AbCellera
{{short description|Biotechnology company in Vancouver, Canada}}
{{Use Canadian English|date=February 2020}}
{{Infobox company
| name = AbCellera Biologics Inc.
| logo =
| type = Public
| traded_as = {{NASDAQ|ABCL}}
| industry = Contract Research Organization
| founded = {{start date and age|2012}}
| location = Vancouver, British Columbia
| revenue = 38 million (2023)
| net_income = {{decrease}} US $-163 million (2024)
| num_employees = 386 (2021)
| website = {{url|abcellera.com}}
}}
AbCellera Biologics Inc. is a Vancouver, British Columbia-based contract research organization (CRO) that is contracted by biotechnology and pharmaceutical companies for antibody services, and researches and develops human antibodies as a service for its clients. The company is best known for its leading role in the Pandemic Prevention Platform, a project of DARPA's Biological Technologies Office.{{Cite magazine|last=Niiler|first=Eric|url=https://www.wired.com/story/darpa-cranks-up-antibody-research-to-stall-coronavirus/|title=Darpa Cranks Up Antibody Research to Stall Coronavirus|date=2020-02-14|magazine=Wired|access-date=2020-02-16|publisher=Condé Nast}} AbCellera utilizes a proprietary technology platform, which they claim can develop "medical countermeasures within 60 days."{{Cite news|last=Cumbers|first=John|url=https://www.forbes.com/sites/johncumbers/2020/02/05/seven-synthetic-biology-companies-in-the-fight-against-coronavirus/#33ee6abc16ef|title=The Synthetic Biology Companies Racing To Fight Coronavirus|date=2020-02-05|work=Forbes|access-date=2020-02-16}} Its platform for single-cell screening was initially developed at the University of British Columbia.{{Cite news|last=Shore|first=Randy|url=https://vancouversun.com/business/local-business/b-c-s-biotech-leaders-are-growing-up-and-going-global|title=B.C.'s biotech leaders are growing up and going global|date=2017-03-03|work=Vancouver Sun|access-date=2020-02-16|publisher=Postmedia Network}}
History
AbCellera was founded in 2012 by biomedical researchers Carl Hansen, Véronique Lecault, Kevin Heyries, Daniel Da Costa and Oleh Petriv. In November 2016, the company received a {{US$}}645K grant from the Bill & Melinda Gates Foundation to develop a test for tuberculosis.{{Cite web |date=November 2016 |title=Grant: AbCellera Biologics Inc. |url=https://www.gatesfoundation.org/about/committed-grants/2016/11/opp1163209 |url-status=live |archive-url=https://web.archive.org/web/20220504180504/https://www.gatesfoundation.org/about/committed-grants/2016/11/opp1163209 |archive-date=2022-05-04 |access-date=2020-02-16 |website=Bill & Melinda Gates Foundation}} In September 2018, a $10M series A round of funding was closed.{{Cite news|last=McGrane|first=Clare|url=https://www.geekwire.com/2018/abcellera-raises-10m-machine-learning-fueled-antibody-discovery-platform/|title=AbCellera raises $10M for machine-learning fueled antibody discovery platform|date=2018-09-27|work=GeekWire|access-date=2020-02-16}} In May 2020, a $105M series B round of funding was closed.{{Cite news|last=Gormley|first=Brian|date=2020-05-27|title=AbCellera Banks $105 Million for Antibodies, Including for Covid-19|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/abcellera-banks-105-million-for-antibodies-including-for-covid-19-11590616269|access-date=2020-07-21|issn=0099-9660}}{{Cite web|last=Knapp|first=Alex|title=AbCellera Raises $105 Million To Boost Drug Discovery Against Coronavirus And Other Diseases|url=https://www.forbes.com/sites/alexknapp/2020/05/27/abcellera-raises-105-million-to-boost-drug-discovery-against-coronavirus-and-other-diseases/|access-date=2020-07-21|website=Forbes|language=en}}
In January 2017, AbCellera announced that it would be collaborating with Pfizer to discover and develop antibodies against "undisclosed membrane protein targets.”{{Cite web |last=Heyries |first=Kevin |date=2017-01-05 |title=AbCellera Announces Multi-Target Research Collaboration with Pfizer |url=https://www.abcellera.com/news/2017-01-collaboration-with-pfizer |url-status=live |archive-url=https://archive.today/20220504185031/https://www.abcellera.com/news/2017-01-collaboration-with-pfizer |archive-date=2022-05-04 |access-date=2022-05-04 |website=AbCellera}}{{Cite web |date=2021-02-28 |title=Research programme: transmembrane protein modulators - AbCellera/Pfizer |url=https://adisinsight.springer.com/drugs/800048645 |url-status=live |archive-url=https://web.archive.org/web/20220504190007/https://adisinsight.springer.com/drugs/800048645 |archive-date=2022-05-04 |access-date=2022-05-04 |website=Adis Insight - Springer Science+Business Media}}
