On January 12, Adagio Therapeutics Inc. (ADGI) provided highlights of its ADG20’s neutralizing activity against SARS-CoV2 variants. Along with this, the company also shared its initiatives for addressing the Omicron variant. Consequently, the stock became bullish after hours and surged by 25.39%.
During the regular trading session, ADGI stock lost 3.16% at its closing price of $5.83 with 4.42 million shares exchanging. Following the news, the stock reached up to $7.31 at an after-hours volume of 2.63 million shares.
Currently, the company has a market capitalization of $669.73 million with its 111.25 million shares outstanding.
ADGI’s ADG20
The company has been conducting a Phase 2/3 clinical trial of ADG20 for the prevention and treatment of Covid-19. ADG20 is the company’s lead monoclonal antibody that targets the spike protein of SARS-CoV-2 and related coronaviruses. Further, ADGI is working with the FDA for the protocol updates of the study that includes dose escalation for its potential against the Omicron variant.
On Wednesday, the company announced the neutralizing activity of ADG20 against SARS-CoV-2 and its variants. Moreover, according to recently publish studies, ADG20 is one of the only few mABs that showed neutralizing activity against Omicron (with EUA or in late-stage clinical development).
Previously, ADG20 had also demonstrated retention of activity against Alpha, Beta, Delta, and Gamma variants. Also, ADG20 retained neutralizing activity against Lambda, Mu, and Delta plus variants, in preclinical studies.
Initiatives to Address Omicron
The company is undertaking various steps and initiatives for addressing the omicron variant. These include:
- ADG20’s dose-escalation discussions with the FDA for potential treatment and prevention of Omicron.
- Utilizing exclusive partnership with Adimab LLC for potentially improving ADG20’s binding to Omicron.
- Evaluating hundreds of mABs for neutralization potency against Omicron, from its proprietary library.
- Preliminary findings from the research are expected in the first quarter of 2022.
ADGI’s Upcoming Presentation
On January 13, the company’s CEO, Tillman Gerngross will present at the 40th Annual J.P. Morgan Healthcare Conference at 7:30 am ET.
ADGI’s Financials
On November 15, the company declared its financial results for the third quarter of 2021.
According to the results, ADGI incurred Research & Development expenses of $49.4 million in the third quarter of 2021.
Furthermore, the Selling, General & Administrative expenses were $11.1 million in Q3 of 2021.
In addition, the net loss reported was $60.4 million or $0.98 per share in the third quarter of 2021.
