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Absci Corporation (Nasdaq: ABSI) is a leading company that leverages the power of artificial intelligence to drive the next generation of drug discovery and development. Based in Vancouver, WA, Absci combines advanced AI technology with scalable wet lab processes, aiming to revolutionize the speed and efficacy of creating novel biologics.
Absci's core business revolves around its Integrated Drug Creation™ platform, which offers a unified approach to biologic drug discovery and cell line development. By optimizing multiple drug characteristics simultaneously, this platform accelerates the timeline from concept to clinic while increasing the probability of success in therapeutic development. The company is uniquely positioned to screen billions of cells per week, enabling rapid transformation from AI-designed antibodies to wet lab-validated candidates in as little as six weeks.
Recent achievements include the presentation of positive preclinical data for ABS-101, a potential best-in-class anti-TL1A antibody program. The company has initiated IND-enabling studies and plans to submit an Investigational New Drug application in the first quarter of 2025. Additionally, Absci has forged strategic partnerships, such as a high-profile collaboration with AstraZeneca aimed at advancing an AI-designed oncology candidate, potentially valued at up to $247 million.
Financially, Absci has strengthened its balance sheet through successful public offerings, raising approximately $86 million in gross proceeds. This financial boost ensures the company has the resources needed to advance its internal programs and continue investment in its groundbreaking platform.
Absci's innovative approach and commitment to leveraging AI for drug discovery have not only enhanced its internal pipeline but also attracted significant industry partnerships. The company’s vision of delivering breakthrough therapeutics at the click of a button continues to drive its mission forward, promising better and faster solutions for patients worldwide.
Absci (Nasdaq: ABSI) reported its Q1 2024 financial and operational results, highlighting key advancements in its drug creation programs. The company initiated IND-enabling studies for ABS-101, a potential best-in-class anti-TL1A antibody, and progressed ABS-201 and ABS-301 through preclinical stages. Absci completed an $86.4 million public offering in March 2024, enhancing its financial position. Despite a decline in revenue to $0.9 million from $1.3 million year-over-year, net loss decreased from $23.4 million to $22.0 million. R&D expenses lowered to $12.2 million, and SG&A expenses reduced to $8.7 million. Absci's cash, equivalents, and short-term investments stood at $161.5 million as of March 31, 2024, expected to fund operations into H1 2027.
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