Trinity Delta view: The succession of clinical and commercial deals highlights how MaxCyte is establishing itself as the clear leader in non-viral cell modification. Its proven flow electroporation platform is increasingly at the heart of the new generation of gene-edited and cell therapies. The significant partnerships with many of the leading gene editing and cell therapy companies (including Kite Pharma, CRISPR Therapeutics, Editas Medicine and Allogene Therapeutics) provide important industry validation, and the growing portfolio of licences covering diverse product candidates increases the likelihood of meaningful future milestone receipts. MaxCyte’s investment case is detailed in our recent Outlook note. Our valuation is £260m or 340/share, with the core business recurrent revenues accounting for £83.8m (146p/share), risk-adjusted potential milestones for £48.6m (85p/share), and the CARMA platform for a more speculative £102.9m (179p/share).
Lighthouse
8 July 2020
| Price | 200.5p |
| Market Cap | £153.6m |
| Primary exchange | AIM London |
| Sector | Healthcare |
| Company Code | MXCT MXCL |
| Corporate client | Yes |
Company description
MaxCyte uses its patented flow electroporation platform to transfect a wide array of cells. Revenues arise from sale and lease of equipment, disposables and licence fees; with an impressive client list. Additionally, a novel mRNA mediated CAR technology, known as CARMA, is being explored in various cancers, including solid tumours.
Analysts
Lala Gregorek
lgregorek@trinitydelta.org
+44 (0) 20 3637 5043
Franc Gregori
fgregori@trinitydelta.org
+44 (0) 20 3637 5041
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