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(Alliance News) - MaxCyte Inc on Thursday reported a widened operating loss in the first quarter of 2023 as revenue fell and costs were higher.
MaxCyte shares fell 18% to 310.00 pence each in London on Thursday morning.
The cell-engineering technology platform based in Maryland, US said operating loss in the quarter more than trebled to USD13.2 million from USD4.2 million the year prior.
Operating expenses increased 41% to USD20.8 million from USD14.7 million, while revenue fell 26% to USD8.6 million from USD11.6 million.
Chief Executive Doug Doerfler said: "2023 continues to develop into a challenging year for the industry, as companies prioritize their internal development assets within an evolving funding environment, and we are updating our guidance accordingly. We continue to make important progress in 2023, highlighted by expanding our partnership portfolio with two new partners announced including Walking Fish Therapeutics in May and Catamaran Bio in January."
The company added that it is also aiming for its first commercially approved product.
By Tom Budszus, Alliance News reporter
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