Trinity Delta view: MaxCyte is the clear leader in non-viral cell modification, and its proven flow electroporation platform is at the heart of the new generation of gene-edited and cell therapies. This deal with Caribou underlines the demand for the technology, provides important validation from a gene editing pioneer, and is indicative of a trend whereby companies are securing early access to MaxCyte’s technology ahead of clinical entry. MaxCyte’s stable of deals has the potential to transform its revenue base over the mid-term, with more frequent and less lumpy milestone receipts. MaxCyte will benefit from a portfolio effect; even with a high clinical attrition rate given the cutting-edge nature of the underlying cell and gene therapy programmes, a few successes would be transformative. MaxCyte’s £25.1m ($31m) fund raise and proposed NASDAQ list will help it in supporting its partners as their pipelines mature, as well as in striking new collaborations with fast-growing well-funded US companies. We are in the process of updating our valuation to include the fund raise; for context, our prior valuation was £195m, or 341p/share, with the core business excluding CARMA worth £111m.
Lighthouse
7 May 2020
| Price | 155.0p |
| Market Cap | £89.0m |
| 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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