Adagio Medical raises $42.5m in Series E to transform cardiac ablation treatment

Adagio Medical, a California-based medical device company specializing in innovative treatments for atrial fibrillation (AF) and ventricular tachycardia (VT), has successfully raised $42.5 million in a Series E equity financing round. This investment will fuel the company’s ongoing efforts to advance its groundbreaking technology, the intelligent Continuous Lesion Ablation System (iCLAS), which is poised to transform the landscape of cardiac ablation.

Key Investors Join Adagio Medical in Series E Financing

The Series E financing round saw participation from several prominent investors, including ArrowMark Partners, Perceptive Advisors, and RA Capital Management, alongside existing investors such as JMR Capital and Fjord Ventures. This diversified group of investors is now supporting Adagio Medical as it continues to innovate in the highly competitive cardiac care market.

As part of the financing agreement, Tuan Huynh from ArrowMark Partners and Zach Scheiner from RA Capital Management have been appointed to Adagio Medical’s board of directors. These appointments bring a wealth of experience in healthcare investment and development to the company, signaling a strong vote of confidence in Adagio’s potential.

Challenges in Cardiac Ablation and Adagio’s Solution

Cardiac ablation, particularly for conditions such as atrial fibrillation and ventricular tachycardia, remains a critical area in medical treatment, with many challenges still unresolved. As Tuan Huynh, Managing Director at ArrowMark Partners, noted, the cardiac ablation market faces numerous obstacles, including unsatisfactory clinical outcomes, prolonged procedure times, and limited profitability for healthcare providers. Despite these challenges, he sees a significant opportunity in Adagio Medical’s innovative approach to ablation therapy.

“Cardiac ablation is a large and growing market that faces significant challenges, including disappointing clinical outcomes, long procedure times, and unsatisfactory profitability for providers,” said Huynh. “We believe Adagio represents a unique opportunity to transform ablation therapy and look forward to partnering with Adagio’s management team to support the company’s growth and commitment to addressing challenges faced by physicians and their patients.”

Adagio Medical’s iCLAS system offers a novel solution to these challenges. The system combines ultra-low temperature cryoablation with pulsed field ablation (PFA) technology, providing a dual-mode approach that aims to improve the precision, effectiveness, and efficiency of cardiac ablation procedures. This cutting-edge combination is designed to deliver better outcomes for patients with difficult-to-treat atrial fibrillation and ventricular tachycardia.

Adagio’s Ongoing Trials and Commercialization Plans

With the $42.5 million raised in the Series E round, Adagio Medical is now focused on advancing its clinical and regulatory programs. The company plans to use the funds to accelerate its Investigational Device Exemption (IDE) trial for the iCLAS system. This trial is critical to obtaining FDA approval for the technology in the United States.

In addition to its efforts in the U.S., Adagio Medical is speeding up the European VT CE-Mark trial and aims to expand the commercialization of iCLAS in CE-Mark countries. These initiatives will help Adagio strengthen its market position as it works toward bringing its revolutionary technology to physicians and patients worldwide.

The company is also dedicated to further developing its pulsed field cryoablation (PFCA) technology, which offers unique advantages by integrating PFA and cryoablation in the same catheter. This approach holds promise for improving clinical outcomes, especially in patients with the most complex cases of atrial fibrillation.

Zach Scheiner, Partner at RA Capital Management, expressed his excitement about the potential of Adagio’s iCLAS technology. “The Adagio iCLAS technology has shown the potential to become the best-in-class cardiac ablation system and improve outcomes for the most difficult-to-treat AF patients,” Scheiner stated. “In addition to ultra-low temperature cryoablation, Adagio can deliver pulsed field ablation in the same catheter (PFCA), which offers advantages over either modality alone. We are excited to join like-minded partners to support the company as it strives to bring this novel technology to market.”

A Promising Future for Adagio Medical

Adagio Medical’s Series E financing round marks a significant milestone in the company’s mission to revolutionize cardiac ablation. With strong financial backing and the support of experienced investors, Adagio is well-positioned to make substantial progress in its clinical trials and regulatory submissions.

The company’s innovative iCLAS system, which combines cryoablation and pulsed field ablation technologies, has the potential to transform the treatment landscape for atrial fibrillation and ventricular tachycardia. As Adagio continues to refine its technology and expand its global reach, it is poised to play a pivotal role in improving the standard of care for patients with these challenging cardiac conditions.