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MaxCyte prepares for "new and exciting" growth chapter - and NASDAQ float - following £25mln fundraiser

The cell-based medicine specialist expects to list on the US exchange in the next 12-18 months

MaxCyte Inc -

MaxCyte PLC (LON:MXCT) chief executive Doug Doerfler has described the company’s £25.1mln fundraiser, which also marks the start of preparations for a NASDAQ listing in the US, as the start of a “new and exciting growth chapter” for the cell-based medicine specialist.

The issue of new stock priced at 131p will be split into two tranches - a £7.3mln placing and subscriptions to bring in a further £17.8mln.

The cash will be put to work on a number of fronts, including helping MaxCyte prepare financially and commercially for customers scaling up their requirements. It will also be used to “accelerate growth and explore opportunities for new product development”, investors were told.

The firm said it wants to list on NASDAQ in the next 12-18 months, although it is also committed to its AIM quote in London.

The offering is being led by Casdin Capital, a New York City-based life science investment firm, helped by Sofinnova Partners, which has offices in Paris, London and Milan. Here in the UK, Panmure Gordon and Numis are acting as joint bookrunners.

“This proposed offering, accompanied by a commitment to pursue a dual listing on NASDAQ, represents the start of a new and exciting growth chapter for the company,” Doerfler said in a statement.

“We are delighted that specialist investors, Casdin Capital and Sofinnova Partners, are committed to the future of MaxCyte alongside the support of our existing shareholders in the offering, which we continue to be grateful for."

Quick facts: MaxCyte Inc

Price: 310 GBX

AIM:MXCT
Market: AIM
Market Cap: £239.2 m
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