Welcome to our dedicated page for Abpro Holdings news (Ticker: ABP), a resource for investors and traders seeking the latest updates and insights on Abpro Holdings stock.
Abpro Corporation (ABP) is a biotechnology company based in Woburn, Massachusetts, focused on enhancing the lives of those facing severe and life-threatening diseases through next-generation antibody therapies. Abpro leverages its proprietary DiversImmune® and MultiMab™ antibody discovery and engineering platforms to develop an innovative pipeline of antibodies, both independently and in collaboration with global pharmaceutical and research institutions.
Abpro’s lead candidate, ABP-102, is a next-generation immuno-oncology TetraBi antibody targeting HER2 and CD3, which is in development for treating HER2+ solid tumors such as breast and gastric cancer. This candidate is being developed in partnership with Celltrion, Inc., a leading Korean biopharmaceutical company. The initial dose range finding study in a xenograft mouse model is ongoing, with an in vivo efficacy study planned for the first half of 2024.
Additionally, Abpro is advancing ABP-201, a TetraBi antibody format designed to simultaneously inhibit VEGF and ANG-2, into clinical trials for treating wet age-related macular degeneration. The company is also developing a broad pipeline of immuno-oncology agents targeting a diverse range of liquid and solid tumors, including ABP-110 for hepatocellular carcinoma and ABP-150 for gastric cancer.
In recent developments, Abpro announced a significant milestone by filing a registration statement on Form S-4 with the U.S. Securities and Exchange Commission (SEC) on January 19, 2024, as part of its proposed business combination with Atlantic Coastal Acquisition Corp. II (NASDAQ: ACAB). The combined entity is expected to be named Abpro Corporation and will list its common stock on Nasdaq under the symbol “ABP”. This business combination implies a pre-money equity valuation of $500 million for Abpro and is anticipated to finalize in the first half of 2024, pending shareholder approvals and customary closing conditions.
Abpro is supported by an experienced leadership team and strategic partnerships, which equip the company to make significant strides in antibody-driven therapeutics. Recent endorsements from Atlantic Coastal’s leadership underscore the potential and robustness of Abpro’s drug discovery platform and novel candidates. The company aims to create substantial value for shareholders while advancing critical therapies to those in need.
For further information, please visit www.abpro.com.
Abpro Holdings (Nasdaq:ABP) celebrated its business combination closure with Atlantic Coastal Acquisition Corp II through a Nasdaq bell ringing ceremony. The company raised $10 million in gross proceeds, including a $7 million PIPE offering and $2.76 million convertible note financing.
Additional financing arrangements include a $50 million standby equity purchase agreement with Yorkville, potential for $2 million in additional debt financing, and a forward purchase agreement for up to 500,000 shares of common stock. These funds will support Abpro's development of next-generation antibody therapies for cancer, ophthalmology, and infectious diseases.
The company has partnered with Celltrion to advance ABP 102, a T-cell engager for treating HER2+ breast, gastric, and pancreatic cancers. Abpro's pipeline focuses on multiple cancer types, wet age-related macular degeneration (AMD), and diabetic macular edema (DME), utilizing their proprietary DiversImmune® platform.
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