LAGUNA HILLS, Calif., Nov. 12, 2020 — Adagio Medical, Inc., a leading innovator for the treatment of atrial fibrillation (AF) and ventricular tachycardia (VT), and developer of the intelligent Continuous Lesion Ablation System (iCLAS™), today announced that it has closed a $42.5 million Series E equity financing. Proceeds from the financing will be used to support the ongoing iCLAS™ Investigational Device Exemption (IDE) 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 (PFCA) technology.
The Series E equity financing included new investors ArrowMark Partners, RA Capital Management and Perceptive Advisors, who joined existing investors including JMR Capital and Fjord Ventures. Tuan Huynh of ArrowMark and Zach Scheiner, PhD of RA Capital Management have been appointed to the Adagio Board of Directors.
“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 Olav Bergheim, President and CEO of Adagio.
“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 Zach Scheiner, PhD. “In addition to ultra-low temperature cryoablation, Adagio can deliver pulsed field ablation in the same catheter (PFCA) 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 Perceptive Advisors
Preceptive Advisors, located in New York, New York, focuses on supporting progress in the life sciences industry by identifying opportunities and directing financial resources toward the most promising technologies in modern healthcare.
About Adagio Medical
Adagio Medical, Inc. (www.adagiomedical.com) 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.
Follow Adagio Medical on:
- Twitter: @AdagioMedical
- LinkedIn: www.linkedin.com/company/adagio-medical-inc-/
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SOURCE Adagio Medical, Inc.
4baseCare and ACTREC-Tata Memorial Centre join hands for development of AI based clinical interpretation platform
This AI driven tool will support oncologist in clinical decision making and to offer precision medicine to cancer patients.
4baseCare, an Illumina Accelerator backed Precision Oncology start-up and ACTREC (Advanced Centre for Treatment, Research and Education in Cancer) – Tata Memorial Centre have signed a collaboration agreement for an AI driven clinical interpretation platform, ClinOme. The collaboration aims at making an indigenous platform to generate data insights and simplified reports to guide oncologists with personalised treatment options for treating cancer patients.
ClinOme is a Graphical User Interface (GUI) based automated tool developed by senior scientists & clinicians from ACTREC & Tata Memorial Hospital by Dr. Amit Dutt, Dr. Pratik Chandrani and Dr. Kumar Prabhash for analysis of raw NGS data followed by comprehensive clinical report generation. It automates quality check, primary, secondary and tertiary analysis of raw NGS data followed by report generation that can be easily comprehended by the clinicians. It provides easy to interpret categorization of genomic alterations along with approved and experimental therapeutic options for each responsive and resistant genotype-drug combination.
Dr. Amit Dutt, Principal Investigator, Scientist, ACTREC -Tata Memorial Hospital, says, “Patient-to-patient variation in treatment response as observed routinely in clinics, suggests that personal targeting of cancer, based on tumour molecular proﬁles, is necessary. The ClinOme tool and our collaborative work with 4baseCare is likely to beneﬁt large numbers of oncologists in a democratic manner who could take advantage of artificial intelligence-based automation of NGS data analysis to decide an appropriate therapeutic regimen tailored to the patient’s genomic alterations. This is a huge step forward to scale the digital curation towards precision medicine.”
4baseCare having an exclusive worldwide license to ClinOme, plans to invest significant time and resources to further develop and enhance the functionality and precision of ClinOme.
“We are very happy to associate with ACTREC_TMC to introduce ClinOme. The objective of this collaboration is to improve the treatment process and enhancing patients’ quality of life. This partnership is a first step towards developing an advanced ecosystem where researchers & clinicians practice together leading to the development of a solution which has immediate translational benefits for the patients,” says Kshitij Rishi, COO 4baseCare.
“We at 4baseCare are excited to build upon the remarkable research-based product developed by ACTREC-TMC as a robust AI driven platform to support the oncologist(s) in their clinical decision making,” says Hitesh Goswami CEO, 4baseCare.
This collaboration will set a great precedence for Industry-academia collaboration towards translational research. It will also be a huge step towards personalisation of treatment for Indian cancer patients and aligns with the vision of both ACTREC-TMC and 4baseCare of improving quality of life and treatment of cancer patients of the country.
