Trinity Delta view: The Phase I study with the first CARMA therapy in development continues to advance to plan, which is always reassuring with a novel cell therapy, especially as the patients are receiving multiple doses of MCY‑M11.
The update also confirms that the CARMA non-viral manufacturing process can be completed in 24 hours. The currently approved CAR-T therapies (Gilead/Kite’s Yescarta and Novartis’ Kymriah) take 7-15 days to manufacture (using viral transduction and requiring T-cell expansion). The delay between identifying a patient suitable for CAR-T therapy and being able to treat them means that the condition of many patients has deteriorated too much for them to receive the cell therapy.
We expect preliminary efficacy data from the Phase I trial to be presented at a medical conference during 2020. We believe a promising signal will be detected at the higher doses; but note this is a single agent trial without any preconditioning regimen or checkpoint inhibitor and that it will take time to optimise treatment with a CARMA therapy.
We value MaxCyte at £195m or 341p per share.
Lighthouse
24 October 2019
| Price | 117.5p |
| Market Cap | £67.7m |
| Primary exchange | AIM London |
| Sector | Healthcare |
| Company Code | MXCT MXCS |
| 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
Mick Cooper PhD
mcooper@trinitydelta.org
+44 (0) 20 3637 5042
Lala Gregorek
lgregorek@trinitydelta.org
+44 (0) 20 3637 5043
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