1st May 2020 08:54
(Alliance News) - MaxCyte Inc on Friday said it has raised GBP25.1 million in total through a placing and subscription announced late Thursday.
The clinical-stage cell-based therapies and life sciences firm said it raised GBP7.3 million through the "significantly oversubscribed" placing of 5.6 million shares at 131 pence each. Casdin Capital LLC and Sofinnova Crossover SLP subscribed for an additional total of 13.6 million shares at the same price as the placing for a further GBP17.8 million.
The issue price represents a 19% discount to Thursday's closing price of 162.15p. Shares in the company were trading 3.1% lower at 158.44p each on Friday morning in London, giving it a market capitalisation of GBP91.0 million.
Following admission of the new shares, MaxCyte will have 76.6 million shares in issue. They represent around 25% of MaxCyte's expanded share capital.
Late Thursday, MaxCyte announced the placing, saying it would be conducted through an accelerated bookbuild, with Panmure Gordon UK Ltd and Numis Securities Ltd acting as joint bookrunners.
The Cheshire-based company said the new cash raised will be used to fund increased marketing sales and R&D infrastructure, as well as investment in the development of its assets in preparation for its planned initial public offering on the New York Stock Exchange.
"I am delighted with the outcome of this financing round and, in particular, am pleased to welcome specialist investors Casdin Capital and Sofinnova Partners to Maxcyte. This funding represents the start of a new and exciting further growth chapter for the Company including a path to a dual listing on NASDAQ and I would like to thank our new and current investors for their support," said Chief Executive Doug Doerfler.
By Ife Taiwo; [email protected]
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