Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MaxCyte. We currently have 42 research reports from 3 professional analysts.
Hydrominer GmbH, An Austrian cryptocurrency miner, is considering an initial public offering (IPO) on the London Stock Exchange AIM during 2018 according to an article on Bloomberg. Block Energy—a NEX Listed UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC Cradle Arc—holding company of a group of companies focused on the exploration and development of precious and base metals projects in Africa. Offer raising £2.4m with market cap of £20.13m. Expected 24 Jan 2018 OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m.
Companies: ACRL EAH SQZ SLN DKL ANGS MXCT TEK APC REDX
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MaxCyte made significant progress in making its flow electroporation technology the preferred transfection methodology for CRISPR therapies in H117. At the same time, MaxCyte has increased its sales and marketing effort, supported by the £20m capital raise in April. So, we forecast that MaxCyte’s sales growth will be 26.1% sales growth in FY17, compared to 13.6% in H117. During the rest of the year, attention to MaxCyte’s CARMA platform (proprietary CAR therapy) should also increase, as it aims to file its IND in the US in H217 and the imminent launch of the first CAR-T therapy. We maintain our valuation at £178m, or 351p/share.
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MaxCyte is maintaining its leading position in the field of flow electroporation, an enabling technique for many advanced cell therapies. There are now over 45 cell therapies in development that use MaxCyte's proprietary technologies, and data published so far this year continue to highlight the utility of MaxCyte's instruments. The company signed a commercial licensing deal in March, and many more could be signed in the coming years. For a number of reasons revenue growth slowed to 13.5% in H117, but we expect significantly stronger growth in H217. We maintain our valuation at £178m, or 351p per share.
Arena Events Group -provider of temporary physical structures, seating, ice rinks, furniture and interiors. Raising £60m. Mkt cap £63m. Expected on the Chef’s birthday. 25th July.| Altus Strategies—African focused natural resource Company. Offer TBC. Expected Mid July. | Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main. No capital to be raised. Mkt Cap c. £57.8m. | AnimalCare—RTO of Ecuphar NV, a European animal health company. £30m raise. Ecuphar FY16 rev £68.4m, underlying EBITDA £8.9m. Due 13 July. | Angling Direct -Schedule 1 from the specialist fishing tackle retailer in the UK . Raising £9m of which £7.4m new money. Mkt cap c. £27.4m. Due 13 July | NEXUS Infrastructure—£35m vendor sale. Mkt cap £70.5m. Provider of essential infrastructure services to the UK housebuilding and commercial sectors. Expected 11 July. FYSep16 rev £135.7m. | Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. | QUIZ— Omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA | I3 Energy –Schedule 1 Update. Independent oil and gas company with assets and operations in the UK. Offer TBC, Mid July admission. | Verditek— Sch 1 update. The Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June | Rockpool Acquisitions—Northern Ireland based Company seeking strong NI acquisition with an international outlook. Raising £1.5m at 10p. Due 5 July. | Hipgnosis Songs Fund investment company offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published. | Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with thegrowth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00 Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July. | Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. | NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. | Kuwait Energy— has not been able to complete its initial public offering as announced in its Intention To Float of 3 May 2017. However, in light of positive feedback from potential investors, the Company remains committed to obtaining a London listing and continues to explore its options. | Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.
Companies: MGR VLG NFC FBT ESL ORCP MANX MXCT CALL
MaxCyte completed an exceptional first year as a publicly-listed company with a £20m capital raise at a slight premium. The additional capital allows MaxCyte to fully execute its dual strategy of developing a pipeline of CARMA products, while also exploiting its leading position in the field of flow electroporation. The extra cash will allow MaxCyte to expand the number of CARMA programmes from two to five and fund a total of three clinical trials. Recently presented data at the AACR meeting confirms the potential of its CAR therapy. We increase our valuation by £40m to £178m, 351p per share.
