Adagio Medical has announced the completion of its business combination with ARYA Sciences Acquisition Corp IV—a special purpose acquisition company sponsored by an affiliate of Perceptive Advisors—to create a new firm focused on innovative technologies for the treatment of cardiac arrhythmias.
Upon the transaction closing on 31 July 2024, the shares of common stock of the combined company—Adagio Medical Holdings—commenced trading under the ticker symbol ‘ADGM’ on the Nasdaq Capital Market on 1 August.
Adagio is set to operate under its current management team as a subsidiary of the combined company.
The business combination was approved by the requisite number of ARYA IV’s shareholders on 26 July. The transaction had been previously approved by the requisite number of Adagio’s stockholders.
In connection with this business combination, the combined company has raised financing valued at approximately US$84.2 million, which consists of funds held in ARYA IV’s trust account; a concurrent equity and warrant private placement led by, among others, affiliates of Perceptive Advisors, RA Capital Management and RTW Investments; and a concurrent convertible security financing led by, among others, an institutional investor and an affiliate of Perceptive Advisors.
“Adagio Medical was founded in 2011 with the vision to improve ablation outcomes in patients with complex cardiac arrhythmias,” said Olav Bergheim, chief executive officer (CEO) of Adagio. “Today’s transaction starts a new chapter in this journey. Our principal focus will be on commercialisation of the vCLAS ultra-low temperature cryoablation [ULTC] catheter for treatment of ventricular tachycardia, which we launched in Europe in Q2 this year, and on the execution of the FULCRUM-VT pivotal IDE [investigational device exemption] trial, which was recently approved by the US Food and Drug Administration. We are grateful to all participants in this business combination for sharing our vision, and for their trust in our technology and our team.”
“We are excited to partner with Adagio Medical to support the development of its innovative ablation technologies for the treatment of ventricular tachycardia and other cardiac arrhythmias,” said Adam Stone, chief investment officer of Perceptive Advisors and CEO of ARYA IV. “We believe that their ability to create deep and durable cardiac lesions is poised to result in enhanced effectiveness and outcomes, as exemplified by the promising data from its European and Canadian CRYOCURE-VT trial, in a patient population that is underserved, and look forward to working with the Adagio Medical team as they advance their technology.”
