Gold prices slip lower; consolidating after recent gains
Investing.com -- Absci Corp (NASDAQ:ABSI) stock dropped 11.4% after the clinical-stage biopharmaceutical company announced plans for a $50 million public offering of common stock shares.
The company, which focuses on developing therapeutics designed with generative AI, said it will grant underwriters a 30-day option to purchase up to an additional $7.5 million of shares. All shares in the proposed offering will be sold by Absci.
According to the announcement, Absci intends to use the proceeds to fund advancement of its internally developed programs and continue investment in its Integrated Drug Creation™ platform. The remaining funds will go toward working capital and other general corporate purposes.
Morgan Stanley (NYSE:MS), J.P. Morgan, Jefferies, and TD Securities (USA) LLC are serving as joint book-running managers for the offering. The company noted that the proposed offering is subject to market conditions, with no guarantee regarding completion timing or final terms.
Absci, which trades on the Nasdaq under the ticker ABSI, develops AI-designed therapeutics through its proprietary platform technology.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.