte launched its next generation of instruments and disposables, ExPERT, "with positive feedback and strong interest from existing and new customers".
"2019 strong growth was supported by positive acceptance by customers of the launch of the ExPERT instruments and the start of the roll out of the company's expanded processing assembly line," the company noted.
During 019, MaxCyte said it signed five clinical-commercial licenses and now has more than 100 cell therapy programmes under license under which more than 70 are licensed for clinical use.
Chief Executive Officer Doug Doerfler said: "These clinical partnerships have delivered a record year of milestone payments for MaxCyte, and the growth in the number of partners and the advancement of their clinical programs will drive an increasing amount of development milestone payments to MaxCyte in fiscal year 2020 and beyond.
"Consequently, this will further boost our revenues over and above the momentum we have in our instruments and disposables business," Doerfler said.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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MaxCyte (MXCT)