Absci Announces Closing of Public Offering of Common Stock Including Full Exercise of the Underwriters’ Option to Purchase Additional Shares

VANCOUVER, Wash., March 01, 2024 (GLOBE NEWSWIRE) -- Absci Corporation (Nasdaq: ABSI) (“Absci”), a data-first generative AI drug creation company, today announced the closing of its underwritten public offering of 19,205,000 shares of its common stock at a public offering price of $4.50 per share, before deducting underwriting discounts and commissions. The shares of common stock include 2,505,000 shares pursuant to the option granted by Absci to the underwriters, which was exercised in full. The gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses, were approximately $86.4 million. All of the shares in the offering were 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 acted as joint book-running managers for the offering.

The shares of common stock were 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 was filed with the SEC on February 28, 2024 and may be obtained 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.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Absci

Absci is a data-first generative AI drug creation company that combines AI with scalable wet lab technologies to create better biologics for patients, faster. Our Integrated Drug Creation platform unlocks the potential to accelerate time to clinic and increase the probability of success by simultaneously optimizing multiple drug characteristics important to both development and therapeutic benefit. With the data to train, the AI to create, and the wet lab to validate, we can screen billions of cells per week, allowing us to go from AI-designed antibodies to wet lab-validated candidates in as little as six weeks. Absci’s headquarters is in Vancouver, WA, with its AI Research Lab in New York City and an Innovation Center in Zug, Switzerland.