MaxCyte announces new CEO, updates revenue guidance

12th Dec 2023 13:46

(Sharecast News) - Cell engineering technology specialist MaxCyte announced a significant chief executive transition on Tuesday and updated its revenue guidance for 2023.

The AIM-traded firm said Doug Doerfler, president and chief executive officer for 24 years, would retire from his roles on 31 December.

However, he would remain an advisor to MaxCyte after his retirement.

Maher Masoud will take the helm as the new president and CEO starting 1 January.

MaxCyte said Masoud currently serves as the company's executive vice president, head of global business development, and chief counsel.

The board said he would bring over 25 years of experience in the biopharmaceutical industry to the role, including 17 years as an attorney and general counsel.

Masoud's background includes roles at well-known biopharmaceutical companies, including Human Genome Sciences and Wellstat, where he played pivotal roles in supporting the launch of FDA-approved therapies.

In addition to his new responsibilities as president and CEO, Masoud would also become a director on MaxCyte's board.

At the same time, Doerfler would step down from the board on his retirement.

"Consistent with the board's succession planning process, the board identified Maher Masoud as a leader with a deep understanding of our technology and the cell and gene therapy industry who can continue to build on MaxCyte's accomplishments," said chairman Richard Douglas.

"Having worked closely with Maher over the past seven years, we are confident in his abilities to assume the role of president and chief executive officer of MaxCyte.

"Throughout Doug's tenure, MaxCyte grew to become the partner of choice to leading cell and gene therapy drug developers."

Regarding its financial outlook, MaxCyte reiterated its 2023 expected core business revenue, which was anticipated to be in the range of $28m to $30m.

However, the company said it now anticipated exceeding its prior guidance for revenue related to SPL programmes, with a minimum revenue projection of $10m.

At 1147 GMT, shares in MaxCyte were up 1.48% at 390.7p.

Reporting by Josh White for Sharecast.com.