AbSci Announces Public Offering to Raise $46.7M to Support Biopharmaceutical Growth

AbSci plans to raise $46.7-$53.7 million through a public offering of 16.67 million shares at $3.00 per share. The proceeds will fund internal asset development, investment in its Integrated Drug Creation platform, and general corporate purposes. The company's stock score is Neutral, reflecting a balance of technical momentum, strategic insights, and financial challenges.

Absci Corporation (ABSI), a clinical-stage biopharmaceutical company leveraging generative AI for drug discovery, has priced an underwritten public offering of 16.67 million shares of its common stock at $3.00 per share. The offering is expected to generate approximately $46.7 million to $53.7 million in gross proceeds, excluding any additional funds from the underwriters' 30-day option to purchase up to 2.5 million more shares on the same terms [1].

The proceeds from the offering will be allocated to three key areas: funding the advancement of internally developed therapeutic programs, continued investment in the company's Integrated Drug Creation platform, and general corporate purposes. The offering is expected to close around July 25, 2025, pending customary conditions [1].

The $3.00 share price reflects current market conditions and investor sentiment toward AI-driven drug discovery companies. The company has secured significant institutional backing with reputable financial institutions Morgan Stanley, J.P. Morgan, Jefferies, and TD Cowen acting as joint book-running managers for the offering [2].

Absci's stock is currently trading at $2.855 on the NasdaqGS, indicating a 18.6610% decrease from its previous price. The Neutral stock score reflects a balance of technical momentum, strategic insights, and financial challenges [3].

The successful completion of this offering will extend Absci's operational runway, supporting both platform technology development and the advancement of AI-designed drug candidates through clinical development stages, which typically require substantial capital investment [2].

References:

[1] https://www.nasdaq.com/articles/absci-prices-50-mln-public-offering-advance-ai-driven-drug-programs
[2] https://www.stocktitan.net/news/ABSI/absci-announces-pricing-of-public-offering-of-common-rdp45d169iho.html