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MaxCyte appoints new executive vice president as it continues trial of cancer drug

Shruti Abbato will serve as executive VP of business development for the company's CARMA cellular therapies

MaxCyte Inc - MaxCyte appoints new executive vice president as it continues trial of cancer drug

MaxCyte Inc (LON:MXCT) has appointed a new executive vice president as it continued with a Phase I trial of its MCY-M11 cancer drug.

The biotech firm said Shruti Abbato will serve as executive VP of business development for its CARMA cellular therapies and develop new partnerships to develop the platform, which is aiming to provide faster treatment than existing cancer therapies.

WATCH: MaxCyte offering exposure to 'explosive growth' in cell therapy and cellular engineering

Prior to joining MaxCyte, Abbato served as VP of business development at treatment developer Celdara Medical and was the owner of Perspicere, a company providing business development, strategy, and planning services to biotechnology groups.

"Shruti's extensive experience will be an invaluable asset to the eventual CARMA company as we seek investors and new partnerships for our CARMA platform to help advance the platform and the development of new drug candidates", said Doug Doerfler, MaxCyte’s president and chief executive.

Meanwhile, the company said the phase 1 trial of its MCY-M11 treatment remained on track with the dosing of a third cohort of patients currently underway. The dosing of a fourth cohort is also planned for the first quarter of 2020 with preliminary results expected by the middle of the year.

“We are moving the MCY-M11 program successfully through the third dose cohort of our Phase I clinical trial and, to date, treatment with our lead clinical candidate has been well tolerated. No dose-limiting toxicities or related serious adverse events have been observed. In addition, we have further proven our rapid one-day manufacturing process", Doerfler said.

The shares were steady at 117.5p in early trading on Thursday.

--Adds share price--

Quick facts: MaxCyte Inc

Price: 155 GBX

AIM:MXCT
Market: AIM
Market Cap: £88.95 m
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