Adagio launches with $50m financing to develop coronavirus antibody portfolio

Adagio Therapeutics has launched this month 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 as well as future coronavirus outbreaks.

Adagio’s antibody candidates have been uniquely engineered and optimized to provide broad protection against SARS-CoV-2, SARS-CoV-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 SARS-CoV-2 and protection against future coronavirus outbreaks.

A spin out of Adimab, Adagio expects this financing to enable the advancement of lead development candidates through IND-enabling studies and into early clinical development.

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.

“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, 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 broadly neutralizing monoclonal antibodies bind to a highly conserved epitope on the spike protein of multiple coronaviruses (SARS-CoV-2, SARS-CoV-1, and two circulating bat coronaviruses) 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.

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