MaxCyte, Inc. - MXCT STOCK NEWS

MaxCyte, a leader in cell-engineering, announces the appointment of Richard Douglas, PhD, as Chair of the Board, succeeding J. Stark Thompson, PhD, who will remain a consultant. Douglas, a board member since 2018, brings extensive experience from roles at RedSky Partners, Aldeyra Therapeutics, and Novavax. His leadership follows a pivotal period marked by the company's first U.S. public offering. CEO Doug Doerfler praised Douglas for his valuable contributions and the foundation laid by Thompson, emphasizing the company’s strong position in the expanding cell therapy market.

MaxCyte, a leader in cell-engineering, announced that all resolutions at its Annual General Meeting on October 29, 2021, were passed, except for Proposal 2 concerning the 2021 Equity Incentive Plan. The company focuses on advancing cell-based research and next-generation cell therapies through its proprietary Flow Electroporation® platform, which supports the expansive cell therapy market. MaxCyte's ExPERT™ platform includes a range of instruments and software aimed at facilitating the development of innovative cell-based medicines.

MaxCyte has entered into a strategic platform license agreement with Nkarta, allowing Nkarta to utilize MaxCyte's Flow Electroporation® technology and ExPERT™ platform for developing oncology cell therapies. This collaboration aims to enhance the efficacy of allogeneic NK cells in treating cancer. MaxCyte will receive platform licensing fees and milestone payments. The ExPERT™ platform is designed for scalable cell engineering, supporting the growing cell therapy market. This partnership marks MaxCyte's 15th strategic license agreement this year.

MaxCyte, a commercial cell-engineering firm, will announce its Q3 2021 financial results on November 10, 2021, after U.S. market close. The management will host a conference call at 4:30 p.m. ET to discuss results. With 20 years of experience, MaxCyte offers proprietary Flow Electroporation technology for cell engineering, supporting the growing cell therapy market with its ExPERT platform, including various instruments and software protocols. This information is crucial for shareholders and potential investors in gauging financial performance and future growth prospects.

MaxCyte, a cell-engineering company, will be added to the Russell 3000® and Russell 2000® indices effective September 20, 2021. This inclusion enhances the company's visibility among investors and follows its successful Nasdaq IPO in August. The Russell 3000® Index features companies based on market capitalization and style attributes, ensuring that MaxCyte’s membership underscores its strong financial profile. The company specializes in providing technologies for cell-based research and therapeutic development, notably through its proprietary Flow Electroporation® platform.

MaxCyte, Inc. (NASDAQ: MXCT) reported its Q2 2021 financial results, showcasing a 38% revenue increase to $7.1 million year-over-year. Revenue from cell therapy grew 59% to $4.8 million, while drug discovery revenue surged 60% to $1.8 million. Gross profit stood at $6.3 million, reflecting a 89% gross margin. However, the net loss widened to ($4.4) million from ($3.0) million in Q2 2020. Operating expenses rose to $10.7 million, driven by compensation and professional service costs. Despite challenges, the company anticipates total revenue around $30 million for fiscal year 2021.

MaxCyte, a leader in cell-engineering technologies, will release its second-quarter financial results on September 13, 2021, after the U.S. market closes. The company will host a conference call at 4:30 p.m. ET to discuss the results. MaxCyte serves numerous biopharmaceutical companies, including 20 of the top 25 by global revenue, and has granted 14 strategic platform licenses for over 75 clinical programs. The conference call will be accessible via a dedicated phone line and webcast.

MaxCyte has signed a clinical and commercial license agreement with Sana Biotechnology, granting Sana the rights to use MaxCyte's Flow Electroporation® technology and ExPERT™ platform. In return, MaxCyte will receive licensing fees and milestone payments. Doug Doerfler, MaxCyte's CEO, expressed enthusiasm for supporting Sana's cell therapy programs, highlighting the potential of Sana's hypoimmune cell platform. This collaboration aims to enhance the development of innovative cell-based treatments, reinforcing MaxCyte's position in the biopharmaceutical sector.

DLA Piper acted as legal counsel for underwriters Cowen, Stifel, and William Blair in MaxCyte's IPO of 13,500,000 shares at $13.00 each, potentially raising $175.5 million. The underwriters have a 30-day option to purchase an additional 2,025,000 shares. Closing is anticipated around August 3, 2021, pending customary conditions. DLA Piper's expertise in capital markets and life sciences played a significant role in this transaction.