Adagio Therapeutics has raised $80m in funding to further advance best-in-class antibodies to both treat and protect against Covid-19.
The company plans to use the proceeds to advance its lead antibody candidate, ADG20, into clinical development early next year for the treatment of the disease.
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ADG20 offers potential best-in-class treatment and durable protection against the SARS-CoV-2 virus that causes Covid-19 and future coronaviruses.
Previously known as Google Ventures, GV led the Series B funding round that involved participation from existing investors such as Polaris Partners, Mithril Capital, Fidelity Management & Research Company.
Other participants included OrbiMed, new investors, Population Health Partners and Omega Funds.
Adagio Therapeutics CEO Tillman Gerngross said: “The Adagio team has made extraordinary progress since launching the company in late June. In less than four months, we completed candidate optimisation, 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.
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By GlobalData“Further, our team has received positive feedback from the FDA, allowing us to proceed to our first-in-human study in early 2021.”
Including the lead candidate ADG20, the company’s neutralising monoclonal antibodies can provide broad protection against SARS-CoV-2, SARS-CoV-1 and other coronaviruses monitored by virologists.
They are capable of binding to a highly conserved epitope on the spike protein of beta-coronaviruses that target human ACE2 and can reduce the potential risk of viral escape.
Adagio Therapeutics designed ADG20 to provide a combination of potency, durable protection, manufacturability, tolerability and affordability to patients and clinicians.
GV managing partner Krishna Yeshwant said: “As a preventative agent, ADG20 holds the promise of providing the efficacy necessary to deliver greater protection against Covid-19.”
