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RNS Number : 4671W
MaxCyte, Inc.
12 December 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT
FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018
MaxCyte Announces CEO Transition and Updates Revenue Guidance
for 2023
Doug Doerfler, President and CEO, to Retire Effective December
31, 2023; will continue to serve as an advisor to MaxCyte
Maher Masoud, EVP, Head of Global Business Development and Chief
Counsel, to Succeed Mr. Doerfler as President and CEO, Effective
January 1, 2024
MaxCyte is reiterating 2023 expected core business revenue of
$28-30 million, and the Company now expects to exceed prior SPL
program-related guidance, with revenue of at least $10 million
ROCKVILLE, MD, December 12, 2023 - MaxCyte, Inc., (NASDAQ: MXCT;
LSE: MXCT), a leading, cell-engineering focused company providing
enabling platform technologies to advance the discovery,
development and commercialization of next-generation cell
therapeutics and innovative bioprocessing applications, today
announced that Maher Masoud has been named President and Chief
Executive Officer of MaxCyte, succeeding Doug Doerfler, who will
retire as President and Chief Executive Officer effective January
1, 2024. Mr. Masoud, currently the Company's EVP, Head of Global
Business Development and Chief Counsel, will also serve as a
director on MaxCyte's Board of Directors. Mr. Doerfler will step
down from the Board of Directors upon his retirement and will
remain an advisor to the Company.
Mr. Doerfler founded MaxCyte in 1999 and served as CEO for 24
years, leading the Company from initial technology concept through
to the commercialization of its flow electroporation technology.
Mr. Doerfler's team built MaxCyte into a leading cell-engineering
company with a significant number of customers and partners,
leveraging MaxCyte's non-viral delivery platform in their
pre-clinical and clinical work. During his tenure, Mr. Doerfler
steered MaxCyte through numerous key events including initial
public offerings on the UK AIM Exchange and U.S. NASDAQ Exchange,
the development of the ExPERT instrument portfolio, and supporting
the approval of CASGEVY(TM) , the first non-viral cell therapy
product approved by the FDA.
"Consistent with the Board's succession planning process, the
Board identified Maher Masoud as a leader with a deep understanding
of our technology and the cell and gene therapy industry who can
continue to build on MaxCyte's accomplishments. Having worked
closely with Maher over the past seven years, we are confident in
his abilities to assume the role of President and Chief Executive
Officer of MaxCyte," said Richard Douglas, chairman of the board.
"On behalf of the Board, I would also like to acknowledge Doug's
exceptional contributions to, and leadership of, MaxCyte over the
past 24 years. Throughout Doug's tenure, MaxCyte grew to become the
partner of choice to leading cell and gene therapy drug
developers."
"It has been a privilege being part of MaxCyte's exceptionally
talented team over the past 24 years as we've worked together to
develop our proprietary flow electroporation technology, building
MaxCyte into the successful company it is today," said Mr.
Doerfler. "Maher has been instrumental in key initiatives at
MaxCyte, including building out our roster of Strategic Platform
Licenses. He has also played a key role across the operating areas
of the Company, including sales, marketing, and business
development. I am confident in the Board's choice and Maher's
ability to execute and drive MaxCyte's continued success in the
years to come."
Mr. Masoud brings more than 25 years of experience in the
biopharmaceutical industry, including 17 years as an attorney and
general counsel, to his new role at MaxCyte. Mr. Masoud has most
recently served as EVP, Head of Global Business Development and
Chief Counsel at MaxCyte. During his tenure, MaxCyte's SPL
partnership model grew to include 23 partners, as of December 2023.
Mr. Masoud started his biopharmaceutical career as a research
associate with Glen Research, a Maravai company, before joining
Human Genome Sciences as Director and Corporate Counsel, overseeing
legal activities for the company's global clinical trials, until
its acquisition by GlaxoSmithKline. Prior to joining MaxCyte, he
oversaw the operations of six business subsidiaries at Wellstat, a
life science holding company. During his tenure at Human Genome
Sciences and Wellstat, Mr. Masoud supported the launch of three FDA
approved therapies, Benlysta (R) , Vistogard (R) and Xuriden (R) .
Mr. Masoud earned his Juris Doctor degree from Michigan State
University College of Law after completing his Bachelor of Science
degree in cell and molecular biology genetics from the University
of Maryland.
