MaxCyte: Allogene deal is validation for new CAR-T wave
MaxCyte’s (MXCT's) deal with clinical-stage industry leader Allogene Therapeutics (ALLO) is a clear endorsement of the features of its Flow Electroporation technology for enabling the production of the next generation of ‘off-the-shelf’ CAR-T therapies. Not only is this an impressive deal since ALL
26 Mar 20
MaxCyte - delivering growth, highlighting value
MaxCyte (LON:MXCT)delivered a consensus-beating 30% step up in 2019 (FY19) revenues, driven by sales of licences for its proprietary cell engineering platform and early clinical milestones from some of its eight clinical/commercial licences, reaching a five-year revenue compound annualised growth r
28 Jan 20
Small Cap Feast
Intention to float by Gemfields Group. No Capital Raise. Currently listed on JSE. (GML:JNB) at circa £122m. The Group's key producing assets, the Kagem emerald mine in Zambia (believed to be the world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world), are both expected to have long mine-lives with potential for expansion. Also owns the Faberge brand. Due Valentines Day 2020. The Proof Of Trust has announced its intention to list on the Standard Market. The Blockchain based business, owns patents to a protocol which facilitates dispute resolution based upon smart contract disputes. Transaction details TBC. Calisen Group. Potential Intention to Float. Owner and manager of essential energy infrastructure assets through its subsidiaries Calvin Capital and Lowri Beck . Consolidated FY Dec 18 revenue £162.1m and operating profit £25.4m. Raising up to £300m in primary plus partial vendor sale. Expected Admission February 2020 The Global Sustainable Farmland Income Trust will invest in a diversified portfolio of operational farmland assets located in major agricultural markets including the United States, Europe, New Zealand, Australia and certain countries within Latin and South America. Raising up to $300m. Due 28 February. Investment firm Nippon Active Value fund is seeking to raise up to £200m at an issue price of 100p per share via an IPO. The company aims to invest in a portfolio of quoted Japanese stocks with market capitalisations of up to $1bn. First day of dealings expected early February.
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20 Jan 20
MaxCyte - Pole Position in Cell and Gene Therapy
MaxCyte Inc (LON:MXCT) is well-positioned to leverage its proprietary flow electroporation technology that is driving innovation, not only for its differentiated cell therapy platform CARMA but for a fast-growing list of leading industry partners. MXCT has more than 80 licensed programmes including
26 Nov 19
And yet another commercial licence agreement
MaxCyte has signed another multi-product clinical and commercial licence agreement, this time with Vor Biopharma after signing a similar deal with Editas last month. This licence agreement will allow Vor Biopharma to use MaxCyte’s ExPERT flow electroporation instruments to develop and commercialise up to five oncology therapies. The lead therapy is VOR33, and uses engineered haemopoietic stem cells to allow acute myeloid lymphoma (AML) patients to be better treated. The strength of MaxCyte’s technology in enabling novel cell therapies to be developed is also highlighted by the initial data from Vertex/CRISPR Therapeutics with CTX001 in the treatment of beta-thalassaemia and sickle cell disease. We continue to value MaxCyte at £195m (341p/share), but there is now more upside potential.
21 Nov 19
Third cohort in CARMA Phase I initiated
MaxCyte has completed the first two dose cohorts and initiated the third cohort of Phase I trial of MCY-M11, the first CARMA therapy in clinical development. No dose-limiting toxicities, infusion-related adverse events, on-target or off-target toxicities, or other safety concerns have been observed.
24 Oct 19
Small Cap Feast
African Export-Import Bank a supranational financial institution w hose purpose is to facilitate, prom ote and expand intra- and extra- African trade, of its potential intention to publish a registration document, the Bank hereby confirms its intention to proceed with an Initial Public Offering. The GDRs are expected to be admitted to the standard listing segment of the Official List of the FCA and to trading on the Main Market of the LSE. DNEG Limited intends to apply for adm ission of its Shares to the premium listing segment of the Official List of the FCA and to trading on the London Stock Exchange's main market for listed securities. The Offer will be comprised of new Shares to be issued by the Company (to raise expected gross proceeds of £150m). Admission is expected to take place in November 2019.
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24 Oct 19
Editas deal marks sixth commercial licence
MaxCyte has achieved another milestone, securing a sixth commercial licence for its Flow Electroporation technology with leading genome editing company Editas Medicine. This new non-exclusive clinical and commercial licence agreement allows Editas to use MaxCyte’s technology and its ExPERT instruments in the development and commercialisation of up to five therapies (sickle cell/beta thalassemia programme EDIT-301 and four immuno-oncology programmes). MaxCyte is eligible for development and approval milestones and sales-based payments in addition to other licensing fees, and revenue from consumables sales. The deal with Editas reinforces MaxCyte’s position as the key enabler for gene edited (including CRISPR-based) therapies, further increasing confidence in our £195m (341p/share) valuation.
