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The Vancouver-based pharmaceutical company said it plans to use the money from issuing new shares and warrants primarily to fund further development of its own drugs, a newer and more expensive line of business than its work as a research partner for other pharma firms. (The Logic)
Talking point: On Monday, AbCellera reported early success with a treatment for hot flashes, a common menopause symptom, and its share price promptly soared, now up more than 50 per cent since last week. That’s the highest its stock has reached in more than three years, dipping only slightly (and temporarily) after the new announcement. Following colossal success with an early COVID-19 treatment, AbCellera has been burning through cash (losing US$55.4 million in its most recent quarter) as it seeks a second money-maker. The hot flash treatment, which AbCellera calls ABCL635, could be that, but getting any new drug to market is a very expensive prospect.
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