Artificial intelligence (AI) drug creation company Absci Corporation’s shares have surged higher in premarket trading on Wednesday, following the announcement of a strategic collaboration with Advanced Micro Devices Inc (AMD). The partnership aims to enhance Absci’s AI drug discovery capabilities by leveraging AMD’s Instinct accelerators and ROCm software.
The deal also includes a $20 million private investment in public equity (PIPE) by AMD, highlighting the growing demand for AI applications in the pharmaceutical industry. By utilizing optimized AI solutions, Absci hopes to transform biologics development and accelerate innovation cycles.
AMD’s support will enable Absci to further develop its proprietary antibody design model, IgDesign1, an in vitro validated inverse folding model for antibody design. Sean McClain, Absci’s Founder and CEO, expressed excitement about the partnership, stating that AMD’s high-performance compute capabilities will help drive the development of next-generation antibody therapeutics.
As a result, ABSI shares have increased by 44.3% to $4.46 in premarket trading.
Source: https://finance.yahoo.com/news/absci-stock-jumps-amd-invests-141215429.html