Adagio Medical adds Tuan Huynh and Dr. Zach Scheiner to Board along with raising $42m Series E funding

– USA, CA – Adagio Medical, Inc., a leading innovator for the treatment of atrial fibrillation and ventricular tachycardia, and developer of the intelligent Continuous Lesion Ablation System, today announced that it has closed a $42.5 million Series E equity financing including new investors ArrowMark Partners, RA Capital Management and Perceptive Advisors, alongside existing investors including JMR Capital and Fjord Ventures.

Concurrent with the financing, Tuan Huynh of ArrowMark and Dr. Zach Scheiner of RA Capital Management have been appointed to the Board of Directors.

Proceeds from the financing will be used to support the ongoing iCLAS Investigational Device Exemption trial, accelerate the European VT CE-Mark trial, advance the commercialization of the iCLAS system in CE-Mark countries, and continue the development and clinical validation of Adagio’s pulsed-field cryoablation technology.

“We are excited to have this world-class syndicate be a part of transforming the treatment of cardiac arrhythmias, and we are pleased to welcome Tuan and Zach to the Board of Directors,” said CEO, Olav Bergheim.

“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 Tuan 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.”

“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,” said Dr. Zach Scheiner “In addition to ultra-low temperature cryoablation, Adagio can deliver pulsed-field ablation in the same catheter 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.”

About ArrowMark Partners

ArrowMark, located in Denver, Colorado, is an employee-owned asset manager with specialized expertise in alternative credit and growth equity asset classes. They use their size, experience, and fundamental research process to identify asymmetric risk-reward investment opportunities in highly specialized and niche areas of the capital markets.

About RA Capital Management

RA Capital Management, located in Boston, Massachusetts, is a multi-stage investment manager dedicated to evidence-based investing in public and private healthcare and life science companies developing drugs, medical devices, and diagnostics.

About Adagio Medical

Adagio Medical, Inc. is a privately held company located in Laguna Hills, California developing innovative cryoablation technologies that create continuous, linear, transmural lesions to treat cardiac arrhythmias, including paroxysmal and persistent atrial fibrillation, atrial flutter, and ventricular tachycardia. Adagio Medical, Inc. is a Fjord Ventures portfolio company.

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