MaxCyte announces £40 million subscription
MaxCyte, Inc. (LSE: MXCT, MXCL), a global cell-engineering and life sciences company, has raised gross proceeds of £40 million (US$55 million) through a private placement of common stock. Subscribers included new investors D1 Capital Partners, T. Rowe Price, ArrowMark Partners, Baron Capital Group and First Light Asset Management, alongside existing investors Casdin Capital and Sofinnova Partners.
Doug Doerfler, President & Chief Executive Officer of MaxCyte, expressed his delight at the new life science specialist investors. He said that the financing would strengthen the company's balance sheet as it accelerates revenue growth in 2021 and marked a further step towards the company's goal to dual-list on Nasdaq in 2021.
There has been a 464.5% increase in the company's share price over the last 12 months, indicating strong investor interest in genomics and asset allocations to life sciences. MaxCyte's Flow Electroporation® Technology enables its biopharmaceutical partners to advance the development of innovative medicines, particularly in cell therapy.
Working with Panmure Gordon, LGB introduced investors to MaxCyte's fundraisings in 2017 and 2019. The fundraisings, which benefitted from EIS, were conducted at 275p and 170p per share respectively. The placing just announced was conducted at 700p.