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Absci Announces $75M Public Offering to Fuel AI Drug Creation

by Fred Pennic 02/28/2024 Leave a Comment

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What You Should Know:

– Absci Corporation (Nasdaq: ABSI), a company utilizing generative AI for drug discovery, announced today an initial public offering (IPO) of $75 million in common stock.

– This IPO aims to support the advancement of Absci’s internal drug development programs, further investment in their Integrated Drug Creation™ platform, and general corporate purposes.

Offering Details

Absci intends to offer $75M of common stock, with an option to sell an additional $11.25M upon underwriter discretion. The offering is subject to market conditions and other factors, with final terms to be disclosed in a subsequent prospectus supplement. Morgan Stanley and TD Cowen are acting as joint book-running managers for the offering.

Funding Growth and Innovation

Absci intends to utilize the net proceeds from the offering for several key purposes:

– Internal drug development programs: This will allow Absci to focus on bringing new therapeutic solutions to patients faster.

– Investment in the Integrated Drug Creation™ platform: This cutting-edge platform integrates AI with wet lab technology to streamline drug discovery and development.

 – Support ongoing operations and future endeavors: The capital will support general corporate purposes and fuel Absci’s long-term growth strategy.

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Tagged With: Artificial Intelligence, Drug Discovery, Generative AI

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