TIDMMXCT
RNS Number : 1963B
MaxCyte, Inc.
31 March 2017
THIS ANNOUNCEMENT (INCLUDING ITS APPENDICES) AND THE INFORMATION
CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION
OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO US
PERSONS (AS DEFINED IN REGULATION S UNDER THE US SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT")), OR IN, INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH
AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION
OR DISTRIBUTION WOULD BE UNLAWFUL.
MaxCyte, Inc.
("MaxCyte" or the "Company")
Results of Placing
Maryland, USA - 12.30 p.m., 31 March 2017: MaxCyte (LSE: MXCT),
a US-based global company dedicated to driving the acceleration of
the discovery, development, manufacturing and commercialisation of
next-generation, cell-based medicines, is pleased to announce the
completion of the Placing announced earlier today.
A total of 7,275,000 shares of New Common Stock have been placed
by Panmure Gordon at a Placing Price of 275 pence per share of New
Common Stock to raise a total of approximately GBP20.0 million for
the Company (before expenses).
The New Common Stock to be issued represent approximately 16.7
per cent. of the Existing Common Stock. The Placing Price
represents a premium of 4.8 per cent. to the Company's mid-market
closing price as at 30 March 2017, being the last practicable date
prior to the publication of the announcement of the Placing.
The net proceeds of the Placing receivable by the Company will
be used to accelerate the Company's growth strategy, primarily
through advancing and expanding the development of the CARMA
platform through investment in pre-clinical and clinical studies in
targeted indications, including by:
-- Furthering its program for Ovarian Cancer and Acute Myeloid
Leukemia through its IND application and into clinical studies;
and
-- Expanding into new indications by financing pre-clinical and
IND enabling studies in advance of possible clinical studies.
Doug Doerfler, President & Chief Executive Officer, said:
"This is an exciting period for MaxCyte and the proceeds from this
fundraise will be invaluable in enabling us to continue the
development of our promising CARMA platform. We believe our
technology offers a new approach to immuno-oncology, addressing
solid and haematological malignancies that current therapies have
been unable to target effectively. We would like to thank our
existing and new institutional investors for their support."
Completion of the Placing remains subject, inter alia, to the
passing of the Resolutions at the General Meeting and on the
Admission of the New Common Stock to trading on AIM. It is expected
that Admission will become effective and that dealings in the New
Common Stock on AIM will commence at 8.00 a.m. on 24 April
2017.
A circular to shareholders convening the Special Meeting is
expected to be posted later today, and will also be available on
the Company's website at the same time at
http://www.maxcyte.com/news/investors-content.php.
Panmure Gordon is acting as Financial Adviser, Nominated Adviser
and Broker to the Company.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
Placing Statistics
Number of Existing Common Stock as
at the date of this announcement 43,539,527
Placing statistics
Placing Price per share of New Common 275 pence
Stock
Number of shares of New Common Stock 7,275,000
Gross proceeds of the Placing c. GBP20.0
million
Overall statistics
Enlarged Share Capital following the
Placing (1) 50,814,527
New Common Stock as a percentage of
the Enlarged Share Capital (1) 14.3%
Implied market capitalisation at the GBP139.7
Placing Price following the Placing million
(1)
(1) Assuming no exercise of any options or further issue of
Common Stock prior to Admission.
Note: Upon Admission, the New Common Stock will trade in the
Company's new restricted line of Common Stock, separate to the
Existing Common Stock, under the symbol MXCR, and the New Common
Stock (as represented by Depository Interests) will be held in the
CREST system and will be segregated into a separate trading system
within CREST identified with the marker "REG S" and ISIN
USU575801092.
The capitalised terms used in this announcement have the meaning
set out in the announcement made by the Company at 7.00 a.m. today.
All references to times and dates in this announcement are to times
and dates in London, United Kingdom, unless otherwise stated.
