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AI drug creation company Absci Corporation (NASDAQ:ABSI) shares are trading higher in premarket on Wednesday after the company entered into a strategic collaboration with Advanced Micro Devices Inc (NASDAQ:AMD) to enhance its AI drug discovery capabilities.
The partnership will leverage AMD Instinct accelerators and ROCm software to support Absci’s advanced de novo antibody design models.
The deal also includes a $20 million private investment in public equity (PIPE) by AMD, underscoring the rising demand for AI applications in the pharmaceutical industry.
Absci aims to transform biologics development by utilizing optimized AI solutions that improve biological modeling. The partnership is expected to reduce infrastructure costs while accelerating innovation cycles.
Also Read: Uber And NVIDIA Partner On AI Technology For Autonomous Cars
AMD’s support will enable Absci to enhance its proprietary antibody design model, IgDesign1, which is the first in vitro validated inverse folding model for antibody design.
Sean McClain, Absci’s Founder and CEO, said, “AMD high-performance compute will enable us to further the development of next-generation antibody therapeutics, and we are excited about the potential that this partnership holds to accelerate the future of drug discovery.”
Price Action: ABSI shares are trading higher by 44.3% at $4.46 in premarket at the last check Wednesday.
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This article Absci Stock Jumps As AMD Invests $20M To Boost AI Drug Discovery originally appeared on Benzinga.com
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