Press release
Absci Reports Third Quarter 2021 Financial and Operating Results
VANCOUVER, Wash., Nov. 09, 2021 (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., Nov. 09, 2021 (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 September 30, 2021. “At Absci, our team of Unlimiters is building technology to enable better, faster, smarter biologic drug and target discovery and cell line development,” said Sean McClain, founder and CEO. “2021 continues to be a transformative year for our organization, with the business experiencing tremendous momentum, highlighted by strategic acquisitions and partnerships, important additions to the team in key roles, and our debut as a public company – all on top of the scientific innovation we do each and every day. We continue to have success in integrating our recent acquisitions, and we are already generating exciting opportunities from our expanded platform, including signing our first major multi-program discovery deal last month.” Third Quarter 2021 and Recent Highlights Hired additional experienced employees, including vital areas of data science, artificial intelligence, intellectual property, and research and development. Absci's team now includes nearly 220 Unlimiters.Continued integrating our acquisitions, further developing AI-enabled discovery capabilities and beginning to capitalize on drug discovery opportunities enabled through Absci's expanded platform.Announced a partnership with EQRx to discover and develop next-generation protein-based drugs. The partnership will leverage Absci’s Drug Creation™ technology for discovery and development activities, along with EQRx’s clinical development expertise and commercial capabilities, to advance next-generation, protein-based therapeutics at more affordable costs for patients. EQRx and Absci will collaborate to jointly engineer and develop several clinical candidates across multiple therapeutic areas, including oncology and immunology. Third Quarter 2021 Financial Results Revenue was $1.5 million for the three months ended September 30, 2021 compared to $0.9 million for the three months ended September 30, 2020. Research and development expenses were $10.7 million for the third quarter of 2021, as compared to $2.7 million for the corresponding prior year period. This increas...