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    Wales scientists could generate $ 359 million in wealth from US biotechnology flotation | Pharmaceutical industry

    A Welsh scientist who dreamed of an artificial intelligence biotechnology company on his way home from the lab said he had a potential $ 359 million (£ 400 million) paper property after the $ 2.9 billion stock market fluctuated. Sitting in

    Exscientia’s idea, Oxford-based company The development of medicines using artificial intelligence dates back to the 1990s when Andrew Hopkins was a doctoral student in biophysics in Oxford. He studied potential treatments for HIV, but the process was so painstaking that he needed a better way to design the drug.

    The answer was to apply artificial intelligence to drug development – ​​using Automated computer algorithms for screening large datasets Detects hidden patterns and performs other tasks within seconds that humans take months to perform.

    Hopkins founded Exscientia in 2012 after working for nearly 10 years at Pfizer, a leading US pharmaceutical company, and then for five years at the University of Dundee to study the application of data mining and machine learning to the pharmaceutical industry.

    The company is floating in New York with a market value of just $ 2.9 billion. It sold 13.9 million shares for $ 22 on Friday, raising $ 304.7 million, spurring its listing in London. In the early days of the Nasdaq debut, shares surged 32% to $ 29, bringing the company’s value to $ 3.7 billion.

    The surge in stock prices has given Hopkins, 49, Honorary Chairman of the School of Life Sciences at the University of Dundee, a $ 339 million paper property. He owns 18.6 million shares, or 15.8% of the company, but has not sold any of them.

    Over the years, the business has partnered with major pharmaceutical companies such as GSK in the UK and Bristol Myers Squibb in the US, and in July Received a $ 1.5 million grant from the Bill & Melinda Gates Foundation Develop Covid-19 therapies that work against new variants or other Sars viruses.

    Last year, Exscientia The first drug completely produced by AI for obsessive-compulsive disorder was in clinical trials.. The project took less than 12 months instead of the usual 4-5 years. Using AI to generate new drugs can reduce early-stage drug development costs by nearly a third. Major pharmaceutical companies are investing heavily in AI..

    Exscientia also works with German company Evotec Cancer immunotherapy For adults with advanced solid tumors being tested in humans. It took only eight months to develop a treatment using AI.

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    All of the company’s major investors have been detained for 180 days. These include Japanese conglomerates Softbank and Evotech, US fund manager BlackRock, Bristol Myers Squibb’s Celgene subsidiary, and Danish life sciences investor Novo Holdings.

    In a private placement, Exscientia sold an additional 7.3 million shares to SoftBank and the Gates Foundation for $ 22 to raise $ 160 million.

    Exscientia’s Nasdaq listing the next day Oxford Nanopore, a genome sequencing company, made a great stock market debut in London.. Equities surged 42% on the first day of trading, giving startups nearly £ 5 billion in market value in London’s largest biotechnology vacancy for decades.

    Wales scientists could generate $ 359 million in wealth from US biotechnology flotation | Pharmaceutical industry

    Source link Wales scientists could generate $ 359 million in wealth from US biotechnology flotation | Pharmaceutical industry

    The post Wales scientists could generate $ 359 million in wealth from US biotechnology flotation | Pharmaceutical industry appeared first on Eminetra.

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