Adagio Therapeutics Launches with $50M Series A Financing to Advance the Development of Antibodies for Coronavirus Treatment and Prophylaxis

Jul 16, 2020 | Investor Watch, News

Adagio Therapeutics Launches with $50M Series A Financing to Advance the Development of Antibodies for Coronavirus Treatment and Prophylaxis

Adagio Therapeutics launched with the closing of a $50 million Series A financing, to advance its portfolio of coronavirus antibodies as both therapeutics and prophylactics against SARS-CoV-2. The financing was led by Polaris Partners and Mithril Capital and includes investments by Fidelity Management & Research Company LLC, OrbiMed, M28 Capital, GV, and others. Adagio, a spin out of Adimab, LLC, expects this financing to enable the advancement of lead development candidates through IND-enabling studies and into early clinical development.

“The repeated spillover of coronaviruses into the human population is now well documented and requires a more comprehensive strategy, particularly when you take into account the emerging doubts about the robustness and durability of the immune response in SARS-CoV-2 patients,” said Tillman Gerngross, Ph.D., CEO of Adagio. “Of course, a completely safe and broadly effective vaccine would be of enormous benefit, but the growing concern is that, based on the serological response seen in convalescent patients, vaccines are not likely to be highly effective, may have limited durability, and are very likely to leave the elderly, the most vulnerable patients, without sufficient protection. Our path to normalcy envisions a product, based on the well-known safety profile of antibodies, that can be administered twice a year, while providing greater than 90% protection against SARS-CoV-2, can be used as an effective treatment, and can offer protection against future emerging coronaviruses for everyone.”

Adagio’s antibody candidates have been uniquely engineered and optimized to provide broad protection against SARS-CoV-2, SARSCoV-1, and additional circulating bat coronaviruses that virologists are actively monitoring. The company believes these broadly neutralizing antibodies will offer best-in-class potency and coverage against SARSCoV-2 and protection against future coronavirus outbreaks  Adagio’s portfolio includes multiple, non-competing antibodies with distinct binding targets, enabling a strategy that can avoid viral escape. The lead program is expected to enter the clinic by the end of 2020.

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