IPO for Cell-Engineering Firm MaxCyte (MXCT) Opens 31% Higher

Today's IPO for cell-engineering company MaxCyte, Inc. (NASDAQ: MXCT) opened for trading at $16.99 after pricing 13,500,000 shares of common stock at an initial offering price of US$13.00 per share. The company had planned to offer 12,000,000 shares at $11.50-$13.50.

Joint book-running managers for the Offering were Cowen, Stifel and William Blair. BTIG and Stephens Inc. are also acting as co-managers of the Offering.

MaxCyte is a leading provider of cell-engineering platform technologies to advance innovative cell-based research, development and potential commercialization of next-generation cell therapies. The company's existing customer base ranges from large biopharmaceutical companies — including 20 of the top 25 pharmaceutical companies based on 2020 global revenue — to hundreds of biotechnology companies and academic translational centers. MaxCyte has granted 13 strategic platform licenses to commercial cell therapy developers that allow for more than 75 clinical programs. Founded in 1998, MaxCyte is headquartered in Gaithersburg, Maryland, US.

MaxCyte estimates that the total addressable market opportunity for their ExPERT platform, based on the potential for current SPLs, was approximately $9 billion in 2020. They expect this market to grow to over $24 billion by 2026 driven by growth in the ex vivo cell therapy pipeline and a shift to use of non-viral delivery technologies.

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