Adagio Medical has secured $19m upfront through a private placement, aimed at advancing its ultra-low temperature cryoablation (ULTC) technology for ventricular tachycardia (VT) treatment.
Led by Perceptive Advisors and other healthcare-focused institutional investors, the private placement could yield an additional $31m if warrants are fully exercised.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Adagio intends to use the proceeds to support the FULCRUM-VT clinical study assessing its vCLAS ULTC System.
The study, which enrolled 208 patients with structural heart disease, aims to secure the US Food and Drug Administration (FDA) premarket approval (PMA) for the ULTC system.
Adagio Medical CEO Todd Usen said: “Closing this financing on the heels of sharing the acute results from our FULCRUM-VT clinical study at the recent VT Symposium is further validation of the positive feedback we received both from the podium and the electrophysiologists in attendance.
“We have treated over 350 patients, including those from our two regulatory studies, combined with commercial and compassionate use cases, which supports the potential of our ultra low-ablation technology for VT to improve clinical outcomes and safety. I want to thank our investors for their support and partnership.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“We believe we now have the financial flexibility to unlock the full potential of our portfolio of ULTC therapies to transform treatment for the large, underserved population of patients with VT.”
Adagio plans to use the funds to further clinical development, expand manufacturing capabilities, and enhance corporate operations.
Earlier this month, Adagio announced preliminary acute efficacy and safety findings from the FULCRUM-VT study.
The company said that its vCLAS system is currently approved in Europe for the treatment of VT and is limited to investigational use in the US.
