Adagio Raises $336M for COVID-19 Treatment

Adagio Therapeutics has completed a $336 million Series C financing that will support continued advancement of ADG20, Adagio’s lead clinical candidate being developed as a single agent for both the treatment and prevention of COVID-19, as well as potential future coronaviruses. ADG20 is a monoclonal antibody distinguished from other antibody treatments targeting the COVID-19 by virtue of its ability to effectively and durably neutralize a broad range of sarbecoviruses with high potency, including the COVID-19 SARS-CoV-2 virus and its emerging variants.

Adagio has initiated a Phase 1 study of ADG20 in healthy volunteers and a pivotal Phase 1/2/3 clinical trial in high-risk individuals with mild or moderate COVID-19. The trial is strategically designed to enable the rapid advancement of ADG20 to proof-of-concept data, which if positive, are intended to support an Emergency Use Authorization submission. In addition, the company is on track to initiate a third clinical trial in the second quarter of 2021, evaluating ADG20 for the prevention of symptomatic COVID-19.

ADG20 is formulated at high concentrations, enabling intramuscular administration for both prevention and treatment of COVID-19, and was engineered to have a long half-life, allowing for immediate and durable protection. Adagio has secured manufacturing capacity for the production of ADG20 with third-party contract manufacturers through the completion of clinical trials and, if approved by regulatory authorities, through initial commercial launch. (Source: Adagio Therapeutics Website, 19 April, 2021)