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Absci Corp Files For Initial Public Offering

Absci Corp. said on Wednesday that it filed an initial public offering. The company, founded in Portland, aims to use computer technology to identify new protein-based drugs known as biologics, then synthesize them using specially engineered bacteria as factories.

It moved to Vancouver in 2016 after Washington Gov. Jay Inslee invested $200,000 from his office’s strategic reserve fund. The company has to date attracted $230 million in investment, including a $125 million round earlier this year.The company’s initial filings with the U.S. Securities and Exchange Commission indicate it plans to raise around $100 million in the proposed offering, but it has not disclosed the number of shares to be offered or the price range. It plans to list on the Nasdaq exchange under the ticker symbol ABSI.

The filings show the company had $4.8 million in revenue last year, up from $2.1 million in 2019. It reported a net loss of $14.4 million, up from $6.6 million in 2019. Absci Corp plans to partner with larger pharmaceutical companies to establish new drug candidates, among which the partners among them the drug company Merck & Co., which has also invested in Absci would pilot through clinical trials and regulatory approvals.

Absci Corp also added that seven partners on various drugs candidates, but none of the drug candidates have so far been licensed for clinical or commercial use. The company’s largest shareholder is Phoenix Venture Partners, a Series A financier that owns 17.5% of the company, followed by founder and chief executive Sean McClain, who owns 11.3%.

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