Absci launches $50 million public stock offering

Absci Corporation (NASDAQ: ABSI) announced it has commenced an underwritten public offering of $50 million of common stock shares. The clinical-stage biopharmaceutical company also intends to grant underwriters a 30-day option to purchase up to an additional $7.5 million of shares.

The company plans to use net proceeds to fund advancement of its internally developed programs, continued investment in its Integrated Drug Creation platform, and for working capital and general corporate purposes.

Morgan Stanley, J.P. Morgan, Jefferies, and TD Securities (USA) LLC are serving as joint book-running managers for the offering. The shares are being offered under an effective shelf registration statement on Form S-3 that was filed with the Securities and Exchange Commission on August 24, 2022 and became effective on September 2, 2022.

The proposed offering remains subject to market and other conditions. The company stated there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the proposed offering.

Absci describes itself as a data-first generative AI drug creation company that combines artificial intelligence with scalable wet lab technologies to create biologics. The company is headquartered in Vancouver, Washington, with an AI Research Lab in New York City and an Innovation Center in Zug, Switzerland.

The final terms of the proposed offering will be disclosed in a final prospectus supplement to be filed with the SEC, according to the company's statement.

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