Adagio Therapeutics has filed an initial public offering to raise money to bring its COVID-19 antibody to market.
The $100 million IPO will support Phase 2/3 trials that CEO Tillman Gerngross’ Adagio is running to position ADG20 to treat and prevent COVID-19.
Adimab-spinout Adagio has succeeded in attracting investor support for its anti-SARS-CoV-2 antibody even as rival assets have come to market and vaccines have curbed the crisis in some countries.
In April, the Company raised a $336 million Series C round of funding.
Adagio has taken ADG20 into phase 2/3 treatment and prevention clinical trials on the strength of early-phase data. The treatment trial, called STAMP, enrolls mild-to-moderate COVID-19 patients at high risk of disease progression to generate data to support the commercial launch in 2022.
The IPO paperwork reveals Adagio modified the design and conduct of the STAMP trial “exclusively outside of the United States” after the FDA said, “it had changed its view on allowing high-risk patients to be randomized to placebo.” Adagio now intends to conduct its STAMP treatment trial at sites outside the U.S., provided overseas regulators support its plans.
Adagio is 31% owned by Adimab, a privately held company that licenses its antibody technology to other biotech and pharma companies.
See the IPO prospectus here.
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