AbCellera

Last updated

AbCellera Biologics Inc.
Company type Public
Nasdaq:  ABCL
Industry Contract Research Organization
Founded2012;13 years ago (2012)
Headquarters Vancouver, British Columbia
Revenue38 million (2023)
Decrease2.svg US $-163 million (2024)
Number of employees
386 (2021)
Website abcellera.com

AbCellera Biologics Inc. is a Vancouver, British Columbia-based contract research organization (CRO) that is contracted by biotechnology and pharmaceutical companies for antibody services, and researches and develops human antibodies as a service for its clients. The company is best known for its leading role in the Pandemic Prevention Platform, a project of DARPA's Biological Technologies Office. [1] AbCellera utilizes a proprietary technology platform, which they claim can develop "medical countermeasures within 60 days." [2] Its platform for single-cell screening was initially developed at the University of British Columbia. [3]

Contents

History

AbCellera was founded in 2012 by biomedical researchers Carl Hansen, Véronique Lecault, Kevin Heyries, Daniel Da Costa and Oleh Petriv. In November 2016, the company received a US$645K grant from the Bill & Melinda Gates Foundation to develop a test for tuberculosis. [4] In September 2018, a $10M series A round of funding was closed. [5] In May 2020, a $105M series B round of funding was closed. [6] [7]

In January 2017, AbCellera announced that it would be collaborating with Pfizer to discover and develop antibodies against "undisclosed membrane protein targets.” [8] [9]

COVID-19 treatments: initial expansion and subsequent decline

In June 2020, AbCellera announced it had begun the world's first study of a potential antibody treatment against COVID-19, with a Phase 1 trial of LY-CoV555 (Bamlanivimab), in collaboration with Eli Lilly and Company. [10] The drug was granted an Emergency Use Authorization by the U.S. Food and Drug Administration in November 2020, and subsequently renewed in February and March 2021. [11] [12] The EUA was revoked in April 2021, with the FDA citing an updated conclusion that "the known and potential benefits of bamlanivimab alone no longer outweigh the known and potential risks for the product," because of significantly reduced efficacy against emerging variants of SARS-CoV-2. [13]

In September 2021, the company announced a multi-year agreement with Moderna to develop mRNA-based antibody treatments against multiple diseases. [14]

In January 2022, the company received a $1.5 million grant from the Bill & Melinda Gates Foundation to identify monoclonal antibodies against respiratory syncytial virus (RSV). [15] A second COVID-19 monoclonal antibody therapy (Bebtelovimab) was given Emergency Use Authorization in February 2022, with the U.S. Government committing to a $720 million purchase of up to 600,000 doses. [16] However, several months later, the FDA removed the authorization, due to lack of effectiveness. [17]

As of November 2022 following the FDA decision to remove authorization for using Abcellera COVID antibodies, the company has no drugs on the market. As a result of the discontinuation of the COVID antibodies, the stock price subsequently plummeted by over 95% from IPO, with increasing net losses amounting to -$163M in 2024. [18] [19] [20]

See also

References

  1. ↑ Niiler, Eric (2020-02-14). "Darpa Cranks Up Antibody Research to Stall Coronavirus". Wired . Condé Nast . Retrieved 2020-02-16.
  2. ↑ Cumbers, John (2020-02-05). "The Synthetic Biology Companies Racing To Fight Coronavirus". Forbes . Retrieved 2020-02-16.
  3. ↑ Shore, Randy (2017-03-03). "B.C.'s biotech leaders are growing up and going global". Vancouver Sun . Postmedia Network . Retrieved 2020-02-16.
  4. ↑ "Grant: AbCellera Biologics Inc". Bill & Melinda Gates Foundation . November 2016. Archived from the original on 2022-05-04. Retrieved 2020-02-16.
  5. ↑ McGrane, Clare (2018-09-27). "AbCellera raises $10M for machine-learning fueled antibody discovery platform". GeekWire . Retrieved 2020-02-16.
  6. ↑ Gormley, Brian (2020-05-27). "AbCellera Banks $105 Million for Antibodies, Including for Covid-19". Wall Street Journal. ISSN   0099-9660 . Retrieved 2020-07-21.
  7. ↑ Knapp, Alex. "AbCellera Raises $105 Million To Boost Drug Discovery Against Coronavirus And Other Diseases". Forbes. Retrieved 2020-07-21.
  8. ↑ Heyries, Kevin (2017-01-05). "AbCellera Announces Multi-Target Research Collaboration with Pfizer". AbCellera. Archived from the original on 2022-05-04. Retrieved 2022-05-04.
  9. ↑ "Research programme: transmembrane protein modulators - AbCellera/Pfizer". Adis Insight - Springer Science+Business Media . 2021-02-28. Archived from the original on 2022-05-04. Retrieved 2022-05-04.
  10. ↑ "Lilly Begins World's First Study of a Potential COVID-19 Antibody Treatment in Humans". Lilly. 1 June 2020. Retrieved 4 June 2020.
  11. ↑ "An EUA for Bamlanivimab—A Monoclonal Antibody for COVID-19". JAMA. 325 (9): 880–881. 2021-03-02. doi: 10.1001/jama.2020.24415 . ISSN   0098-7484. PMID   33306087.
  12. ↑ Hinton, Denise M. (2021-04-16). "RE: Emergency Use Authorization 090". U.S. Food & Drug Administration . Archived from the original on 2022-04-06. Retrieved 2022-05-04.
  13. ↑ Office of the Commissioner (2021-04-19). "Coronavirus (COVID-19) Update: FDA Revokes Emergency Use Authorization for Monoclonal Antibody Bamlanivimab". U.S. Food & Drug Administration . Archived from the original on 2021-05-27. Retrieved 2022-05-04.
  14. ↑ Khandekar, Amruta (2021-09-15). "AbCellera and Moderna team up to develop antibody therapies". Reuters . Retrieved 2022-05-04.
  15. ↑ "AbCellera Biologics Inc". Bill & Melinda Gates Foundation . January 2022. Archived from the original on 2022-05-04. Retrieved 2022-05-04.
  16. ↑ Tong, Amber (2022-02-14). "As Omicron rages, FDA clears Eli Lilly/AbCellera's new antibody days after $720M supply deal". Endpoints News. Archived from the original on 2022-02-15. Retrieved 2022-05-04.
  17. ↑ "FDA pulls U.S. authorization for Eli Lilly's COVID drug bebtelovimab". Reuters. November 23, 2022.
  18. ↑ "AbCellera Biologics Inc. (ABCL) Reports Q2 Loss, Misses Revenue Estimates". August 6, 2024.
  19. ↑ "AbCellera Biologics Inc". Google Finance.
  20. ↑ "AbCellera (ABCL) Misses Revenue Projections, Advances New Antibody Treatment | ABCL Stock News".
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