Absci stock soars on AMD partnership and investment

Investing.com -- Shares of Absci Corporation (NASDAQ: ABSI) soared 50% following the announcement of a strategic collaboration and a $20 million investment from AMD (NASDAQ:AMD ). The partnership aims to enhance Absci's AI-driven drug discovery capabilities using AMD's Instinct accelerators and ROCm software.

The collaboration is poised to propel Absci's mission to expedite the development of superior biologics for patients. By leveraging AMD's advanced computing solutions, Absci expects to optimize its AI models for biological modeling, which could lead to significant reductions in infrastructure costs and faster innovation cycles.

Absci's Founder & CEO, Sean McClain, highlighted the importance of the partnership during his presentation at the 43rd Annual J.P. Morgan Healthcare Conference. He emphasized that working with AMD will enable Absci to further advance its next-generation antibody therapeutics development, expressing enthusiasm about the potential to accelerate drug discovery.

AMD's Executive Vice President and Chief Technology Officer, Mark Papermaster, also expressed pride in partnering with Absci, recognizing the company's pioneering role in AI-driven drug discovery. He noted that Absci's work aligns perfectly with AMD's high-performance computing solutions, which are tailored for the most challenging AI workloads.

The strategic partnership and investment underscore the growing demand for innovative AI applications in the field of drug discovery. With AMD's support, Absci is positioned to showcase the exceptional performance of AMD's Instinct accelerators in complex biological applications, including Absci’s proprietary IgDesign1 model, an in vitro validated inverse folding model for antibody design.

Investors have responded favorably to the news, leading to a significant uptick in Absci's stock price. The collaboration is expected to enhance Absci's capabilities and potentially lead to groundbreaking developments in the creation of biologic drugs.

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Source: Investing.com