= 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.{{cite news|url=https://investor.lilly.com/news-releases/news-release-details/lilly-begins-worlds-first-study-potential-covid-19-antibody|title=Lilly Begins World's First Study of a Potential COVID-19 Antibody Treatment in Humans|publisher=Lilly|access-date=4 June 2020|date=1 June 2020}} 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.{{Cite journal |date=2021-03-02 |title=An EUA for Bamlanivimab—A Monoclonal Antibody for COVID-19 |journal=JAMA |volume=325 |issue=9 |pages=880–881 |doi=10.1001/jama.2020.24415 |pmid=33306087 |issn=0098-7484|doi-access=free }}{{Cite web |last=Hinton |first=Denise M. |date=2021-04-16 |title=RE: Emergency Use Authorization 090 |url=https://www.fda.gov/media/147629/download |url-status=dead |archive-url=https://web.archive.org/web/20220406215515/https://www.fda.gov/media/147629/download |archive-date=2022-04-06 |access-date=2022-05-04 |website=U.S. Food & Drug Administration}} 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.{{Cite web |last=Office of the Commissioner |date=2021-04-19 |title=Coronavirus (COVID-19) Update: FDA Revokes Emergency Use Authorization for Monoclonal Antibody Bamlanivimab |url=https://www.fda.gov/news-events/press-announcements/coronavirus-covid-19-update-fda-revokes-emergency-use-authorization-monoclonal-antibody-bamlanivimab |url-status=dead |archive-url=https://archive.today/20210527190156/https://www.fda.gov/news-events/press-announcements/coronavirus-covid-19-update-fda-revokes-emergency-use-authorization-monoclonal-antibody-bamlanivimab |archive-date=2021-05-27 |access-date=2022-05-04 |website=U.S. Food & Drug Administration |language=en}}
In September 2021, the company announced a multi-year agreement with Moderna to develop mRNA-based antibody treatments against multiple diseases.{{Cite news |last=Khandekar |first=Amruta |date=2021-09-15 |title=AbCellera and Moderna team up to develop antibody therapies |language=en |work=Reuters |url=https://www.reuters.com/business/healthcare-pharmaceuticals/abcellera-moderna-team-up-develop-antibody-therapies-2021-09-15/ |access-date=2022-05-04}}
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).{{Cite web |date=January 2022 |title=AbCellera Biologics Inc. |url=https://www.gatesfoundation.org/about/committed-grants/2022/01/inv027467 |url-status=live |archive-url=https://archive.today/20220504180519/https://www.gatesfoundation.org/about/committed-grants/2022/01/inv027467 |archive-date=2022-05-04 |access-date=2022-05-04 |website=Bill & Melinda Gates Foundation |language=en}} 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.{{Cite web |last=Tong |first=Amber |date=2022-02-14 |title=As Omicron rages, FDA clears Eli Lilly/AbCellera's new antibody days after $720M supply deal |url=https://endpts.com/as-omicron-rages-fda-clears-eli-lilly-abcelleras-new-antibody-days-after-720m-supply-deal/ |url-status=live |archive-url=https://archive.today/20220215130659/https://endpts.com/as-omicron-rages-fda-clears-eli-lilly-abcelleras-new-antibody-days-after-720m-supply-deal/ |archive-date=2022-02-15 |access-date=2022-05-04 |website=Endpoints News |language=en}} However, several months later, the FDA removed the authorization, due to lack of effectiveness.{{Cite web |date=November 23, 2022 |title=FDA pulls U.S. authorization for Eli Lilly's COVID drug bebtelovimab |url=https://www.reuters.com/business/healthcare-pharmaceuticals/eli-lillys-covid-drug-bebtelovimab-not-currently-authorized-us-says-fda-2022-11-30/ |website=Reuters}}
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.{{Cite news |last= |date=August 6, 2024 |title=AbCellera Biologics Inc. (ABCL) Reports Q2 Loss, Misses Revenue Estimates |url=https://ca.finance.yahoo.com/news/abcellera-biologics-inc-abcl-reports-221511366.html}}{{Cite web |website=Google Finance |title=AbCellera Biologics Inc |url=https://www.google.com/finance/quote/ABCL:NASDAQ?sa=X&ved=2ahUKEwj88vz1u-WHAxXcMVkFHcOICWIQ3ecFegQIOBAf}}{{Cite web |title=AbCellera (ABCL) Misses Revenue Projections, Advances New Antibody Treatment {{!}} ABCL Stock News |url=https://www.gurufocus.com/news/2846136/abcellera-abcl-misses-revenue-projections-advances-new-antibody-treatment-abcl-stock-news}}
See also
References
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{{Vancouver Corporations}}
Category:Biotechnology companies of Canada
Category:Companies listed on the Nasdaq