MaxCyte Announces Departure of CFO and Appointment of Ron Holtz as Interim CFO, Announces Preliminary First Quarter 2022 Revenue
April 12 2022 - 4:05PM
MaxCyte, Inc., (NASDAQ: MXCT; LSE: MXCT), 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, today announced that Amanda Murphy has resigned
from her position as Chief Financial Officer, effective as of April
15, 2022, to pursue other interests. Ron Holtz, current Senior Vice
President and Chief Accounting Officer, has been named Interim
Chief Financial Officer effective upon Ms. Murphy’s departure.
Following her departure, Ms. Murphy intends to
provide consulting services to MaxCyte as requested to facilitate a
smooth transition of responsibilities. Additionally, Sean Menarguez
has been promoted to Director, Investor Relations.
MaxCyte also announced that its revenue for the
first quarter of 2022 is expected to be at least $11.0 million,
compared to $6.5 million in the first quarter of 2021. Core
business revenue is expected to be at least $9.0 million, compared
to $6.5 million in the prior year period, and SPL Program-related
revenue is expected to be $2.0 million, compared to $0.0 in the
prior year period. These results are preliminary, however, and
remain subject to the completion of MaxCyte’s normal quarterly
review procedures. As a result, these preliminary results may be
different from the actual results that will be reflected in
MaxCyte’s consolidated financial statements for the quarter ended
March 31, 2022, which are expected to be released in May.
“On behalf of our entire team, I would like to
thank Amanda for her contributions to MaxCyte, helping guide us
through our initial public offering on Nasdaq in early August of
last year and seeing us through our continued strong growth. We
wish her well in her future endeavors,” said Doug Doerfler,
President and CEO of MaxCyte. “I am pleased to announce the
appointment of Ron as our CFO on an interim basis; previously, Ron
served as MaxCyte’s CFO from 2005 to 2020 and has remained an
integral part of our management team while serving as Chief
Accounting Officer. Additionally, I am delighted with our
operational and financial performance in the first quarter, and
proud of our continued successful support for the clinical progress
of our partners.”
“It has been an honor to serve as CFO of MaxCyte
and participate in the company’s growth, strategy development and
successful IPO on the Nasdaq exchange,” said Amanda Murphy. “I
remain committed to ensuring a smooth transition and look forward
to working with Ron and the finance team over the coming
months.”
The Company has engaged executive search firm
Korn Ferry to lead a search for a new Chief Financial Officer.
About MaxCyteMaxCyte 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. Over the past 20 years, we
have developed and commercialized our proprietary Flow
Electroporation® platform, which facilitates complex engineering of
a wide variety of cells. Our ExPERT™ platform, which is based
on our Flow Electroporation 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™, STx™ GTx™ and VLx™;
a portfolio of proprietary related processing assemblies or
disposables; and software protocols, all supported by a robust
worldwide intellectual property portfolio.
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 our management transition and
our expected revenue for the quarter ended March 31, 2022. The
words "may," "might," "will," "could," "would," "should," "expect,"
"plan," "anticipate," "intend," "believe," "expect," "estimate,"
"seek," "predict," "future," "project," "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, the timing of our customers' ongoing and planned
clinical trials and general market and economic conditions. 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, 2021, filed with the
Securities and Exchange Commission on March 22, 2022, as well as
discussions of potential risks, uncertainties, and other important
factors in the other filings that we make with the Securities and
Exchange Commission from time to time. These documents are
available under the "SEC filings" page of the Investors section 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: |
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US IR Adviser |
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Gilmartin Group |
+1 415-937-5400 |
David Deuchler, CFA |
ir@maxcyte.com |
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Nominated Adviser and Joint Corporate Broker |
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Panmure Gordon |
+44 (0)20 7886 2500 |
Emma Earl / Freddy Crossley |
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Corporate Broking |
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Rupert Dearden |
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UK IR Adviser |
+44 (0)203 709 5700 |
Consilium Strategic Communications |
maxcyte@consilium-comms.com |
Mary-Jane Elliott |
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Chris Welsh |
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