CRISPR-Cas9 gene editing pioneer secures licence

Lighthouse | 7 May 2020

Share this note

  • Preliminary safety and efficacy data for MCY-M11 has been published in a poster at ASCO 2020. MCY-M11 is an anti-mesothelin therapy for ovarian cancer and malignant peritoneal mesothelioma with intra-peritoneal delivery. The data relates to the first 11 patients (first three dose cohorts) in a 15 patient Phase I dose escalation study.
  • MCY-M11 is the lead development programme in MaxCyte’s proprietary next-generation CAR technology platform, known as CARMA. MCY-M11 consists of fresh, non-expanded, autologous peripheral blood mononuclear cells (PBMCs) transfected by MaxCyte’s flow electroporation technology with mRNA encoding a human anti-mesothelin CAR.
  • The trial is following a 3+3 design with patients treated in four escalating dose cohorts (1.0 x 107, 5.0 x 107, 1.0 x 108, and 5.0 x 108 cells/dose) on a three weekly dose format. Preconditioning treatment (eg cyclophosphamide or fludarabine) is excluded. The results relate to the first three dose levels as dosing of the fourth cohort started in March 2020.
  • The preliminary results show that MCY-M11 is safe and well tolerated. No infusion-related adverse events and no dose limiting toxicities have been seen. Similarly, no neurotoxicity has been observed and any treatment-related adverse events were minor (Grades 1 & 2) and transient. Those assessed as on-target off-tumour effects resolved without complications.
  • Three patients in the 2nd dose cohort showed stable disease (SD) by RECIST 1.1 and one patient in the 3rd dose cohort is showing SD (evaluation is pending for the other two patients). The conclusion is that this early data is encouraging and supports exploring strategies such as the addition of preconditioning chemotherapy and multiple cycles to increase efficacy.
  • A key function of the trial was to assess the viability of the treatment and the robustness of the logistics. The conclusion here is that the feasibility of one-day manufacturing of MCY-M11 for ip delivery has been demonstrated.

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).


2 June 2020

Market Cap£132.9m
Primary exchangeAIM London
Company Code
Corporate clientYes

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.


Lala Gregorek
+44 (0) 20 3637 5043

Franc Gregori
+44 (0) 20 3637 5041


Trinity Delta Research Limited (“TDRL”; firm reference number: 725161), which trades as Trinity Delta, is an appointed representative of Equity Development Limited (“ED”). The contents of this report, which has been prepared by and is the sole responsibility of TDRL, have been reviewed, but not independently verified, by ED which is authorised and regulated by the FCA, and whose reference number is 185325.

ED is acting for TDRL and not for any other person and will not be responsible for providing the protections provided to clients of TDRL nor for advising any other person in connection with the contents of this report and, except to the extent required by applicable law, including the rules of the FCA, owes no duty of care to any other such person. No reliance may be placed on ED for advice or recommendations with respect to the contents of this report and, to the extent it may do so under applicable law, ED makes no representation or warranty to the persons reading this report with regards to the information contained in it.

In the preparation of this report TDRL has used publicly available sources and taken reasonable efforts to ensure that the facts stated herein are clear, fair and not misleading, but make no guarantee or warranty as to the accuracy or completeness of the information or opinions contained herein, nor to provide updates should fresh information become available or opinions change.

Any person who is not a relevant person under section of Section 21(2) of the Financial Services & Markets Act 2000 of the United Kingdom should not act or rely on this document or any of its contents. Research on its client companies produced by TDRL is normally commissioned and paid for by those companies themselves (‘issuer financed research’) and as such is not deemed to be independent, as defined by the FCA, but is ‘objective’ in that the authors are stating their own opinions. The report should be considered a marketing communication for purposes of the FCA rules. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. TDRL does not hold any positions in any of the companies mentioned in the report, although directors, employees or consultants of TDRL may hold positions in the companies mentioned. TDRL does impose restrictions on personal dealings. TDRL might also provide services to companies mentioned or solicit business from them.

This report is being provided to relevant persons to provide background information about the subject matter of the note. This document does not constitute, nor form part of, and should not be construed as, any offer for sale or purchase of (or solicitation of, or invitation to make any offer to buy or sell) any Securities (which may rise and fall in value). Nor shall it, or any part of it, form the basis of, or be relied on in connection with, any contract or commitment whatsoever. The information that we provide is not intended to be, and should not in any manner whatsoever be, construed as personalised advice. Self-certification by investors can be completed free of charge at TDRL, its affiliates, officers, directors and employees, and ED will not be liable for any loss or damage arising from any use of this document, to the maximum extent that the law permits.

Copyright 2020 Trinity Delta Research Limited. All rights reserved.