GV, the subsidiary of internet and technology group Alphabet formerly known as Google Ventures, led an $80m series B round for US-based coronavirus antibody drug developer Adagio Therapeutics on Tuesday.
Investment and financial services group Fidelity Management and Research also took part, as did Polaris Partners, Mithril Capital, OrbiMed, Population Health Partners and Omega Funds.
Adagio is working on antibody therapeutics intended to combat coronaviruses such as SARS-CoV-1 and SARS-CoV-2, the latter of which has become better known as covid-19 in recent months.
The series B proceeds will be used to advance Adagio’s lead product candidate, ADG20, into clinical trials for covid-19 that are expected to begin in early 2021.
The startup launched in July this year having raised $50m in a series A round co-led by Polaris Partners and Mithril Capital and backed by GV, Fidelity Management and Research, OrbiMed and M28 Capital.
GV managing partner Krishna Yeshwant said: “We were impressed by the thoughtful approach that Adagio took. By dealing with the broader coronavirus problem, we expect ADG20 to be more resistant to escape mutations and potentially cover future coronavirus pandemics.
“As a preventative agent, ADG20 holds the promise of providing the efficacy necessary to deliver greater protection against covid-19. Given its unique combination of attributes, ADG20 could complement and supplement vaccines by providing rapid, durable antibody protection against current and future coronaviruses.”
