Adagio Therapeutics Inc., of Waltham, Mass., launched its upsized IPO at the $17 per share midpoint to raise $309 million. The company plans to use the proceeds from the offering to fund clinical development, manufacturing supply and initial commercialization costs for ADG-20, its anti-SARS-CoV-2 spike protein monoclonal antibody, for in-licensing or acquisition of additional products and for working capital and other general corporate purposes. Morgan Stanley, Jefferies, Stifel and Guggenheim Securities are the joint bookrunners for the deal. Shares (NASDAQ:ADGI) closed 22.8% upward Aug. 6 at $20.88 each.
Appili Therapeutics Inc., of Halifax, Nova Scotia, secured $3.5 million in funding from Lind Global Fund II LP, an investment entity managed by The Lind Partners. The company plans to use the proceeds to support preparation of its Presco phase III trial testing Avigan/Reeqonus (favipiravir) as a potential oral treatment for patients with mild to moderate COVID-19. The funding will also be used to advance Appili’s pipeline, including ATI-2307, an antifungal expected to start phase II development in 2022.