VANCOUVER, Wash. - Absci Corporation (NASDAQ:ABSI), a generative AI drug creation company, has initiated a public offering of $75 million in common stock, the company announced today. The firm also plans to offer underwriters a 30-day option to buy an additional $11.25 million in common stock.
The offering, which is subject to market and other conditions, will fund the development of Absci's internal asset programs and investment in its Integrated Drug Creation™ platform. This platform aims to expedite the drug development process through a combination of AI and scalable wet-lab technologies.
Morgan Stanley and TD Cowen are serving as joint book-running managers for the offering. While the exact terms and size of the offering have not been finalized, Absci has filed a preliminary prospectus supplement with the U.S. Securities and Exchange Commission (SEC), which is now accessible through the SEC website or directly from the underwriters.
The company's approach to drug development involves screening billions of cells weekly, potentially reducing the time to move from AI-designed antibodies to wet-lab-validated candidates to as little as six weeks.
The news follows Absci's filing of an effective shelf registration statement with the SEC on August 24, 2022, which became effective on September 2, 2022. The proposed offering's final terms will be detailed in a final prospectus supplement to be filed with the SEC.
Absci's announcement includes forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially. These uncertainties include market conditions and the completion of the public offering.
The company, headquartered in Vancouver, Washington, with facilities in New York City and Zug, Switzerland, emphasizes its intent to utilize the proceeds for corporate purposes, including the continued refinement of its drug creation technology.
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