ConnectOne Bancorp (NASDAQ:CNOB) recently disclosed significant news as it announced the issuance of a press release by MaxCyte, Inc., outlining the acquisition of SeQure Dx, a prominent provider of on-target and off-target editing assessments for cell and gene therapies. The strategic acquisition aims to bolster MaxCyte’s service offerings to cell and gene therapy developers, particularly in the ex vivo and in vivo realms, by introducing cutting-edge tools and services for research and development processes.
The acquisition of SeQure Dx is anticipated to enhance MaxCyte’s capabilities in providing innovative solutions for cell and gene therapy developers, enabling them to address complex challenges in cell engineering. The move aligns with MaxCyte’s commitment to advancing safety and precision in cell therapies, a critical aspect for success in the evolving field of cell and gene therapy.
MaxCyte’s acquisition of SeQure Dx further strengthens its position as a leading provider of cell engineering solutions, setting the stage for continued growth and advancements in the field of cell and gene engineering. The integration of SeQure Dx into MaxCyte’s portfolio demonstrates a strategic focus on driving innovation and enhancing safety measures within the cell and gene therapy landscape.
Following the acquisition, SeQure Dx will continue its work in assay development for cell and gene therapy safety assessment, building on its existing portfolio and expertise in off-target risk assessment solutions for gene editing. The collaboration between MaxCyte and SeQure Dx is expected to pave the way for the advancement of safe and effective gene editing practices, from initial discovery to patient treatment.
The acquisition details reveal that MaxCyte paid an initial consideration of $4.5 million in cash for the entire issued share capital of SeQure DX. Additional contingent consideration of up to $2.5 million may be paid based on specific revenue targets. SeQure DX’s financial performance in 2024 exhibited revenue of approximately $1.7 million and a loss of approximately $6.5 million, with net assets of $0.7 million at closing.
MaxCyte notes that with SeQure’s transition to a contract service provider in 2024, significant improvements in revenue and losses are expected, driven by increased service revenue activities, operational efficiencies, and integration into MaxCyte’s commercial infrastructure. This move is poised to enhance the financial performance and operational effectiveness of SeQure DX under the MaxCyte umbrella.
The acquisition of SeQure Dx marks a significant milestone for MaxCyte, reinforcing its commitment to providing state-of-the-art solutions in cell engineering and gene editing, with a focus on enhancing safety and precision in cell and gene therapies.
This press release contains forward-looking statements that are subject to risks and uncertainties, as detailed in MaxCyte’s filings with the Securities and Exchange Commission. Investors are cautioned not to rely solely on these forward-looking statements, given the inherent uncertainties in business operations.
About MaxCyte:
MaxCyte is a renowned cell-engineering focused company dedicated to advancing the discovery, development, and commercialization of next-generation cell therapeutics. With a focus on innovation and excellence in cell engineering, MaxCyte aims to maximize the potential of cells to improve patient lives by providing cutting-edge solutions for the rapidly expanding cell therapy market.
About SeQure Dx:
SeQure Dx is a leading provider of gene editing safety analytics, committed to advancing cell and gene therapies from discovery to patient treatment. With an array of comprehensive off-target risk assessment solutions, SeQure Dx empowers its partners to develop safe and transformative therapies, ensuring these life-changing technologies reach all patients who can benefit.
For more information, please visit MaxCyte and SeQure Dx’s websites for detailed insights into their offerings and contributions to the field of cell and gene therapy.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read ConnectOne Bancorp’s 8K filing here.
About ConnectOne Bancorp
ConnectOne Bancorp, Inc operates as the bank holding company for ConnectOne Bank that provides commercial banking products and services for small and mid-sized businesses, local professionals, and individuals in the New York Metropolitan area and South Florida market. The company offers personal and business checking, money market, and time and savings accounts; credit cards, wire transfers, safe deposit boxes, automated teller services and telephone, and internet and mobile banking.
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