KUALA LUMPUR, Sept 21 (Bernama) -- Adagio Therapeutics Inc, a clinical-stage biopharmaceutical company has reported updates on its lead COVID-19 antibody programme, ADG20, as well as recent business highlights and second quarter 2021 financial results.
“Our team is working closely with our global CRO partners on the execution of our ongoing global clinical trials of ADG20, STAMP and EVADE, while also preparing for the anticipated worldwide commercialisation of ADG20, if approved,” said co-founder and chief executive officer of Adagio, Tillman Gerngross, Ph.D. in a statement.
ADG20 COVID-19 programme highlights include New ADG20 Data to be Presented in Multiple Posters during IDWeek; and, Partnership with Biocon Biologics Expands the Reach of a Potent and Broadly Neutralizing COVID-19 Antibody Treatment to Patients in India and Select Emerging Markets.
At the IDWeek 2021 Virtual Conference, Adagio plans to present additional data highlighting the potential for ADG20 to provide protection from COVID-19 for up to one year based on its extended half-life in humans combined with its broad and potent neutralising ability demonstrated in laboratory testing.
Meanwhile, recent business highlights include David Hering, Global COVID-19 Vaccine Expert, Appointed as Chief Operating Officer; US$355.8 Million Initial Public Offering (IPO) Successfully Completed; and, Board of Directors Expanded with Industry Leaders to Support Future Growth.
In August 2021, Adagio sold 20,930,000 shares of common stock, including the full exercise of the underwriters’ option to purchase an additional 2,730,000 shares of common stock at a public offering price of US$17.00 per share. (US$1 = RM4.188)
In addition, as of June 30, Adagio had cash, cash equivalents and marketable securities of US$392.5 million, which includes net proceeds from its Series C financing completed in April, while pro forma cash, cash equivalents and marketable securities as of June 30 is US$719.6 million after giving effect to its initial public offering which closed on Aug 10.
Research & development expenses including in-process research and development for the second quarter of 2021 were US$37.6 million, while selling, general & administrative expenses for the second quarter of 2021 were US$7.1 million.
More details at www.adagiotx.com.
-- BERNAMA
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