Absci Announces Pricing of Public Offering of Common Stock

VANCOUVER, Wash., Feb. 27, 2024 (GLOBE NEWSWIRE) -- Absci Corporation (Nasdaq: ABSI) (“Absci”), a data-first generative AI drug creation company, today announced the pricing of an underwritten public offering of 16,700,000 shares of its common stock at a public offering price of $4.50 per share, before deducting underwriting discounts and commissions. In addition, Absci has granted the underwriters a 30-day option to purchase up to an additional 2,505,000 shares of its common stock on the same terms and conditions. The gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be approximately $75.2 million, excluding any exercise of the underwriters' option to purchase additional shares. All of the shares in the offering are to be sold by Absci.

Absci intends to use the net proceeds from the offering to fund the development of its internal asset programs, continued investment in its Integrated Drug Creation platform, including related AI and wet-lab technologies, and for working capital and other general corporate purposes.

Morgan Stanley and TD Cowen are acting as joint book-running managers for the offering. The offering is expected to close on or about March 1, 2024, subject to the satisfaction of customary closing conditions.

The shares of common stock are being offered by Absci pursuant to an effective shelf registration statement on Form S-3 (File No. 333-267043) that was previously filed with the U.S. Securities and Exchange Commission (SEC) on August 24, 2022 and became effective on September 2, 2022. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering was filed with the SEC on February 27, 2024. The final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and may be obtained, when available, from Morgan Stanley & Co LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, by telephone: [phone], or by email at [e-mail]; Cowen and Company, LLC, 599 Lexington Avenue, New York, NY 10022, by telephone at [phone] or by email at [e-mail]; or by accessing the SEC’s website at www.sec.gov.