07 Oct 19
Consistent solid delivery
Continued expansion of MaxCyte’s base of licenced cell therapy programmes provides an increasingly solid foundation to support future revenue growth. MaxCyte has delivered four-year revenue CAGR of 24%; H119 revenues were up 21%. With an industry increasingly transitioning towards non-viral transfection methods for cell and gene therapies, MaxCyte’s enabling technologies are well positioned. The company is benefitting from this trend with an increasing number of licenced cell therapy programmes (now 80+), as well as expansion in the number of clinical (45+) and commercial (5) licences. The latter represent $450m in aggregate pre-commercial milestones. Coupled to this, MaxCyte is advancing the development of its proprietary CARMA platform and is exploring independent sources of investm
19 Sep 19
Ideally placed to sustain growth
MaxCyte is maintaining its momentum, delivering revenue growth of 21% during H119 and having grown at a CAGR of 24% over the last four years. This was driven in part by the number of licensed cell therapy programmes increasing by c 10 to over 80. As was highlighted at the Capital Markets Day last week, the demand for MaxCyte’s technology, especially from those companies developing cell therapies, is only likely to grow. Cell therapy companies are focussing more on gene-modified therapies and are increasingly looking for alternatives to viral methods, leaving MaxCyte ideally positioned to benefit. At the same time, development of MaxCyte’s CARMA platform advances as expected: data from the current Phase I/II trial are due in H120. We value MaxCyte at £195m or 341p per share
17 Jul 19
Small Cap Feast
Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m. Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.
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17 Jul 19
Dosing advances to second cohort in CARMA Phase I
MaxCyte has completed the first dose cohort and initiated the second cohort in its first Phase I trial of MCY-M11, the first CARMA therapy in clinical development. No dose-limiting toxicities or safety concerns were observed in first patient cohort.
08 May 19
Small Cap Feast
Induction Healthcare Group plc—a healthcare technology company focused on streamlining the delivery of care by Healthcare Professionals looking to join AIM. Expected raise of £14.58m at 115p, market cap of £34.07m. Expected 22 May 2019. SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM. Expected 28 May 2019, anticipated market cap of £76m Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Distribution Finance Capital Holdings plc — specialist lender which builds relationships with manufacturers and then provides working capital solutions up and down their supply chains to drive their growth is looking to join AIM. No raise, secondary offering of £19.8m at 90p, expected market cap of £95.98m. Expected 09 May 2019. Alumasc Group plc, the premium building products, systems and solutions group, has announced its intention to move from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019
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08 May 19
At the forefront of the cell therapy revolution
MaxCyte’s sales rose by 19% in FY18, with a 24% CAGR over the past four years, and double-digit revenue growth should be sustained for the foreseeable future. In the short/mid-term, new products, extra investment in sales & marketing, and the increased number of licensed cell therapy programmes should underpin growth. The number of gene-modified cell therapies in development is also increasing rapidly, which, together with potential milestones from commercial licences, augurs well for the long-term prospects of MaxCyte. The first clinical trial with the lead CARMA therapy, MCY-M11, is proceeding as expected, and the initial data due this year could act as major share price catalysts. We value MaxCyte at £195m or 341p per share.
24 Apr 19
Capital raised to advance CARMA primarily
MaxCyte has raised £10m (gross) after placing 5.9m new shares at 170p a discount of 8% to the prevailing share price on 4 February 2019. The extra capital will be primarily invested in its CARMA platform (proprietary mRNA-mediated CAR technology), including developing CARMA therapies for additional solid tumour indications. The first such therapy MCY-M11 is in Phase I trial in ovarian cancer and peritoneal mesotheliomas.
06 Feb 19
Picking up the pace
MaxCyte saw strong progress on all fronts in H218. There was a marked acceleration in revenues and in new cell therapy licenses, and the first patient was treated with MaxCyte’s wholly-owned CARMA therapy. Sales growth in FY18 was c19% compared to 14% in FY17 following an increase in revenues of c25% in H218. The number of licensed cell therapy programmes has risen by c15 to >70 over the last six months; and commercial licensing agreements were signed with two companies. On top of this, MaxCyte advanced its first CARMA therapy into the clinic; promising results from this trial could lead to the CARMA platform becoming the main value driver for MaxCyte. We have increased our valuation by 11p/share to 358p/share.
