To Raise $319 Mil
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the Massachusetts-based biopharmaceutical company, which came into existence in June 2020 in a spin-off from Adimab, conducts research on antibody-based solutions with a focus on anti-coronavirus antibodies. Adagio recorded a net loss of $65.32 million or $18.10 per share in the seven months ended December 2020, from the day of inception. Total operating expenses were $65.3 million. The company did not generate any revenue during the period due to the absence of marketable products.
Strong Pipeline
Currently, the company is working towards the goal of launching COIVD-19 antibodies by 2022. The proceeds from the offering will mainly be used for funding the ongoing phase-II and advanced-stage clinical trials of ADG20, the lead product being developed as a potential treatment for, and prevention of, COVID-19. The drug is expected to help prevent future coronavirus outbreaks.
The main clinical and commercial attributes expected from ADG20 include: broadly neutralizing activity across sarbecoviruses, rapid onset of protection, differentiated durability, and convenient single-dose IM injection for use in the outpatient setting.
For US, Europe
If approved, the drug would initially be commercialized in the U.S and Europe. Plans are afoot to secure additional manufacturing capacity along with partners to enable a worldwide commercial launch. Further, additional antibodies will be developed for use in a potential combination with ADG20 to address future variants of COVID-19 and other such outbreaks.
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The primary challenge facing the company is maintaining healthy liquidity as it is expected to continue incurring losses until the lead product is commercialized successfully. Also, uncertainties surrounding the development of ADG20, which represents a novel approach to treatment, could delay the process of regulatory approval.
Adagio has raised around $470 million of capital from leading institutional healthcare investors and partners since its inception.