Trinity Delta view: MaxCyte is developing a pipeline of CARMA therapies that offer the prospect of having high potency, a broader range of indications, fewer side-effects, and are cheaper/easier to manufacture, than first-generation CAR platforms. The production process is particularly important as it is simpler, more rapid, and less costly. CARMA cells can be manufactured within 24 hours, potentially in a hospital, without any complex supply chain logistics. Management plans for the CARMA business to become self-financing by 2021. A specialist advisor, Locust Walk, has been appointed to explore the appropriate options and encouraging MCY-M11 data should help this happen. Our valuation for MaxCyte is £260m (340p/share), with the core business alone valued at £158m (206p/share) and the CARMA platform worth £102m (103p a share).
Lighthouse
2 June 2020
| Price | 173.5p |
| Market Cap | £132.9m |
| 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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