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RNS Number : 1844I
MaxCyte, Inc.
13 April 2022
MaxCyte Announces Departure of CFO and Appointment of Ron Holtz
as Interim CFO, Announces Preliminary First Quarter 2022
Revenue
GAITHERSBURG, MD, April 13, 2022 - 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 MaxCyte
MaxCyte 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(R) platform, which facilitates complex engineering
of a wide variety of cells. Our ExPERT(TM) 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(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.
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:
US IR Adviser
Gilmartin Group +1 415-937-5400
David Deuchler, CFA ir@maxcyte.com
Nominated Adviser and Joint Corporate Broker
Panmure Gordon
Emma Earl / Freddy Crossley
Corporate Broking
Rupert Dearden +44 (0)20 7886 2500
UK IR Adviser +44 (0)203 709 5700
Consilium Strategic Communications maxcyte@consilium-comms.com
Mary-Jane Elliott
Chris Welsh
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END
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