Adagio Medical Holdings, Inc., a leading innovator in catheter ablation technologies for the treatment of cardiac arrhythmias, announced the pricing of a private placement of its securities with certain accredited investors. The offering is expected to generate approximately $19 million in upfront proceeds and up to an additional $31 million if the accompanying warrants are fully exercised, prior to deducting placement agent fees and other related expenses.
The private placement is being led by an affiliate of Perceptive Advisors, LLC, an existing investor in Adagio, with participation from other institutional and healthcare-focused investors.
Use of Proceeds
Adagio intends to use the net proceeds from the offering to support working capital requirements and general corporate purposes, including the continued advancement of the Company’s clinical programs and product development initiatives. The funding will support pivotal trials and commercialization preparations for Adagio’s portfolio of catheter ablation technologies, designed to improve treatment outcomes for patients with cardiac arrhythmias.
Terms of the Offering
Under the securities purchase agreement, Adagio will issue an aggregate of 9,792,506 shares of common stock (or pre-funded warrants in lieu thereof) to investors. In addition, the Company will issue three tranches of common warrants:
- Tranche A Warrants: 6,012,943 shares
- Tranche B Warrants: 6,012,943 shares
- Tranche C Warrants: 6,012,943 shares
The purchase price for each share of common stock or pre-funded warrant is $1.9403 and $1.9402, respectively. The accompanying warrants have an exercise price of $1.71 per share and become exercisable immediately. The warrants will expire on the earlier of five years from issuance or, for each tranche, 30 days following key corporate milestones:
- Tranche A: 30 days after Adagio announces results from the FULCRUM-VT IDE pivotal clinical trial
- Tranche B: 30 days after FDA approval of the Company’s vCLAS Cryoablation System
- Tranche C: 30 days after FDA approval of the second-generation vCLAS catheter system
The private placement is expected to close during the week of October 13, 2025, subject to customary closing conditions.
Advisors and Placement Agent
Piper Sandler is serving as the sole placement agent for the transaction, while Lake Street is acting as financial advisor to Adagio for the offering.
Regulatory Disclosures
The securities being offered in the private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or a valid exemption from registration requirements. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any of the securities described herein, nor shall there be any sale of such securities in any jurisdiction where the offer or sale would be unlawful prior to registration or qualification under applicable securities laws.
Strategic Implications for Adagio
The private placement is a critical step in supporting Adagio’s ongoing development programs and commercial readiness. The funding will allow the Company to advance its FULCRUM-VT IDE pivotal clinical trial, as well as accelerate the development and commercialization of its vCLAS Cryoablation System and its next-generation catheter technologies. These innovative products are designed to offer precise and safe treatment options for patients with complex cardiac arrhythmias, addressing unmet clinical needs in electrophysiology.
Neil Klompas, Chief Executive Officer of Adagio Medical, commented, “This private placement reflects strong confidence in Adagio’s clinical programs and technology portfolio. The proceeds will allow us to continue executing on our strategic plan, including key clinical milestones and advancing our innovative ablation systems toward regulatory approval and market launch. We are grateful to our investors for their support as we work to bring advanced treatment options to patients with cardiac arrhythmias.”
About Adagio Medical Holdings, Inc.
Adagio Medical is a medical device company focused on developing next-generation catheter-based solutions for the treatment of cardiac arrhythmias. The Company’s proprietary vCLAS Cryoablation System and its future-generation ablation devices aim to improve patient outcomes, procedural efficiency, and safety in electrophysiology procedures. Adagio combines cutting-edge engineering with clinical expertise to develop therapies that address the limitations of existing treatment options and expand access to life-saving interventions.
With the additional funding from this private placement, Adagio is well-positioned to continue advancing its clinical pipeline, execute pivotal trials, and prepare for commercialization, ultimately supporting its mission to transform cardiac arrhythmia care for patients globally.
