20:19 was just extraordinary year from
the company. We had 30% growth in
revenues. We for the first time reported
a positive EBITDA for CARMA which was
1.3 million dollars - the first time we've
actually crossed that threshold. We also
signed five commercial deals and one in
2020 with Allogene Therapeutics which
is a very large allergenic cell therapy
Therapy company in the united states. We also
announced this morning that we have
total milestones, pre-commercial
milestones of over 800 million dollars
in the nine deals we have signed. And
finally we we make great progress with
with karma as well so across the board
launching new products, launching the
expert platform, building out the sales
and marketing infrastructure
, making
progress with our own clinical program ,
and then also making progress with the
number of partnership, so it was just a
really excellent year for the team and
looking forward to an exciting 2020.
Quite a bit of our business is in is in
the cell therapy sector and we did again
strong growth in the cell therapy
licenses we launched EXPERT TM which was
our new platform that we're quite
excited about. It it includes not only
new instrumentation but also a new range
of disposables in an enhanced regulatory
filings for our customers and more field
application to help scientists
accelerate their product
development programs. Our consumables
business I just mentioned new products
has been very very strong and we're
beginning to see now the receipt of
these milestones I talked about before.
These are early stage milestones but
they will build substantially
over time.
CARMA TM  is progressing very very well. We
just announced the dosing of the first
patient in our dose level four cohort, the
dose level for cohort is the highest
dose level we're giving these patients. We announced that that we
completed, we initiated that first
patient in the first quarter which is
our expectation we have provided
to that to the city (the stock market),  and the results of
this trial will be reported at future
scientific meetings so we look forward
to updating our investors on on that
part. And the other thing that's
important is that we we announced
earlier this year that early in 2020
that we established a new subsidiary for
the CARMA cell therapy group to be
within as a subsidiary of MaxCyte. And
we've also hired a group called locust
walk locust walk is a a well known
investment boutique bank in the US.
That's focuses primarily in the
life sciences in particular in amino
oncology and in cell therapy so we're
very pleased that they're working with
us to develop develop the
positioning of the business and also to
be leading us in our pursuit for new
partnerships and independent ways of
financing CARMA, and we hope to have that
completed by the end of 2020.
We began modifying our habits well over
a month ago and we've been on basically
lockdown ever since all of our field
employees as well as that the team in
gettysburg. Fortunately we have
adequate inventories to support our
customers for for quite some time, so
we're we're good on a supply chain.
I think we're taking a very
positive, but a very realistic view of
this - not quite sure when things are
going to resume the norm or what the new
normal will be. You know we did provide
an update recently which provided a
little bit more detail so I'd like you to
refer to that as if you're interested in
what we're doing as a company. We are a
global company so we have staff
in most of the major regions of the
world, so we can keep very close with our
customers we do have a very resilient
business model as we've talked about in
the past - Over 70% of our revenues are
recurring, coming from licensed deals and
disposables that are sold along with our
instruments, and our partners are very
well financed blue-chip partners and so
their impact will be less I think than
what you're going to see. They're all
considered essential businesses and
many of them will have they have
the financial capabilities that to get
through this really difficult time for
for the global economy.
We're being I think very realistic about
this.
We're expecting and have guided toward a very modest growth, and if you can refer
to the publications by Trinity Delta and
Panmure Gordon and  Numis in terms of their
projections, again we're
looking at a break even before CARMA
this year. Again the independent
financing of CARMA and then looking at
new technologies for the development and
new products. So it's a we think a very
busy and productive year we're going to
take this day by day and really try to
understand how this impacts the health
and safety of our employees their
families and of course our partners and
eventually for the health and well-being
of the patients that we serve.
