Adagio Therapeutics Inc (NASDAQ: ADGI) is trading higher Wednesday after the company announced its investigational drug adintrevimab (ADG20) was the first monoclonal antibody to meet primary endpoints with statistical significance across pre- and post-exposure prophylaxis and treatment for COVID-19. The company plans to seek U.S. Emergency Use Authorization.
"COVID-19 continues to pose significant challenges globally as waning immunity combined with the emergence of resistant variants has led to ongoing waves of disease," said David Hering, interim CEO and CIO of Adagio.
"We believe that a suite of options – spanning prophylaxis and treatment – is needed to effectively address this virus as it continues to evolve, and these data give us confidence in the potential role adintrevimab can play in physicians’ arsenals."
Adagio is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of antibody-based solutions for infectious diseases.
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ADGI 52-Week Range: $3.67 - $78.82
The stock was up 39.5% at $5.39 at time of publication, according to data from Benzinga Pro.
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