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Wednesday, May 31, 2023
May 31, 2023

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Vancouver biotech company AbSci to become publicly traded

By , Columbian Innovation Editor

Vancouver biotech company AbSci announced its intention to file for an initial public offering on Wednesday.

AbSci filed a registration statement relating to the proposed offering with the U.S. Securities and Exchange Commission, but it has not yet become effective, according to a Wednesday press release.

It will join the Nasdaq Global Market under the symbol ABSI, but the number of shares and price of the stock have not yet been determined.

The company engineers microorganisms called E. coli to produce proteins for pharmaceutical companies that use them to efficiently manufacture drugs, including insulin.

AbSci moved to Vancouver in 2016 after Gov. Jay Inslee invested $200,000 into the company from his Strategic Reserve Fund. It recently moved to a new headquarters at the Columbia Tech Center during a time of rapid growth and investor fundraising.