Adagio Therapeutics, Inc., a Waltham, Mass. – based biotechnology company developing antibodies to broadly neutralize coronaviruses, completed a $336m Series C financing.
The round was led by RA Capital Management, with participation from new investors, including Redmile Group, Federated Hermes, Foresite Capital, ArrowMark Partners, PremjiInvest, and another leading healthcare investor. Existing investors Fidelity Management & Research Company, LLC, OrbiMed, Polaris Partners, Mithril, GV, Population Health Partners, Adimab and Omega Funds.
The company intends to use the funds for continued advancement of ADG20, its lead clinical candidate being developed as a single agent for both the treatment and prevention of COVID-19, the disease caused by the virus SARS-CoV-2, as well potential future coronaviruses.
Led by Tillman Gerngross, Ph.D., Co-Founder & CEO, Adagio is developing antibodies that can broadly neutralize SARS-CoV-2, SARS-CoV and additional pre-emergent coronaviruses. Its portfolio of SARS-CoV-2 antibodies includes multiple, non-competing broadly neutralizing antibodies with distinct binding epitopes, led by ADG20.
ADG20, a monoclonal antibody targeting the spike protein of SARS-CoV-2 and related coronaviruses, displays potent neutralizing activity against the original SARS-CoV-2 strain as well as all known variants of concern. ADG20 has the potential to impact viral replication and subsequent disease through multiple mechanisms of action, including direct blocking of viral entry into the host cell (neutralization) and elimination of infected host cells through Fc-mediated innate immune effector activity. 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 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 STAMP trial. 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.
The company 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.