Capital raised to advance CARMA primarily

Lighthouse | 6 February 2019

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  • MaxCyte has raised £10m (gross) after placing 5.9m new shares at 170p a discount of 8% to the prevailing share price on 4 February 2019.
  • The extra capital will be primarily invested in its CARMA platform (proprietary mRNA-mediated CAR technology), including developing CARMA therapies for additional solid tumour indications. The first such therapy MCY-M11 is in Phase I trial in ovarian cancer and peritoneal mesotheliomas.
  • The use of proceeds has been specifically earmarked will also be used to: expand its cell therapy pipeline; and, develop further its core instrument business (including an instrument for the large-scale transient protein manufacturing).
  • MaxCyte is due to report its FY18 results in April 2019, and the initial data from the Phase I trial in ovarian cancer and peritoneal mesotheliomas with the CARMA therapy MCY-M11 is expected in H119, though this might only be tolerability data.

Trinity Delta view: The company delivered a strong period of growth, signed new commercial licensing deals and treated the first patient with a CARMA therapy (MCY-M11) in H218 (as detailed in our update note on 15 January 2019). But, it should be remembered that despite the promising results achieved with cell therapies to date, the field is still very young and dynamic, and it is important that MaxCyte sustains an appropriate level of investment to maintain its leading position as a partner of choice for cell therapy companies and to compete in the field of CAR therapies; the additional capital will allow MaxCyte to do so.

We currently value the company at 358p per share, and will shortly review our valuation to take into account the capital raise


6 February 2019

Market Cap£92m
Primary exchangeAIM London
Company CodeMXCT
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.


Mick Cooper PhD
+44 (0) 20 3637 5042

Lala Gregorek
+44 (0) 20 3637 5043


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