Welcome to our dedicated page for Recursion Pharmaceuticals news (Ticker: RXRX), a resource for investors and traders seeking the latest updates and insights on Recursion Pharmaceuticals stock.
Recursion Pharmaceuticals, Inc. (NASDAQ: RXRX) is a clinical-stage biotechnology company revolutionizing the field of drug discovery. By integrating technological innovations across biology, chemistry, automation, data science, and engineering, Recursion aims to decode biology and industrialize the drug discovery process.
Founded with a vision to radically improve patient lives, Recursion has developed a powerful drug discovery platform capable of conducting millions of rapid, automated experiments. This platform leverages the Recursion Operating System (OS), a sophisticated data and machine learning infrastructure, to accelerate the discovery of therapeutics, especially for rare genetic diseases.
Recent achievements include pioneering the use of machine learning in predicting protein-ligand interactions and partnering with major pharmaceutical companies like Bayer and Enamine. These collaborations have significantly enhanced Recursion's capabilities in chemical space exploration and drug discovery.
Financially, Recursion is robust, constantly expanding its dataset and computational resources, including operating one of the world's most powerful supercomputers, BioHive-2. This supercomputer, equipped with NVIDIA DGX H100 systems, significantly enhances their ability to train AI models and accelerate drug discovery.
Headquartered in Salt Lake City and with offices in Toronto, Montréal, and the San Francisco Bay Area, Recursion is a founding member of BioHive, the Utah life sciences industry collective. The company's horizontal business model focuses on discovery, allowing for cost-efficient operations by spreading risks across various therapeutic opportunities.
Significant News:
- Partnership with Enamine: Recursion announced a partnership with Enamine to leverage its MatchMaker tool for enriched screening libraries.
- Agreement with Bayer: Recursion in-licensed a novel molecule for treating fibrotic diseases from its collaboration with Bayer.
- Launch of LOWE: Demonstrated LOWE, an LLM-based software for drug discovery tasks, in collaboration with NVIDIA.
- London Expansion: Opened a new office in London and appointed Michael Bronstein as a Scientific Advisor.
- First Quarter 2024 Financial Results: Reported significant progress and upcoming value catalysts in drug discovery and technology advancements.
- BioHive-2 Supercomputer: Launched BioHive-2, a top-tier supercomputer, to enhance AI model training and drug discovery processes.
- Nature Genetics Publication: Published findings on proximity bias in CRISPR-Cas9 editing and proposed a debiasing algorithm.
For more information, visit Recursion Pharmaceuticals or follow their updates on Twitter and LinkedIn.
Recursion (NASDAQ: RXRX), a clinical-stage biotechnology firm, announced its Q2 2021 financial results, reporting $2.5 million in revenue, up from $186,000 in Q2 2020, aided by collaboration with Bayer. The company has a robust pipeline with 48 active R&D programs, including 4 clinical and 4 preclinical programs. Key developments include plans for several Phase 2 trials and the advancement of its first internally developed new chemical entity towards IND-enabling studies. Recursion also aims to expand operations to Canada and enhance capabilities through partnerships and a newly formed Therapeutics Advisory Board.
Recursion (NASDAQ: RXRX) announced the establishment of a Therapeutics Advisory Board (TAB) led by Joseph Miletich, MD, PhD, former senior VP at Merck Research Laboratories. The TAB aims to guide the company in efficiently developing medicines at scale from its tech-enabled drug discovery pipeline. Miletich’s experience in advancing new medicines and his innovative perspective on technology-driven drug discovery is expected to benefit Recursion’s programs. The company leverages machine learning to explore biology and develop therapeutics while minimizing biases in research.
Recursion (NASDAQ: RXRX), a clinical-stage biotechnology company, announced the opening of a child care center near its Salt Lake City headquarters on July 12, 2021. The center, operated by Bright Horizons, will provide care for employees' children from infancy to age five. This initiative aims to support working parents, addressing the significant child care challenges in the U.S., especially post-pandemic. The move is part of Recursion's commitment to creating a diverse workforce and ensuring equity among employees, as only 4-6% of U.S. employers offer similar child care facilities.
Recursion (NASDAQ: RXRX) is expanding its headquarters at The Gateway in Salt Lake City by signing a new lease for an additional 100,000 square feet. This expansion, set to take place in Q2 2022, follows a 60% increase in workforce over the past year, reaching over 250 employees. The company's growth aligns with the formation of BioHive, a public-private initiative promoting Utah's healthcare innovation sector. Recursion aims to accelerate its drug discovery capabilities through expanded lab space and enhanced research capabilities.
Recursion (NASDAQ: RXRX) has announced a multi-year collaboration with Mila, Quebec's Artificial Intelligence Institute, aiming to enhance its machine learning capabilities in drug discovery. The company will establish an office within Mila and form a dedicated team for tech-enabled drug discovery, building on its recent expansion into Toronto. This partnership provides access to a network of AI experts, supporting Recursion's mission to decode biology and improve patient outcomes through innovative technologies.
Recursion (NASDAQ: RXRX) announced its expansion into Toronto, aiming to hire up to 50 professionals by the end of 2021 across various disciplines, including data science and computational biology. This marks their first major hub outside Utah, aligning with the company’s strategy to leverage Toronto's diverse talent pool. Currently, Recursion employs over 260 staff and has grown by over 60% in the past year. The Toronto hub will support the development of its extensive therapeutic pipeline and the Recursion Operating System, which facilitates advanced drug discovery.
Recursion Pharmaceuticals (Nasdaq: RXRX) announced the initiation of IND-enabling studies for REC-163964, a small molecule toxin inhibitor aimed at preventing recurrent C. difficile infections. This candidate is the first internally-discovered New Chemical Entity identified by the company’s ML-enabled Operating System. C. difficile infections cause significant morbidity in over 730,000 patients annually in the US and EU, with high recurrence rates. CEO Chris Gibson highlighted the importance of their growing data library for future drug developments.
Recursion Pharmaceuticals (RXRX) reported Q1 2021 financial results, showcasing significant progress in its clinical and research programs. The company ended the quarter with $214.1 million in cash, following a successful IPO in April, raising $462.6 million. Revenue surged to $2.6 million, driven by collaboration with Bayer, while R&D expenses increased to $24.1 million due to heightened activities. Net loss widened to $30.7 million. The company is advancing multiple clinical programs and expanding its inferential search platform, contributing to a robust pipeline of 37 development programs.
Recursion Pharmaceuticals closed its initial public offering on April 20, 2021, raising $501.8 million through the sale of 27,878,787 shares of Class A common stock at $18.00 per share. This includes the full exercise of the underwriters' option for an additional 3,636,363 shares. Trading commenced on the Nasdaq Global Select Market under the ticker RXRX on April 16, 2021. Goldman Sachs and J.P. Morgan were the lead book-running managers for the offering.
Recursion Pharmaceuticals has priced its initial public offering (IPO) of 24,242,424 shares of Class A common stock at $18.00 per share, aiming to raise $436.4 million in gross proceeds. The shares will start trading on the Nasdaq under the symbol RXRX on April 16, 2021, with the offering expected to close by April 20, 2021. The underwriters have a 30-day option to purchase an additional 3,636,363 shares. Goldman Sachs & Co. LLC and J.P. Morgan are leading the underwriting for this offering.
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