AbSci, which provides a platform for the discovery and development of proteins and biologics, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.
AbSci's Integrated Drug Creation Platform uses synthetic biology technologies and deep learning AI to identify, screen, select, and scale the production of novel biologic drug candidates. The company currently has nine active programs across seven partners for which it has either negotiated or plans to negotiate license agreements, seven of which are focused on the development of cell lines for drug candidates and one of which is focused on drug discovery. The company's partners include Merck, Xyphos, Astellas, and Alpha Cancer Technologies.
The Vancouver, WA-based company was founded in 2011 and booked $5 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol ABSI. AbSci filed confidentially on May 6, 2021. J.P. Morgan, Credit Suisse, BofA Securities, Cowen, and Stifel are the joint bookrunners on the deal. No pricing terms were disclosed.
