5th Feb 2019 17:45
LONDON (Alliance News) - MaxCyte Inc on Tuesday said it has raised GBP10.0 million from a placing of 5.9 million shares at 170 pence each.
The life sciences company placed 5.9 million shares, representing just over 11% of its issued share capital, at 170 pence each. MaxCyte shares closed down 2.7% at 179.98p each on Tuesday.
In addition, MxCyte placed 320,223 shares of common stock held by long-standing stockholders and issued 50,417 shares of new common stock "pursuant to the exercise of options and sale of stock by certain unconnected stockholders" and option holders. The common stock and new stock were also placed at 170p per share for an estimated total of GBP630,000.
MaxCyte President and Chief Executive Doug Doefler said the placings strengthen its position as its move towards establishing its new cell therapy platform and advancing the first drug candidate from the platform, MCY-M11, into clinical trials.
"With further funding secured, we look forward to expanding this exciting programme into additional solid and hematological cancer indications, including an intravenous administration programme, which we believe will significantly broaden the opportunity and value of this advanced cancer therapy," said Doefler.
Admission of the issued shares to trading on AIM is expected on February 28.
Panmure Gordon UK Ltd is acted as financial adviser, nominated adviser and sole broker to the company.
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