US-based therapeutic antibody developer Adagio Therapeutics has emerged from stealth having completed a $50m series A round that included GV, a corporate venturing subsidiary of internet and technology group Alphabet.
Venture capital firms Polaris Partners and Mithril Capital co-led the round, which also featured investment and financial services group Fidelity Management and Research as well as healthcare-focused fund M28 Capital and healthcare investment firm OrbiMed.
Adagio is engineering monoclonal coronavirus antibodies focused on the types of coronaviruses present in bats, including SARS-CoV-2 and SARS-CoV-1, to protect humans against possible future coronavirus outbreaks.
The startup was spun off by Adimab, a developer of antibodies intended to combat viral pathogens. It expects to bring its first product candidate into clinical trials by the end of this year.
Tillman Gerngross, Adagio’s CEO, said: “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.
“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.”
