Absci Corp. (Nasdaq: ABSI), a Vancouver-based AI drug creation company, on Friday announced it had closed a public offering of common stock, raising $86.4 million.
The company will use the proceeds to fund development of its internal asset programs and to develop its integrated Drug Creation platform.
The stock sale had a public offering price of $4.50 per share, with 19.2 million shares sold. While the company raised $75 million from the sale, it also sold shares under an option granted by Absci to the underwriters, which they exercised in full, elevating the gross proceeds.
Late last year, Absci announced partnerships with the Spanish pharmaceutical company Almirall S.A. and with AstraZeneca, both of which generated a lot of interest in the company, said founder and CEO Sean McClain.
Investors were excited about its work in developing a TL1A antibody for inflammatory bowel disease and potentially other immunological indications. Preclinical work showed that the antibody created with Absci’s platform “has the potential to be best in class,” McClain said.
“We thought it was best to go out and raise some capital, which will take us into the first half of 2027 and advance the internal pipeline we have, including the TL1A asset, with the goal of being in the clinic with it in early 2025,” McClain said.
He said the stock offering was oversubscribed.
“We brought in really high-quality investors, some blue-chip health care specialists,” he said.
Absci’s stock closed at $5.46 on Friday.