About MaxCyte
MaxCyte (LSE: MXCT), is a US-based global company dedicated to
driving the acceleration of the discovery, development,
manufacturing and commercialisation of next-generation, cell-based
medicines. The Company provides its patented, high-performance cell
engineering platform to biopharmaceutical partners engaged in drug
discovery and development, biomanufacturing, and cell therapy,
including gene editing and immuno-oncology. With its robust
delivery platform, MaxCyte's team of scientific experts helps its
partners to unlock their product potential and solve problems. This
platform allows for the engineering of nearly all cell types,
including human primary cells, with any molecule, at any scale. It
also provides a high degree of consistency and minimal cell
disturbance, thereby facilitating rapid, large-scale, clinical and
commercial grade cell engineering in a non-viral system and with
low-toxicity concerns. The Company's cell-engineering platform is
FDA-accredited, providing MaxCyte's customers and partners with an
established regulatory path to commercialise cell-based
medicines.
For more information, visit http://www.maxcyte.com/
MaxCyte +1 301 944 1660
Doug Doerfler, Chief Executive
Officer
Ron Holtz, Chief Financial
Officer
Nominated Adviser and Broker
Panmure Gordon (UK) Limited
Freddy Crossley (Corporate
Finance)
Duncan Monteith
Ryan McCarthy
Tom Salvesen (Corporate Broking) +44 (0) 20 7886 2500
Financial PR Adviser +44 (0)203 709 5700
Consilium Strategic Communications maxcyte@consilium-comms.com
Mary-Jane Elliott
Chris Welsh
Lindsey Neville
Forward-Looking Statements
This Announcement may contain and the Company may make verbal
statements containing "forward-looking statements" with respect to
certain of the Company's plans and its current goals and
expectations relating to its future financial condition,
performance, strategic initiatives, objectives and results.
Forward-looking statements sometimes use words such as "aim",
"anticipate", "target", "expect", "estimate", "intend", "plan",
"goal", "believe", "seek", "may", "could", "outlook" or other words
of similar meaning. By their nature, all forward-looking statements
involve risk and uncertainty because they relate to future events
and circumstances which are beyond the control of the Company,
including amongst other things, United States domestic and global
economic business conditions, market-related risks such as
fluctuations in interest rates and exchange rates, the policies and
actions of governmental and regulatory authorities, the effect of
competition, inflation, deflation, the timing effect and other
uncertainties of future acquisitions or combinations within
relevant industries, the effect of tax and other legislation and
other regulations in the jurisdictions in which the Company and its
respective affiliates operate, the effect of volatility in the
equity, capital and credit markets on the Company's profitability
and ability to access capital and credit, a decline in the
Company's credit ratings; the effect of operational risks; and the
loss of key personnel. As a result, the actual future financial
condition, performance and results of the Company may differ
materially from the plans, goals and expectations set forth in any
forward-looking statements. Any forward-looking statements made in
this Announcement by or on behalf of the Company speak only as of
the date they are made. Except as required by applicable law or
regulation, the Company expressly disclaims any obligation or
undertaking to publish any updates or revisions to any
forward-looking statements contained in this Announcement to
reflect any changes in the Company's expectations with regard
thereto or any changes in events, conditions or circumstances on
which any such statement is based.
Panmure Gordon is authorised and regulated by the Financial
Conduct Authority (the "FCA") in the United Kingdom and is acting
exclusively for the Company and no one else in connection with the
Placing, and Panmure Gordon will not be responsible to anyone
(including any placees) other than the Company for providing the
protections afforded to its clients or for providing advice in
relation to the Placing or any other matters referred to in this
Announcement.
No representation or warranty, express or implied, is or will be
made as to, or in relation to, and no responsibility or liability
is or will be accepted by Panmure Gordon or by any of its
affiliates or agents as to, or in relation to, the accuracy or
completeness of this Announcement or any other written or oral
information made available to or publicly available to any
interested party or its advisers, and any liability therefor is
expressly disclaimed.
No statement in this Announcement is intended to be a profit
forecast or estimate, and no statement in this Announcement should
be interpreted to mean that earnings per share of the Company for
the current or future financial years would necessarily match or
exceed the historical published earnings per share of the
Company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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