Press release
Absci Reports Third Quarter 2022 Financial Results
Milestone achievement and progress continues in previously announced Merck collaboration Further strengthened executive leadership and Board of Directors
About this update from Absci Corporation
[{"type":"text","content":"Milestone achievement and progress continues in previously announced Merck collaboration Further strengthened executive leadership and Board of Directors VANCOUVER, Wash. and NEW YORK, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Absci Corporation (Nasdaq: ABSI), a generative AI drug creation company, today reported financial and operating results for the quarter ended September 30, 2022. \"Absci delivered a strong quarter of successful execution in partnered programs, technical breakthroughs, and continued strengthening of our organization,\" said Sean McClain, Founder and CEO. \"During this past quarter, we demonstrated the powerful capabilities of our Integrated Drug Creation™ platform by leveraging generative AI for innovative antibody optimization as provided in detail in our preprint manuscript recently released on bioRxiv, further solidifying Absci's leadership position in AI drug creation. The preprint manuscript detailing these findings generated high academic engagement and significant industry interest. Further, we welcomed Dr. Andreas Busch to Absci as Chief Innovation Officer, bringing world-class R&D expertise to our executive leadership team, and continuing our momentum toward Absci's next phase of growth.\" Recent Highlights Milestone achievement and continued progress in previously announced collaboration with Merck involving Absci's non-standard amino acid (nsAA) technology.Preprint manuscript released on bioRxiv demonstrating the capability of Absci's Integrated Drug Creation™ platform to rapidly simultaneously optimize multiple parameters important to drug development (i.e., affinity and \"naturalness\") of antibodies in silico using generative AI. Successfully applied, Absci's Integrated Drug Creation™ platform will accelerate drug development timelines and decrease attrition in early R&D.Continued to strengthen executive leadership team, appointing veteran pharma executive Andreas Busch, PhD as Chief Innovation Officer. Over his career, including tenures leading R&D at Bayer and Shire, he successfully led 10 commercial drugs from bench to FDA approval, with more in current late-stage clinical development.Appointed Dan Rabinovitsj, a senior executive at Meta, the parent company of Facebook, to Absci's Board of Directors. With the continued convergence of technology and biotech, he brings valuable expertise in scaling i...