Touchstone Exploration— Oil exploration and production company active in the Republic of Trinidad and Tobago. Interests of approximately 90,000 gross acres. Production c. 1,300 boepd. Raising £1.45m. Expected mkt cap £7.5m. Due 26 June. I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 7 June admission. Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission in Early June Tiso Blackstar Group—Schedule 1 update. Media, entertainment and marketing solutions group/ £160m mkt cap. Admission only. Expected late June. DP Eurasia—Intention to float from the exclusive master franchisee of the Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia. £20m primary raise plus a partial vendor sale. Film Finances—Sky News reports that ‘movie financing company with credits including the Hollywood hits La La Land and Nocturnal Animals is plotting a blockbuster premiere on the London stock market that will value it at several hundred million pounds.’ Expected ‘during the summer’. AIB—Intention to float from AIB, Ireland's leading retail and commercial bank . The Minister for Finance intends to sell approximately 25% of the Ordinary Shares of AIB. Prospectus and announcement of the price range due in mid-June 2017. Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. Flying Brands (FBDU.L)—Prospectus approved by FCA. RTO of Stone Checker Software, supplier of technology solutions in the field of kidney stone analysis and prevention. Has raised £550k at 3p. Subject to GM on 15 Jun. Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe
Companies: MXCT PREM GUS PYC VP/ FREE CPS AMO MERC WDC
ADES International— Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa, seeking raise up to $170m plus vendor sale under a Standard Listing of the Main Market. Admission due May 2017. Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p. Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. ADES International Holding— Intends to join the Standard List of the Main Market in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
Companies: MXCT CLIN COS ODX HZM OPTI IMTK TRIN BLTG REDS
MaxCyte has reinforced its position as the leader in flow electroporation over the last year. The number of cell therapy licenses has risen by about 10 to over 40 and revenues increased by 32%. A new collaboration was formed to develop CARMA therapies in haematological cancers with Washington University in St Louis. There were also publications detailing the utility of its electroporation systems for CRISPR therapies, which was followed up by MaxCyte's first commercial license deal in the field. This performance is set to continue as it invests in R&D and marketing. We raise our valuation by 8p to 316p/share.
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 nonexclusive 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.
MaxCyte's trading update and recent news flow show how its electroporation technology is a key enabler for many cell therapies. There are over 35 cell therapies in development that use MaxCyte's devices, and recent papers show its potential use in CRISPR cell therapies. MaxCyte's own therapeutic programme, CARMA, should enter the clinic in H117, and a new collaboration expands its CAR platform into haematological cancers. Scientific progress has been matched on the financial front, with sales growing by over 30% in FY16, for a second consecutive year. We raise our valuation per share by 64p to 253p.
Lower numbers of new issues has raised standard of companies coming to AIM
2016 got off to a rocky start. Not long into January, after just a few trading days, global equity markets lost more than US$4tn of value due to investor sentiment towards China’s economic slowdown and depreciating currency. This was immediately followed by a slump in the oil price. By the third week of January, Brent Crude hit its year low at $27.10 a barrel causing an immediate sell off in the energy sector. Once the Q1 dust had settled, attention turned to the UK’s vote on whether to remain a member of the EU. The Brexit vote result proved to be a genuine shock for markets, with many investors having believed that the UK would stay within the European Union. Attention soon turned to the equally ill-tempered US Presidential elections and all the political and economic unknowns that Trump’s victory has spawned. As a result, AIM, has seen a roller-coaster of a year in 2016.
Companies: PRSM FRAN MXCT CER PAM TMO SECG MORE GOT
MaxCyte's has started FY16 strongly with sales growth accelerating. It has also expanded its marketing activities, which, combined with the favourable market dynamics, should enable MaxCyte to sustain growth of over 20% for the foreseeable future. Alongside its product business, the first CAR-T product from its CARMA technology platform is advancing as expected towards the clinic and we expect a Phase I trial in ovarian cancer to be initiated in H117. After updating our model to reflect the H116 results, we are upgrading our estimates and increasing our valuation by £2m to £82m, equivalent to 189p per share.
