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absci Absci Reports Second Quarter 2021 Financial and Operating Results September 7 , 2021 VANCOUVER , Wash . , Sept. 07 , 2021 ( GLOBE NEWSWIRE ) -- Absci Corporation ( Nasdaq : ABSI ) , the drug and target discovery company harnessing deep learning and synthetic biology to expand the therapeutic potential of proteins , today reported financial and operating results for the quarter ended June 30 , 2021 . " This has been a momentous year for Absci , " said Sean McClain , founder and CEO . " We kicked off 2021 with our acquisition of Denovium , which formalized our identity as an Al - powered synthetic biology company focused on biopharmaceutical protein design and production technology . We've also grown the business substantially since January , more than doubling our team of ' unlimiters ' , signing partnership agreements , advancing programs with current partners , enhancing our technology platform , building and moving into a new campus , and acquiring Totient . " " Along the way , we've shared our progress and vision with investors , and with their support we completed two financing rounds since January , including our IPO in July . I could not be more proud of what we have accomplished , or more excited about what lies ahead as we pursue our vision of changing the world , one protein at a time . " Second Quarter 2021 and Recent Highlights Completed initial public offering raising net proceeds of approximately $ 210 million . • Announced acquisition of Totient , expanding the Integrated Drug Creation ™ discovery technology . Platform to include antibody and target • Hired over 100 new employees since year - end 2020 , and strengthened executive leadership team with additions of Nikhil Goel as Chief Business Officer and Sarah Korman , PhD , JD , as General Counsel . • Built out and relocated to new state - of - the - art 77,000 square foot campus in Vancouver , Washington . • Entered into a global technology development and license agreement with PhaseBio [ Nasdaq : PHAS ] to advance a successful ongoing Active Program for creation of a customized cell line to enable high - yield commercial production of a PhaseBio clinical candidate . The agreement entitles Absci to contingent milestone payments and royalties on sales upon PhaseBio's exercise of its option for an exclusive license to the producing cell line developed by Absci . • Signed a global technology development and license agreement with Alpha Cancer Technologies Inc. The agreement extends the existing technology development partnership and entitles Absci to contingent milestone payments and royalties on net sales of products comprising recombinant human alpha - fetoprotein manufactured using the producing cell line developed by Absci . Second Quarter 2021 Financial Results Revenue was $ 0.7 million for the three months ended June 30 , 2021 compared to $ 0.6 million for the three months ended June 30 , 2020 Research and development expenses were $ 11.0 million for the second quarter of 2021 , as compared to $ 2.3 million for the corresponding prior year period . This increase was primarily driven by additional investments in platform expansion , including data initiatives and Al capabilities . Selling , general , and administrative expenses were $ 5.2 million for the second quarter of 2021 , as compared to $ 0.9 million for the corresponding prior period . This increase was due to personnel - related costs and professional services , including approximately $ 0.9 million of transaction related expenses related to the Totient acquisition . Net loss was $ 41.2 million for the second quarter of 2021 , as compared to $ 3.0 million for the corresponding prior year period , which includes a non - cash charge of $ 28.1 million related to the revaluation of convertible notes and preferred stock warrants . Cash and cash equivalents were $ 99.5 million as of June 30 , 2021. Subsequent to the end of the quarter , on July 26 , 2021 , Absci completed its initial public offering , raising approximately $ 210 million of net proceeds , after deducting underwriting discounts and commissions and estimated offering expenses . About Absci Absci is the drug and target discovery company harnessing deep learning and synthetic biology to expand the therapeutic potential of proteins . We built our Integrated Drug CreationTM Platform to identify novel drug targets , discover optimal biotherapeutic candidates , and generate the cell lines to manufacture them in a single efficient process . Biotech and pharma innovators partner with us to create the next generation of protein - based drugs , including those that may be impossible to make with other technologies . Our goal is to enable the development of better medicines by Translating Ideas into Drugs TMFor more information visit www.absci.com . Forward - Looking Statements Certain statements in this press release that are not historical facts are considered forward - looking within the meaning of Section 27A of the Securities