MXCT - MaxCyte Announces CEO Transition and Updates Revenue Guidance for 2023 | Benzinga
Doug Doerfler, President and CEO, to Retire Effective December 31, 2023; will continue to serve as an advisor to MaxCyte
Maher Masoud, EVP, Head of Global Business Development and Chief Counsel, to Succeed Mr. Doerfler as President and CEO, Effective January 1, 2024
MaxCyte is reiterating 2023 expected core business revenue of $28-30 million, and the Company now expects to exceed prior SPL program-related guidance, with revenue of at least $10 million
ROCKVILLE, Md., Dec. 11, 2023 (GLOBE NEWSWIRE) -- MaxCyte, Inc., (NASDAQ:MXCT, LSE: MXCT)), a leading, cell-engineering focused company providing enabling platform technologies to advance the discovery, development and commercialization of next-generation cell therapeutics and innovative bioprocessing applications, today announced that Maher Masoud has been named President and Chief Executive Officer of MaxCyte, succeeding Doug Doerfler, who will retire as President and Chief Executive Officer, effective January 1, 2024. Mr. Masoud, currently the Company's EVP, Head of Global Business Development and Chief Counsel, will also serve as a director on MaxCyte's Board of Directors. Mr. Doerfler will step down from the Board of Directors upon his retirement and will remain an advisor to the Company.
Mr. Doerfler founded MaxCyte in 1999 and served as CEO for 24 years, leading the Company from initial technology concept through to the commercialization of its flow electroporation technology. Mr. Doerfler's team built MaxCyte into a leading cell-engineering company with a significant number of customers and partners, leveraging MaxCyte's non-viral delivery platform in their pre-clinical and clinical work. During his tenure, Mr. Doerfler steered MaxCyte through numerous key events including initial public offerings on the UK AIM Exchange and U.S. NASDAQ Exchange, the development of the ExPERT instrument portfolio, and supporting the approval of CASGEVY™, the first non-viral cell therapy product approved by the FDA.
"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. 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," said Richard Douglas, chairman of the Board. "On behalf of the Board, I would also like to acknowledge Doug's exceptional contributions to, and leadership of, MaxCyte over the past 24 years. Throughout Doug's tenure, MaxCyte grew to become the partner of choice to leading cell and gene therapy drug developers."
"It has been a privilege being part of MaxCyte's exceptionally talented team over the past 24 years as we've worked together to develop our proprietary flow electroporation technology, building MaxCyte into the successful company it is today," said Mr. Doerfler. "Maher has been instrumental in key initiatives at MaxCyte, including building out our roster of Strategic ...