Maxcyte's Technology, Pricing, & Growth Outlook
Former Midwest Sales Manager at MaxCyte
inpractise.com/articles/maxcytes-technology-pricing-and-growth-outlook
MaxCyte
Why is this company interesting?
MaxCyte is a leading cell engineering platform technology to support cell therapeutic discovery, development, and commercialisation. MaxCyte’s ExPERT platform is the leading technology for non-viral ex vivo cell therapy, a market that is forecasted to grow to over $24bn by 2026.
Over the last 20 years, MaxCyte has been developing flow electroporation methods of transfection and is still operated and minority owned by the founder. The company has ~40% market share in US non-viral clinical programs and the ExPERT platforms offer better transfection rates and a faster route to clinic for customers relative to Lonza or Thermo Fisher’s competing solutions.
The company has 13 customers on strategic platform licenses where MXCT receives a recurring instrument license and consumable income per year plus a percentage of sales once the therapy is commercialised. MaxCyte is the highest-quality non-viral cell engineering globally that is positioned to be the platform provider for the future for ex vivo cell therapies.
Michael Carlson
Former Midwest Sales Manager at MaxCyte
Michael has a PhD in Immunology and is a Former Midwest Sales Manager at MaxCyte. He was responsible for selling ATx ExPERT machines to large academic and biopharma customers and driving leads to upsell larger GTx machines for clinical therapies. He managed large customer accounts and understands the technical aspects of the machines and the cuvette selling process. Michael is currently a Sales Manager at Sysmex in the Flow Cytometry division.
Interview Transcript
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What do you think about Doerfler and the company culture?
I loved MaxCyte and the reason I left is because I was itching to get back into clinical diagnostics and MaxCyte is a monster in the world of hematology. They were just in the beginnings of getting into flow cytometry and I got offered an opportunity where I'm national, it's just a really great opportunity. But I think Doug's a wonderful man, he's a great leader. My boss was Tom Ross, Executive Vice President of Sales, one of the best guys I've ever worked for. It's just a very nurturing culture. It's a team effort and there are great people there. I hated to tell them that I was leaving. I just had this opportunity, which has really paid off for me career wise, but it's a great culture, that's a great place to work.
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The instrument is expensive, the margin is great, the pull through is really good. How on earth is MaxCyte able to get a royalty license from partners who are paying for the instrument?
If you look at the model, on the royalties, one of the lawyer commercials, we don't get paid unless you get paid. As these companies progress, and they get a product to market, an FDA approved cell therapy product, MaxCyte only gets paid royalties when that comes to fruition. They get paid at milestones. They get past the IND, they get past the phase two. If you think about it, if you look at a Merck or Pfizer, a BMS spending $150,000 on an instrument is a drop in the bucket, it's toilet paper. It really is, for those big companies, when they've got millions to billions of dollars coming in from a product to pay a royalty. That to me, makes sense. The beauty of the MaxCyte model is that they will sell say, an ATX for $80,000 to BMS. BMS could take years and do all their R&D and whatever and all they're buying is the consumables. There's no licensing. It's a one-time capital purchase.
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