VANCOUVER, Wash. and NEW YORK, March 21, 2024 (GLOBE NEWSWIRE) -- Absci Corporation (Nasdaq: ABSI), a data-first generative AI drug creation company, today reported financial and operating results for the fourth quarter and year ended December 31, 2023.
"In 2023, Absci further solidified its leadership in AI-driven biologic drug discovery," said Sean McClain, Founder and CEO. "Our breakthroughs in generative AI drug creation have rapidly translated into a differentiated internal portfolio of potential best-in-class and first-in-class programs. With validating strategic industry partnerships and our recent underwritten public offering, we're poised to further advance our pipeline, enhance our AI capabilities, and expand our partnerships. These efforts reflect our commitment to innovation, promising better biologics for patients, faster."
Recent Highlights
In January, Absci presented positive preclinical data for ABS-101, a potential best-in-class anti-TL1A antibody, which exhibited properties consistent with a potentially superior product profile. Based on further confirmatory studies, Absci selected a development candidate and initiated IND-enabling studies for ABS-101 in February 2024.
Completed an underwritten public offering of common stock raising gross proceeds of approximately $86.4 million. Based on the company's current plans, Absci believes its existing cash and cash equivalents and short-term investments, including the net proceeds from the recent underwritten offering of common stock, will be sufficient to fund its operations into the first half of 2027.
Entered into a collaboration with AstraZeneca to deliver an AI-designed antibody against an oncology target. Under the terms of the collaboration agreement, Absci is entitled to receive an upfront commitment, research and development funding, and milestone payments, collectively totaling up to $247 million, in addition to royalties on product sales.
Entered into a partnership with PrecisionLife, a leading computational biology company driving precision medicine in complex chronic diseases, to develop a joint portfolio of potential therapeutics addressing unmet medical needs.
Appointed Professor Sir Menelas “Mene” Pangalos to Absci's Board of Directors and as co-chair of Absci’s Scientific Advisory Board. Sir Mene, who has over 25 years of experience in drug discovery and development, is retiring from his position as the Executive Vice President of BioPharmaceuticals R&D at AstraZeneca, and joins Absci as the company scales its AI-enabled portfolio of partnered and wholly-owned asset programs.
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