Press release
Absci Reports First Quarter 2022 Financial and Operating Results
VANCOUVER, Wash., May 11, 2022 (GLOBE NEWSWIRE) -- Absci Corporation (Nasdaq: ABSI), the drug and target discovery company harnessing deep learning AI and
About this update from Absci Corporation
[{"type":"text","content":"VANCOUVER, Wash., May 11, 2022 (GLOBE NEWSWIRE) -- Absci Corporation (Nasdaq: ABSI), the drug and target discovery company harnessing deep learning AI and synthetic biology to expand the therapeutic potential of proteins, today reported financial and operating results for the quarter ended March 31, 2022. \"We've made great progress so far this year on all fronts - advancing existing partnered programs, embarking on new collaborations, and enhancing our technology platform,\" said Sean McClain, founder and CEO. \"It's been especially exciting to share publicly some of our AI breakthroughs and progress toward fully in silico drug creation; we expect to continue this momentum both through our collaboration with NVIDIA and with the opening of our new AAIR Lab in New York. Our technology achievements are supporting the most robust business development pipeline we've seen to date, and we are looking forward to building on our accomplishments over the remainder of the year.\" First Quarter and Recent Highlights Entered into a research collaboration with Merck for Bionic™ Enzyme generation, and Merck has the option to nominate up to three targets and enter into a drug discovery collaboration (up to $610 million in upfront fees and milestone payments, as well as research funding and tiered royalties on sales).Unveiled two drug discovery machine learning (ML) breakthroughs: an ML model for quantitative prediction of antibody target affinity, allowing computational predictions of binding strength, and an ML model to score \"naturalness\" of antibody variants. Naturalness is a parameter that Absci shows is associated positively with molecule developability and negatively with immunogenicity. These breakthroughs are expected to improve efficiencies in the drug discovery process and provide tools to mitigate risks in drug development.Announced a collaboration with NVIDIA to accelerate and scale Absci’s in silico ML pipeline.Opened the Absci AI Research (AAIR) Lab in New York City's Carnegie Hall Tower to serve as a hub of Absci’s AI research, building on Absci's recent successes as it continues to advance the nature and scope of in silico design of therapeutic proteins.Signed three new Active Programs for drug discovery activities year to date, and are on track to meet our guidance of at least eight new Active Programs for 2022, representing...