AMD, a chip designer, announced on Wednesday that it will invest $20 million in Absci, a Vancouver-based business that seeks to create novel medicinal solutions through artificial intelligence.
Absci anticipates that artificial intelligence will speed up the development of protein-based medications known as biologics. It will use computers to assess the efficacy of these medications and quickly bring promising ones to market.
One of Intel’s main competitors, AMD, is hopeful that the pharmaceutical industry would quickly expand its market share for its AI CPUs.
In a written statement released on Wednesday, Absci CEO Sean McClain stated, “This partnership with AMD gives us the unique advantage of working closely with a partner that is deeply committed to supporting our needs while providing the most efficient, innovative AI solutions available.”
Absci shares increased by about 5% on Wednesday, to $3.22, as a result of the investment. The sum AMD is paying for shares in the Vancouver startup was not disclosed by the companies.
About 160 people work with Absci, 100 of them are based in the Portland and Vancouver regions.
The pharmaceutical sector is still interested in its technology, and the Vancouver-based company has collaborations with several research institutes, as well as pharmaceutical companies Merck and AstraZeneca. However, the process of developing new drugs is lengthy, and none of the possibilities under investigation have made it to market.
Since the company’s 2021 IPO, the stock price has dropped by about 80%.
–Mike Rogoway writes on the business and technology in Oregon. You can reach him at 503-294-7699 or [email protected].
Note: Every piece of content is rigorously reviewed by our team of experienced writers and editors to ensure its accuracy. Our writers use credible sources and adhere to strict fact-checking protocols to verify all claims and data before publication. If an error is identified, we promptly correct it and strive for transparency in all updates, feel free to reach out to us via email. We appreciate your trust and support!
