Maiden commercial deal announced for use in CRISPR
Update | 14 March 2017
MaxCyte has signed a commercial license deal with CRISPR Therapeutics and Casebia (a joint venture with Bayer) for its flow electroporation to be used to develop CRISPR-based therapeutics for haemoglobin-related diseases. The non-exclusive deal includes an upfront, milestones, and sales-based payments; and we estimate has an NPV of c $10m. There are some 40 cell therapies that use MaxCyte’s proprietary technologies in development (10 of which are licensed for use in the clinic); suggesting further similar deals could be expected over the coming years. We have increased our valuation from 253p to 308p a share.
|Adj. PBT ($m)||(1.8)||(1.4)||(4.4)||(5.9)|
|Net Income ($m)||(3.8)||(3.5)||(4.9)||(5.9)|
|Adj. EPS (c)||(15.2)||(1.9)||(7.3)||(13.7)|
14 March 2017
|Shares in issue||43.5m|
|12 month range||72.5p-272.5p|
|Primary exchange||AIM London|
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
+44 20 3637 5041
Exhibit 1: Summary of financials
Source: MaxCyte, Trinity Delta Note: Adjusted numbers exclude exceptionals. No commercial licensing deals are included in our forecasts
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