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MaxCyte raises £10mln in share placing to accelerate growth strategy

The cell-based medicines developer raised the funds through the placing of around 5.8mln new shares at a price of 170p each
Money
The placing will begin immediately following the announcement

MaxCyte Inc (LON:MXCT) has raised £10mln in a share placing to fund an acceleration of its growth strategy as well as executing “significant commercial opportunities”.

The cell-based medicines developer said it raised the fund through the placing of around 5.8mln new shares at a price of 170p each, an 8% discount to its last close price of 185p.

WATCH: MaxCyte raises £10mln to extend its CARMA platform into a second trial

MaxCyte said the proceeds of the placing would be used to fund the expansion of its cell therapy pipeline as well as accelerating “high-value clinical and commercial deals” in fields such as immune-oncology, gene editing, and regenerative medicine.

The funds would also be used to help expand the core customer base and instrument business, including new product development and applications in large-scale biopharmaceutical transient protein manufacturing, in addition to advancing the company’s CARMA pipeline for the treatment of solid tumours, more specifically an intravenous administration programme.

MaxCyte also said it had placed 320,223 shares to unconnected shareholders at the same time as the placing and at the placing price as well as 50,417 shares pursuant to the cashless exercise of options by certain unconnected stockholders.

READ: MaxCyte says earnings likely to beat expectations after bumper end to the year

Doug Doerfler, president and chief executive of MaxCyte, said: "Since listing on AIM in 2016, we have continued to make significant progress across all areas of the business, supporting our biopharmaceutical partners in developing new classes of medicines for patients with inherited genetic diseases, infectious diseases and cancer.”

“We've also made important progress with our high-value CARMA immuno-oncology platform, advancing MCY-M11, our wholly-owned lead therapeutic candidate, into the clinic in 2018 in our US-based Phase I clinical trial and validating our innovative one-day manufacturing process” he added.

At close on Tuesday, MaxCyte shares were at 180p.

--Adds result of placing and updates share price--

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