15 Jan 19
Momentum building in Cell Therapy and CARMA
MaxCyte’s hybrid business model continues to advance strongly on all fronts. Two new commercial licenses for cell therapies have recently been announced, in addition to dosing of the first patient with a CARMA product. Initial data from the MCY-M11 Phase I study, expected in early 2019, will give the first indication of how CARMA therapies may be used to treat solid tumours. The product/service business continues to deliver sustained double-digit revenue growth, and this growth rate should accelerate as MaxCyte’s broad portfolio of clinical and commercial licenses expands. The number of clinical use licenses grew from >15 to >25 over the past year, which will increase near-term revenues and raises the likelihood of additional commercial licensing agreements. We value MaxCyte at £177m, or 347p/share.
05 Dec 18
Small Cap Feast
Titon holdings—international manufacturer and supplier of ventilation systems and window and door hardware. No capital raise. Due 10 Dec. Mkt cap c.£22m. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer TBA Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is investigating the possibility of AIM admission. The Company is proposing to raise up to £2.25 million before the end of December, conditional on Admission. The Panoply parent company of a digitally native technology services group founded in 2016 with the aim of identifying and acquiring best-of-breed specialist information technology and innovation consulting businesses across Europe, is looking to join AIM. Offer TBC, expected late November 2018.
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12 Nov 18
Small Cap Feast
Summerway Capital investing company established to acquire companies or businesses which the directors of the Company believe have the potential for strategic, operational and performance improvement so as to create shareholder value. Offer TBC, market cap TBC expected 19 October Admission is being sought as a result of the proposed RTO of Cambian Group plc following completion of the acquisition by CareTech a leading provider of specialist social care services, supporting adults and children with a wide range of complex needs. No raise, market cap TBC expected 19 October. PetroTal (TAL.TO) - The exploration and production company focused on oil assets in Peru is seeking a secondary AIM quotation before the end of 2018. Path Investments— First acquisition of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m raise. Due early Oct Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due Mid October 2018. EBITDA Profitable. Offer TBA Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months.
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10 Oct 18
Good CARMA: IND milestone achieved
FDA clearance of the IND for MCY-M11 is a watershed moment. It is MaxCyte’s first next-generation CAR (chimeric antigen receptor) candidate to approach the clinic, and significantly will be studied in solid tumours. Regulatory clearance of the Phase I trial means first patient dosing – and detail on trial design - is on track for H218. Clearance, while expected, provides important validation of the proprietary mRNAbased CARMA platform, and MaxCyte’s scientific and regulatory expertise in the fastevolving cell therapy field. The H118 trading statement confirms solid progress in both growing and advancing the number of cell therapy licenses, underpinning Board confidence that FY18 revenue will meet market expectations. We maintain our £166m or 327p/share valuation, pending interims and updated financial guidance.
16 Jul 18
First CARMA therapy to enter clinic in 2018
MaxCyte has filed its first IND with the FDA. This paves the way for a Phase I trial with MCY-M11 (anti-mesothelin CARMA) in peritoneal cancers to start in 2018. The company is also expanding its CARMA programme to target a range of solid and haematological tumours. Revenues in FY17 rose by c 14% to c $14.0m, and the number of cell therapy programmes using MaxCyte’s technology has risen by c 15 to over 50. Despite the good progress, we are reducing our valuation by £12m to £166m, or 327p/share as the level of sales growth in FY17 was weaker than we had forecast.
22 Jan 18
Small Cap Breakfast
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.
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22 Jan 18
Reaping continued returns from R&D
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.
19 Sep 17
Consolidating its leadership
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.
13 Jul 17
Small Cap Brunch
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.
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12 Jul 17
From strength to strength, with CARMA expansion
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.
07 Jun 17
Small Cap Breakfast
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
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06 Jun 17
Small Cap Breakfast
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.
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25 Apr 17
A year to remember
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.
20 Mar 17
Maiden commercial deal announced for use in CRISPR
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.
14 Mar 17
Advancing impressively on all fronts
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.
24 Jan 17
What a year it was!
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.
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16 Jan 17
Gearing up the growth
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.
27 Sep 16
Right here, right now: catching the CAR-T wave
MaxCyte is already delivering strong revenue growth, due to demand for its flow electroporation devices in drug discovery and cell therapy. This should at the very least be maintained and could accelerate if cell therapies reach the market. But the biggest potential value driver is its CARMA platform for CAR-T therapies, excitement around this new therapeutic modality has already made Kite and Juno billion dollar companies, and MaxCyte's CARMA technology could become the bedrock for next-generation CAR-T therapies. We initiate coverage of MaxCyte with a valuation of £80m, equivalent to 184p per share.
12 Jul 16