Research Tree provides access to ongoing research coverage, media content and regulatory news on MaxCyte. We currently have 42 research reports from 3 professional analysts.
|15Mar18 07:00||RNS||Notice of Full Year Results|
|28Feb18 17:00||RNS||Director/PDMR Shareholding|
|15Feb18 07:00||RNS||Grant of Options|
|13Feb18 07:00||RNS||Dr Richard Douglas Joins MaxCyte Board|
|01Feb18 16:06||RNS||Block listing Interim Review|
|23Jan18 13:32||RNS||Total Voting Rights|
|22Jan18 07:00||RNS||Trading Update|
EKF has reported a strong set of figures, slightly ahead of expectations. Revenues increased 8% to £41.6m and the margin profile of the business has been transformed, with gross margins significantly improved and EBITDA +52% to £9.3m. With the recovery phase now complete, attention is turning to driving the next leg of growth. We see a number of short and medium term growth opportunities over and above our published forecasts although, as ever, precise timing and quantum is uncertain.
Companies: EKF Diagnostics Holding
OptiBiotix Health Plc (LON:OPTI) focuses on managing and treating widespread, chronic medical conditions, such as obesity and high cholesterol, through the modulation of the human microbiome.
Companies: Optibiotix Health
Perfomatrix PLC, a global end to end Performance Marketing technology and services company headquartered in the UK, is looking to join AIM in early April 2018, offer TBC Crusader Resources, an ASX-listed public company incorporated in Australia, which is primarily focused on the exploration and development of gold assets in Brazil. Offer TBC, expected late March. SimplyBiz, a Financial Services Firm, reported to be considering an IPO targeting a market capitalisation of between £140m and £155m in a listing that would raise £30m of new money. Bacanora Lithium—Readmission. No new money. Mkt cap £140m. Due 21 March. the new holding company for Bacanora Minerals Ltd Core Industrial REIT—established to invest in Irish-based industrial properties, predominantly located in the Greater Dublin Area. Vendor placing and new funds to a total of €225m, Target gross proceeds €207m. Expected Mid March Polarean - Medical drug-device combination company operating in the high resolution medical imaging market. Offer TBC. Due26 March
Companies: VLS SGZ SPA MTPH TLY ITQ TFW SAR RHL
In the March 2018 edition of the Hardman Monthly Newsletter, Nigel Hawkins addresses the attractions of quoted infrastructure funds that maintain a low profile.
Companies: OPM ABZA AVO AGY APH ARBB AVCT BNO BUR CMH CLIG COS DNL EVG GTLY GDR INL MCL MUR NSF OBT OXB PPH NIPT PHP RE/ REDX SCLP SCE SIXH TRX TON VAL
Oxford BioMedica’s full year results highlight the continued step up in bioprocessing and commercial development income, increasing 36% in the year, as the facilities operate close to capacity. The group announced on Friday that it had raised £20.5m to fund the expansion of its bioprocessing facilities as it continues to focus on establishing additional deals with its LentiVector® platform (as evident by the most recent deal with Bioverativ). The group’s partnered product pipeline continues to progress and we look forward to the additional expected approvals of Kymriah® later in the year.
Companies: Oxford Biomedica
A fully integrated specialty pharma company, Midatech Pharma is rapidly progressing the development of three lead R&D programs. They have developed three proprietary drug delivery technologies (Q-Sphera, Gold Nano Particle and Nano Inclusion) to improve and expand the therapeutic potential of validated drug products. At the same time Midatech has built a US commercial unit focused on supportive care products.
Companies: Midatech Pharma
What with North Korean missiles whistling over Japan, supreme leader Kim Jong Un threatening nuclear war against America and numerous other terrorist attacks, the world is undoubtedly a dangerous place. Demonstrated again just a fortnight ago, after a ‘lone wolf’ ISIS extremist, managed to explode a home-made ‘pipe-bomb’ in a busy New York underpass near Times Square.
