Releases Details

Financial information in the Form S-1 registration statement

& Change to Board of Directors

GAITHERSBURG, MD, 12 July 2021 - MaxCyte, Inc., (LSE: MXCT, MXCN), a leading provider of platform technologies for cell engineering ("MaxCyte" or the "Company"), today announced the public filing of a registration statement on Form S-1 with the Securities and Exchange Commission (the "SEC") for a proposed dual-listing and public offering of shares of common stock on the Nasdaq Stock Market (the "offering"). The registration statement included a proposed change to the board of directors as well as unaudited financial information which is detailed below.  

Financial information in the Form S-1 registration statement

The Company's Form S-1 registration statement contains unaudited consolidated financial statements for the period from 1 January 2021 to 31 March 2021 prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"). Such consolidated financial statements, as extracted from the Form S-1 registration statement, are attached to this announcement.

http://www.rns-pdf.londonstockexchange.com/rns/8366E_1-2021-7-11.pdf 

Financial and operational highlights for the period include;

·      Revenue growth in the first quarter of 2021 excluding revenue from milestones was 30% compared to the first quarter of 2020.  Revenue growth in Q1 2021 including milestone revenues was 13% compared to the first quarter of 2020 ($6.5m in Q1 2021 and $5.7m in Q1 2020)

·      Incurred CARMA-related operating expenses of $3.9 million during the first quarter. The Company concluded all material CARMA activities in the first half of 2021, as planned, principally within Q1

·      Completed private placement in February 2021 of $55.3m with a mix of new and existing crossover investors led by D1 Capital Partners, Funds and accounts advised by T. Rowe Price Associates, Inc., ArrowMark Partners, Baron Capital Group and First Light Asset Management with Casdin Capital and Sofinnova Partners

·      Signed one new strategic platform licence during the quarter, with Myeloid Therapeutics, Inc., thereby enabling Myeloid to advance pipeline programs for engineered cell therapies targeting solid tumors, T cell lymphoma, and glioblastoma

Upon the offering, the Company will commence disclosure of quarterly financial statements in compliance with SEC filing requirements and continue to prepare the financial statements included in its annual and half-yearly reports as required by the AIM Rules for Companies published by the London Stock Exchange.

Change to Board of Directors

Ron Holtz has served as MaxCyte's Senior Vice-President and Chief Accounting Officer ("CAO") since September 2020 and had previously served as the Company's Chief Financial Officer ("CFO") from 2005 to September 2020. Mr. Holtz has also served on MaxCyte's board of directors since 2016. In line with Nasdaq best practices to not have the CFO nor CAO on a Company's board, Mr. Holtz has resigned from our board of directors. Mr. Holtz will continue to serve the company in the CAO role.

This press release is being made pursuant to, and in accordance with Rule 135 under the Securities Act of 1933, as amended (the "Securities Act"). This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act.

About MaxCyte

MaxCyte is a leading commercial cell-engineering company focused on providing enabling platform technologies to advance innovative cell-based research as well as next-generation cell therapeutic discovery, development and commercialization. MaxCyte's existing customer base ranges from large biopharmaceutical companies - including all of the top 10, and 20 of the top 25, pharmaceutical companies based on 2020 global revenue - to hundreds of biotechnology companies and academic centers focused on translational research. MaxCyte has granted 13 strategic platform licenses to commercial cell therapy developers covering more than 75 programs under clinical licenses that are part of the strategic platform licenses. MaxCyte was founded in 1998 and is headquartered in Gaithersburg, Maryland, US.

MaxCyte Contacts: