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Absci Corp To Make Nasdaq Debut On July 22

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Vancouver, Washington-based company Absci Corp is slated to go public on the Nasdaq Global Market on July 22, under the ticker symbol "ABSI".

Founded in 2011, AbSci is a synthetic biology company providing a platform for its partners to develop proteins and biologics through Integrated Drug Creation Platform. The company's partners include Merck & Co., Inc. , Xyphos Biotechnology, an Astellas Company, and Alpha Cancer Technologies, Inc., among others.

Absci acquired two biotech firms this year, Denovium Inc. in January and Totient Inc. in June.

The company has 169 employees, as of June 30, 2021. As a result of the Totient acquisition, it now has offices in Cambridge, Massachusetts, and Belgrade, Serbia, and employees in the United Kingdom.

The company has offered to sell 12.5 million ordinary shares at a price of $16 per share in the IPO. The underwriters have an option for a period of 30 days to purchase up to an additional 1.875 million shares.

The offering, which is scheduled to close on July 26, 2021, is expected to rake in gross proceeds of $200.0 million.

Underwriters of the IPO:

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, BofA Securities, Inc., Cowen and Company, LLC and Stifel, Nicolaus & Company, Inc.

Financial numbers:

For the first quarter ended March 31, 2021, the company net loss narrowed to $11.96 million or $0.70 per share from $13.81 million or $0.91 per share in the year-ago quarter.

Revenue, which is mainly derived from technology development services, rose to $1.06 million for the quarter from $0.6 million a year earlier.

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