Recursion Pharmaceuticals, Inc. Stock Price, News & Analysis

BioHive has appointed Katelin Roberts as its full-time Executive Director, effective immediately, after serving in an interim capacity since its launch. BioHive aims to enhance Utah's growing life sciences industry. Roberts, previously CEO of Line Logic, brings extensive leadership experience. BioHive comprises over 1,100 companies in Utah's life sciences sector, employing over 130,000 individuals. The organization focuses on innovation and collaboration to strengthen the state's economy and improve patient outcomes.

Recursion (NASDAQ: RXRX) has received orphan drug designation from the U.S. FDA for its drug REC-4881, aimed at treating familial adenomatous polyposis (FAP). This designation supports the development of therapies for rare conditions and provides incentives such as tax credits and potential market exclusivity. REC-4881 is a small molecule MEK1/2 inhibitor intended to reduce tumor size in FAP patients, for whom no approved therapies currently exist. With approximately 50,000 cases in the US and Europe, the company plans a Phase 2 clinical trial to assess REC-4881's safety and efficacy within the next year.

Recursion (NASDAQ: RXRX), a clinical-stage biotechnology firm, announced its Q2 2021 financial results, reporting $2.5 million in revenue, up from $186,000 in Q2 2020, aided by collaboration with Bayer. The company has a robust pipeline with 48 active R&D programs, including 4 clinical and 4 preclinical programs. Key developments include plans for several Phase 2 trials and the advancement of its first internally developed new chemical entity towards IND-enabling studies. Recursion also aims to expand operations to Canada and enhance capabilities through partnerships and a newly formed Therapeutics Advisory Board.

Recursion (NASDAQ: RXRX) announced the establishment of a Therapeutics Advisory Board (TAB) led by Joseph Miletich, MD, PhD, former senior VP at Merck Research Laboratories. The TAB aims to guide the company in efficiently developing medicines at scale from its tech-enabled drug discovery pipeline. Miletich’s experience in advancing new medicines and his innovative perspective on technology-driven drug discovery is expected to benefit Recursion’s programs. The company leverages machine learning to explore biology and develop therapeutics while minimizing biases in research.

Recursion (NASDAQ: RXRX), a clinical-stage biotechnology company, announced the opening of a child care center near its Salt Lake City headquarters on July 12, 2021. The center, operated by Bright Horizons, will provide care for employees' children from infancy to age five. This initiative aims to support working parents, addressing the significant child care challenges in the U.S., especially post-pandemic. The move is part of Recursion's commitment to creating a diverse workforce and ensuring equity among employees, as only 4-6% of U.S. employers offer similar child care facilities.

Recursion (NASDAQ: RXRX) is expanding its headquarters at The Gateway in Salt Lake City by signing a new lease for an additional 100,000 square feet. This expansion, set to take place in Q2 2022, follows a 60% increase in workforce over the past year, reaching over 250 employees. The company's growth aligns with the formation of BioHive, a public-private initiative promoting Utah's healthcare innovation sector. Recursion aims to accelerate its drug discovery capabilities through expanded lab space and enhanced research capabilities.

Recursion (NASDAQ: RXRX) has announced a multi-year collaboration with Mila, Quebec's Artificial Intelligence Institute, aiming to enhance its machine learning capabilities in drug discovery. The company will establish an office within Mila and form a dedicated team for tech-enabled drug discovery, building on its recent expansion into Toronto. This partnership provides access to a network of AI experts, supporting Recursion's mission to decode biology and improve patient outcomes through innovative technologies.

Recursion (NASDAQ: RXRX) announced its expansion into Toronto, aiming to hire up to 50 professionals by the end of 2021 across various disciplines, including data science and computational biology. This marks their first major hub outside Utah, aligning with the company’s strategy to leverage Toronto's diverse talent pool. Currently, Recursion employs over 260 staff and has grown by over 60% in the past year. The Toronto hub will support the development of its extensive therapeutic pipeline and the Recursion Operating System, which facilitates advanced drug discovery.

Recursion Pharmaceuticals (Nasdaq: RXRX) announced the initiation of IND-enabling studies for REC-163964, a small molecule toxin inhibitor aimed at preventing recurrent C. difficile infections. This candidate is the first internally-discovered New Chemical Entity identified by the company’s ML-enabled Operating System. C. difficile infections cause significant morbidity in over 730,000 patients annually in the US and EU, with high recurrence rates. CEO Chris Gibson highlighted the importance of their growing data library for future drug developments.