Kiromic Stock Surges On Acquisition Of InSilico Solutions For Undisclosed Sum

Kiromic Biopharma Inc KRBP acquired InSilico Solutions, a bioinformatics and artificial intelligence software provider. The financial terms were not disclosed.
With this acquisition, Kiromic will bring in-house a team of experts in bioinformatics and AI to strengthen its AI technology with the capability to select the optimal bio-markers needed for immunotherapeutics such as CAR-T cell therapy for solid tumors.
Many CAR-T developers are still developing their CAR-T with biomarkers from decade-old target libraries, the Company said in its press release.
The transaction will allow significant advancements in computational technologies throughout the development process, from discovery to manufacturing and clinical trials.
Recently, the Company closed a public offering of $40M.
Price Action: KRBP shares are up 16% at $3.62 during the premarket session on the last check Tuesday.