"l am honored by the opportunity to lead MaxCyte. While working
closely with Doug, the executive leadership team, and the board
over the past seven years, MaxCyte has grown to become the leading
non-viral cell engineering company," said Mr. Masoud. "I firmly
believe in the broad and growing commercial opportunity for
MaxCyte's product line and the potential of our partners to bring
meaningful product therapies to market. I look forward to leading
our stellar team and continuing to build long-term shareholder
value."
Updated 2023 Revenue Guidance
MaxCyte is reiterating 2023 expected core business revenue of
$28-30 million, and the company now expects to exceed prior SPL
program-related guidance, with revenue of at least $10 million.
Core business revenue consists of sales and leases of instrument
and disposables to cell therapy and drug discovery customers and
excludes any milestone revenues under SPL programs.
Further Information regarding the appointment of Mr. Masoud as
required under Rule 17 and Schedule 2(g) of the AIM Rules for
Companies will be announced prior to Mr. Masoud joining the Board
January 1, 2024.
About MaxCyte
At MaxCyte, we pursue cell engineering excellence to maximize
the potential of cells to improve patients' lives. We have spent
more than 20 years honing our expertise by building best-in-class
platforms, perfecting the art of the transfection workflow, and
venturing beyond today's processes to innovate tomorrow's
solutions. Our ExPERT(TM) platform, which is based on our Flow
Electroporation(R) technology, has been designed to support the
rapidly expanding cell therapy market and can be utilized across
the continuum of the high-growth cell therapy sector, from
discovery and development through commercialization of
next-generation, cell-based medicines. The ExPERT family of
products includes: four instruments, the ATx(TM), STx(TM), GTx(TM)
and VLx (TM); a portfolio of proprietary related processing
assemblies or disposables; and software protocols, all supported by
a robust worldwide intellectual property portfolio. By providing
our partners with the right technology platform, as well as
scientific, technical, and regulatory support, we aim to guide them
on their journey to transform human health. Learn more at
maxcyte.com and follow us on Twitter and LinkedIn .
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding the leadership transition and statements
regarding expected core business revenue and SPL Program-related
revenue for the year ending December 31, 2023. The words "may,"
"might," "will," "could," "would," "should," "expect," "plan,"
"anticipate," "intend," "believe," "expect," "estimate," "seek,"
"predict," "future," "project," "prospect," "potential,"
"continue," "target" and similar words or expressions are intended
to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Any
forward-looking statements in this press release are based on
management's current expectations and beliefs and are subject to a
number of risks, uncertainties and important factors that may cause
actual events or results to differ materially from those expressed
or implied by any forward-looking statements contained in this
press release, including, without limitation, risks associated with
the management transition, the timing and outcome of our customers'
ongoing and planned clinical trials; the adequacy of our cash
resources and availability of financing on commercially reasonable
terms; general market and economic conditions that may impact
investor confidence in the biopharmaceutical industry and affect
the amount of capital such investors provide to our current and
potential partners; and market acceptance and demand for our
technology and products. These and other risks and uncertainties
are described in greater detail in the section entitled "Risk
Factors" in our Annual Report on Form 10-K for the year ended
December 31, 2022, filed with the Securities and Exchange
Commission on March 15, 2023, as well as in discussions of
potential risks, uncertainties, and other important factors in our
most recent Quarterly report on Form 10-Q and the other filings
that we make with the Securities and Exchange Commission from time
to time. These documents are available through the Investor Menu,
Financials section, under "SEC Filings" on the Investors page of
our website at http://investors.maxcyte.com . Any forward-looking
statements represent our views only as of the date of this press
release and should not be relied upon as representing our views as
of any subsequent date. We explicitly disclaim any obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise. No representations or
warranties (expressed or implied) are made about the accuracy of
any such forward-looking statements.
MaxCyte Contacts:
US IR Adviser +1 415-937-5400
ir@maxcyte.com
Gilmartin Group
David Deuchler, CFA
US Media Relations
Seismic
Valerie Enes
Nominated Adviser and Joint Corporate Broker +1 408-497-8568
Panmure Gordon
Emma Earl / Freddy Crossley
Corporate Broking
Rupert Dearden +44 (0)20 7886 2500
UK IR Adviser
ICR Consilium +44 (0)203 709 5700
Mary-Jane Elliott maxcyte@consilium-comms.com
Chris Welsh
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