Could Start-Up Adagio’s COVID-19 Antibody Have A Fighting Chance?
The company announced a $336m series C round, six months after it raised an $80m series B, to support development of an easily administered treatment ADG20.
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Finance Watch: With Limited Fundraising Options, Biotechs Restructure To Extend Cash Runways
Mereo will reduce its headcount by 40% to focus on its lead programs while NeuBase revealed a 60% workforce reduction to extend its cash runway. Also, Invivyd (formerly Adagio), Greenlight and BioMarin announced job cuts, while Otonomy and others planned strategic shifts.
Finance Watch: Financial Market Turmoil Ends Amicus SPAC Deal For Gene Therapy Spinout
Public Company Edition: As their stock prices plummet, Adagio reshuffles its research plan and names a new CEO, while Yumanity restructures and seeks strategic alternatives. Also, Bristol sells $6bn worth of notes, Amgen issues $750m green bond, and Inhibrx and Amryt amend and refinance debt.
Biocon Buoyant On ‘Unique Positioning’ Of Partnered COVID-19 Antibody
Biocon management signals the potential of its partnered entry with Serum Institute and Adagio Therapeutics into the communicable diseases segment. Continuing large supply opportunities for COVID-19 vaccines and prospects for boosters, alongside the promising profile of the neutralizing antibody being developed by its US-based partner, also bode well.