Major milestone achieved, as first patient is treated with a CARMA product

Lighthouse | 10 October 2018

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  • The first patient has been treated in the Phase I trial with MCY-M11 (anti-mesothelin, CARMA-hMeso), the novel chimeric antigen receptor (CAR) cell therapy developed by MaxCyte.
  • The trial is a dose-escalation study (3+3 design) in c15 patients with ovarian cancer or peritoneal mesothelioma, who will receive three weekly doses of MCY-M11 delivered intraperitoneally, without any preconditioning treatment (eg. cyclophosphamide or fludarabine). The dosing of the initial cohort will be 1 x 107 cells, which will be increased in subsequent cohorts to 5 x 107, 1 x 108 and 5 x 108
  • The study is being conducted at National Cancer Institute, National Institutes of Health in Maryland, and Washington University in St. Louis in Missouri.
  • 9 independent studies in over 20 patients have confirmed the potential of treating cancer, including solid tumours, with T-cells that only transiently express a CAR (unlike current CAR-T therapies) following transfection of mRNA into the cells using MaxCyte’s technology.
  • Initial data from the study is expected in early 2019, the primary endpoint is safety with efficacy and the analysis of biomarkers as secondary endpoints.
  • MaxCyte’s ability to manufacture the CARMA therapy in 1 day (compared to current approved CAR-T therapies of 1 to 2 weeks) has been validated during the treatment of the first patient.
  • The second CARMA therapy, an intravenous version of MCY-M11, should enter the clinic in H219.

Trinity Delta view: The CARMA technology platform is key asset of MaxCyte, internally developed and wholly-owned. CARMA products clearly have significant manufacturing advantages over the currently approved CAR-T therapies, Novartis’ Kymriah and Gilead’s Yescarta. This trial will indicate whether CARMA products have the better safety profile, with manageable on-target/off-tumour effects (a significant issue for the development of CAR-T therapies in solid tumours), while still having the expected anti-tumour activity.

The initial data from the trial is expected in Q119, but a better indication of the potential of MCY-M11 will probably become apparent later in the year, once patients have received the higher doses.

Our valuation of MaxCyte is currently £166m or 327p/share, which we will review in light of the company’s progress.



10 October 2018

Market Cap£122m
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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