Extension of clinical and commercial license with CRISPR Therapeutics

Lighthouse | 9 November 2018

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  • CRISPR Therapeutics and MaxCyte have extended their non-exclusive licensing agreement covering the use of MaxCyte’s flow electroporation technology into the field of oncology.
  • The initial agreement covering the commercial use of MaxCyte’s technology was signed in March 2017 for haemoglobin-related diseases, which CRISPR Therapeutics is developing with Bayer as part of the Casebia Therapeutics joint venture.
  • CRISPR Therapeutics is developing allogenic CAR-T therapies, with the potential to be off-the-shelf treatments and be administered immediately, for various cancers. Its lead CAR-T programmes are in IND-enabling studies and are CTX110 (anti-CD19) for B-cell malignancies and CTX120 (anti-BCMA) for multiple myeloma.
  • No financial details of the agreement have been disclosed, but the opportunity in immuno-oncology is much greater than that in haemoglobin related diseases. We currently estimate the value of deal is c $10m per programme to MaxCyte.

Trinity Delta view: This agreement extension highlights MaxCyte’s leading position in the field of electroporation, a key enabling technology for ex vivo CRISPR cell therapies. CRISPR Therapeutics decided that it wanted to enter into an agreement covering the commercial use of MaxCyte’s technology even before its programmes has entered the clinic as it wanted to secure its “access to the leading ex vivo delivery platform”.

It is likely that there will be several more licensing agreements covering the commercial use of MaxCyte’s technology signed in the coming years. Between H117 and H118, the number of licenses covering clinical usage grew from over 15 to over 25.

Our valuation of MaxCyte is currently £166m or 327p/share.



9 November 2018

Market Cap£99m
Primary exchangeAIM London
Company CodeMXCT / MXCR
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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