Adagio Therapeutics, which launched in July of 2020 with $50M, announced the closing of an $80 million Series B financing round. The round was led by GV, formerly known as Google Ventures, with participation from existing investors Polaris Partners, Mithril Capital, Fidelity Management & Research Company, LLC, and OrbiMed, as well as new investors, Population Health Partners and Omega Funds. The proceeds will fund the advancement of Adagio’s lead antibody candidate, ADG20, into clinical development for both the treatment and prevention of COVID-19 in early 2021.
“The Adagio team has made extraordinary progress since launching the company in late June. In less than four months, we completed candidate optimization, selected our lead antibody ADG20, established a manufacturing agreement to ensure global supply, and completed the production runs for ADG20 to be used in our upcoming clinical trials,” said Tillman Gerngross, Ph.D., CEO of Adagio. “Further, our team has received positive feedback from the FDA, allowing us to proceed to our first-in-human study in early 2021. Adagio is firing on all cylinders and we look forward to continued, rapid progress over the next year.”
Adagio’s broadly neutralizing monoclonal antibodies, including ADG20, have been selected to provide broad protection against SARS-CoV-2, SARS-CoV-1, and additional circulating bat coronaviruses that have yet to cross the species barrier. These antibodies bind to a highly conserved epitope on the spike protein of beta-coronaviruses that target human ACE2, thereby reducing the potential risk of viral escape. They have been additionally engineered to maximize potency, with the goal of offering significant therapeutic benefit, as well as protection for multiple months following a single dose injection.
“We were impressed by the thoughtful approach that Adagio took. By dealing with the broader coronavirus problem, we expect ADG20 to be more resistant to escape mutations and potentially cover future coronavirus pandemics,” said Krishna Yeshwant, Managing Partner at GV. “As a preventative agent, ADG20 holds the promise of providing the efficacy necessary to deliver greater protection against COVID19. Given its unique combination of attributes, ADG20 could complement and supplement vaccines by providing rapid, durable antibody protection against current and future coronaviruses.”