Adagio Medical, Inc., a Laguna Hills, Calif.-based provider of treatments for atrial fibrillation (AF) and ventricular tachycardia (VT), and developer of the Continuous Lesion Ablation System (iCLAS™), closed a $42.5m Series E equity financing.
Backers included new investors ArrowMark Partners, RA Capital Management and Perceptive Advisors, who joined existing investors including JMR Capital and Fjord Ventures. Tuan Huynh of ArrowMark and Zach Scheiner, PhD of RA Capital Management have been appointed to the Adagio Board of Directors.
The company intends to use the funds to further develop the iCLAS™ Investigational Device Exemption (IDE) trial, accelerate the European VT CE-Mark trial, advance the commercialization of the iCLAS system in CE-Mark countries, and continue the development and clinical validation of its pulsed field cryoablation (PFCA) technology.
Led by Olav Bergheim, President and CEO, Adagio is developing innovative cryoablation technologies that create continuous, linear, transmural lesions to treat cardiac arrhythmias, including paroxysmal and persistent atrial fibrillation, atrial flutter, and ventricular tachycardia.