Companies: Kromek Group
2018 is the year of the Great Exhibition of the North. This summer, Newcastle and Gateshead will play host to a government-sponsored, 80-day marathon of events. Billed as the largest event in England this year, the Great Exhibition will showcase the best of the North East’s art, culture, design and innovation and we expect it to highlight the region’s ongoing success in high-end engineering, technology and life sciences. It may also reflect on the success of the North East’s plcs, the most striking example of which is Sage’s transition from 1980’s start-up to £9bn FTSE100 stalwart. We remain on the look out for the next Sage and expect the region to continue to produce attractive IPO candidates following Ramsdens’ success last year. Overall 2017 was a positive year for the region’s listed companies, one highlight of which was the takeover of Quantum Pharma, an N+1 Singer client, by Clinigen for £150m. We are confident that 2018 will be another successful year. Our top regional picks this year are Hargreaves Services, Zytronic and Applied Graphene Materials.
Companies: AGM BWY GRI GRG HSP IDH KMK NTG RFX UTW VNET ZYT
Shire reported a solid set of numbers for Q4 and the full year 2017. Immunology drove most of the growth while neuroscience lent strong support. The guidance, understandably, was not taken positively by the market, with the company expecting the top-line to grow at mid single-digit and profits at a slower pace. While we will be tweaking our estimates to account for the softer-than-expected outlook for 2018, we do not alter our already-modest long-term estimates.
Core biodecontamination revenues increased by 13%, driving a material improvement on operating margins to 10% and strong EPS growth of 78%. Having upgraded our FY18/19 EPS forecasts by 18% & 16% respectively in January, we make no further changes at this early stage in the year. The shares continue to trade at a material discount to peers and we see further upside scope on growth, forecast upside and potential cash returns.
The termination of a low margin distribution deal does not change the investment case for LiDCO and we make no change to our estimates as a result. At the recent trading update, there were positive signs that LiDCO’s innovative High Usage Program is now beginning to gain traction. It is this, ultimately, that will transform the company’s prospects. We look forward to more detail at the prelims on 10th April.
Companies: Lidco Group
The main highlights for Synairgen in 2015 were the research collaboration with Pharmaxis and AstraZeneca commencing its Phase IIa trial of AZD9412 (formally SNG001). News flow from both is expected in 2017 with the former commencing clinical trials and the later announcing data. The group has also announced positive, albeit very early, data from its collaboration with Pharmaxis this morning. Synairgen continues to screen for new opportunities and expects to establish at least one in the coming year. We remain at Buy and look forward to additional development updates and further pipeline additions in due course.
The start of the 40-subject PK trial of MED2002 (Eroxon®) is in line with expectations. The trial will provide additional safety and tolerability data for Eroxon® and inform the choice of dose range for the subsequent Phase III programme. Meanwhile we look forward to a first out-licensing agreement for Eroxon®, currently expected before the start of Phase III in H1 2018. We continue to view Eroxon® as a differentiated product with significant commercial potential in both prescription and, over time, OTC markets. We reiterate our positive stance on Futura Medical.
Companies: Futura Medical
Synairgen has announced revised terms to its collaboration agreement with Pharmaxis and the LOXL2 programme. The group has no further financial obligations for the programme and will be paid £5m consideration plus around 17% of future partnering revenues. The group announced in September that it intends to progress SNG001 (inhaled interferon beta) into clinical development for the treatment of COPD with a short Phase II trial designed for the winter 2017/2018. The group will use the £5m consideration to fund the development of SNG001. New opportunities to expand the group’s pipeline continue to be assessed. Our recommendation and Target Price remain under review. We will review both in due course.
Anpario’s interim results highlight a period of strong growth putting the group on track to beat our full year sales estimate. The strategic initiatives the group implemented in 2016 are bearing fruit with Asia, the Americas and the Middle East all reporting significant growth. The group has introduced an interim dividend, reflecting its confidence of growth continuing in the future. H2 has reportedly started well and we remain at Buy.