• The fresh investments are likely to be used to make significant advancements in ADG20.
• Adagio has already initiated the Phase 1 trial of the drug among healthy volunteers.

Adagio Therapeutics Inc., a biotechnology company has reportedly raised USD 336 million in its Series C funding round which was led by multi-stage investment manager RA Capital Management.

According to reliable sources, the funding round also saw participation from new investors such as Federated Hermes, Redmile Group, ArrowMark Partners, Foresite Capital, and PremjiInvest.

The fresh investments are likely to be used to make significant advancements in ADG20, Adagio Therapeutics’ upcoming drug that might be able to help in preventing as well as treating the current and future strains of COVID-19.

For the record, ADG20 is known to directly block entry of the virus into the cell and destroy the infected cells by generating an innate immune response. It is designed to have a long half-life which can further allow for immediate patient protection for longer periods.

Reportedly, ADG20 can neutralize various types of sarbecoviruses effectively. Moreover, the drug was found to be highly potent during a preclinical analysis by Adagio and Oxford University.

Ph.D. holder as well as the co-founder and CEO of Adagio Therapeutics, Tillman Gerngross, was quoted saying that the fresh investments will allow the company to expedite the development as well as the commercialization process of ADG20 to treat patients suffering from COVID-19 and reduce the mortality rates.

Meanwhile, Peter Kavinsky, Managing Partner at RA Capital mentioned that investing in Adagio was an ideal decision since ADG20 can not only be used for treating Coronavirus patients but also play a key role during the upcoming flu season.

Adagio has already initiated the Phase 1 trial of ADG20 among healthy volunteers as well as the STAMP trial, which involves Phase 1/2/3 clinical study of the drug in high-risk individuals with moderate or mild COVID-19.

Source Credits –

https://www.businesswire.com/news/home/20210419005171/en/Adagio-Therapeutics-Announces-336-Million-Series-C-Financing-to-Support-Rapid-Advancement-of-Novel-ADG20-Antibody-for-the-Treatment-and-Prevention-of-COVID-19