Absci rises on positive hair-loss drug data

Eli Lilly and Co

Yesterday 12:11

** Shares of drug developer Absci ABSI.O rise 17.9% to $8.74 premarket
** Co reports data from an early-stage trial of ABS-201, its experimental drug developed using AI, targeting androgenetic alopecia, a common form of hair loss
** Co says early data from 32 healthy adults who received a single dose showed the drug appeared well tolerated, with no serious side effects reported as of June 8
** Data suggests ABS-201 had an estimated half-life of at least 65 days, supporting the potential for two or three injections over a six-month period
** Co plans to begin a mid-stage study of ABS-201 for endometriosis later this year
** Separately, Absci prices a $100 million stock offering backed by Eli Lilly  LLY.N and several investment firms, and plans to use the proceeds to fund development of ABS-201 in pattern hair loss and endometriosis
** As of last close, ABSI stock more than doubled YTD 

 (Reporting by Padmanabhan Ananthan)
 ((Padmanabhan.Ananthan@thomsonreuters.com))