US medical device company Adagio Medical raises $42.5m in Series E

Adagio Medical, a California-based medical device company focused on developing treatment of atrial fibrillation (AF) and ventricular tachycardia (VT), has raised $42.5 million in a Series E equity financing round.

The company has also developed the intelligent Continuous Lesion Ablation System (iCLAS).

Its Series E financing round included new investors ArrowMark Partners, Perceptive Advisors, and RA Capital Management. The trio has joined existing investors such as JMR Capital and Fjord Ventures.

ArrowMark’s Tuan Huynh and RA Capital Management’s Zach Scheiner have been appointed to the board of directors of the company.

Tuan Huynh said: “Cardiac ablation is a large and growing market that faces significant challenges including disappointing clinical outcomes, long procedure times and unsatisfactory profitability for providers.

“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 plans to use the proceeds from the funding round to support the ongoing iCLAS Investigational Device Exemption (IDE) trial.

It will also use the funds to speed up the European VT CE-Mark trial and advance the commercialization of the iCLAS system in CE-Mark nations, while continuing the development and clinical validation of its pulsed field cryoablation (PFCA) technology.

Zach Scheiner said: “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.

“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.”