“Genomic testing has become important in the management of cancer. NGS is emerging as a comprehensive solution for genomic testing. It a complex process where the bioinformatics pipeline is a very important component. ClinOme provides a very useful indigenous solution in this area,” says Dr. Kumar Prabhash, Professor and Medical Oncologist, Tata Memorial Hospital.
The output of ClinOme analysis consists of a report with detailed patient centric genotype to help design informed therapeutic option. The output report also consists of links to the specific ongoing clinical trials, gene wise coverage statistics and allelic frequency of the genomic variants.
“While genomics data analysis is a challenge, evidence based therapeutic inference is altogether another challenge. ClinOme addresses both of the challenges using a combination of genomics best practices and artificial-intelligence powered evidence based therapeutic inference,” says Dr. Pratik Chanarani is Scientific Officer, ACTREC-Tata Memorial Hospital.
4baseCare is the 1st company from Asia Pacific to be backed by Global genomics leader Illumina through their Illumina Accelerator Program. It develops affordable and accessible precision oncology solutions using Genomics and Digital Health technology to personalise patient care in Oncology.
4baseCare has developed custom gene panels that allow oncologists to characterise and understand the molecular signature of individuals’ cancer patient’s tumour tissue. Based on 4baseCare’s reports, the oncologists can then tailor and personalise treatment for their patients. 4baseCare has undertaken one of the largest cohort study of cancer patients to develop first of its kind Indian population specific gene panel in collaboration with clinical partners from AIIMS, ACTREC-TMC, St John’s Research Institute (SJRI) and Fortis (Bangalore).
Please visit: www.4basecare.com.
About ACTREC- Tata Memorial Centre
The origins of the Advanced Centre for Treatment, Research and Education in Cancer (ACTREC) are rooted in the Indian Cancer Research Centre (ICRC) which was renamed the Cancer Research Institute (CRI) and amalgamated with the Tata Memorial Hospital (TMH), creating the first comprehensive cancer centre in India – the Tata Memorial Centre (TMC), an autonomous grant-in-aid institution of the Department of Atomic Energy (DAE), Government of India.
ACTREC started with a basic research division focus on providing novel therapeutic strategies for the treatment of cancer. The Tata Memorial Centre’s mission is to provide comprehensive cancer care to one and all, through its motto of excellence in services, education and research.
Sofwave Medical Announces Large Scale Push Into North American, APAC and EMEA Markets
Industry veterans with extensive experience leading global sales and marketing service organizations join Sofwave executive team
Sofwave Medical Ltd., an emerging aesthetic company, announces it is developing new global sales and distribution channels for the roll-out of its Sofwave ultrasound-based system, the newest technology to hit the market to improve fine lines and wrinkles on the face and neck. As part of this expansion, the company has hired top global sales executives to expand distribution channels across North America, Asia-Pacific (APAC), and Europe / Middle East / Africa (EMEA) regions.
Sofwave’s system addresses an unmet need for practitioners to offer patients a safe, highly effective non-invasive treatment solution for face and neck wrinkle reduction and rejuvenation that also provides a solid ROI for aesthetic practices.
“We’re bringing people on board that are very knowledgeable of the global market, are key players in the aesthetic space, and are recognized for the regional leadership achievements over the last 20 years,” stated Louis Scafuri, Sofwave’s CEO and acknowledged industry leader, and former CEO of Syneron Candela and COO and President of Lumenis.
The team leading this effort include John Nippler, Vice President, North America, and previously with Merz Aesthetics in a variety of leadership roles; Hans Edel, industry veteran with extensive experience focused on setting up and implementing sales, marketing and distribution of companies including InMode, Syneron and Lumenis in Europe, Middle East and Africa territories; and Wolfgang Kramer, currently Sofwave Vice President of Asia Pacific, who helped to successfully guide a variety of device companies, including Venus Concept, Solta Medical and Ulthera in the APAC region.
In North America, stated Mr. Nippler, “Our focus and early investment with our direct sales team in the United States, plus our imminent entry into Canada, will help us become the treatment of choice in the current market of wrinkle treatment options.”
Regarding Sofwave’s expansion into APAC, Mr. Kramer stated, “We are very excited about the potential of this game-changing next generation ultrasound technology for treatment of face and neck sagging skin and are signing up leading industry partners to launch Sofwave in this dynamic region.”
According to Mr. Edel, “Sofwave is now offering the perfect product to revolutionize the medical aesthetic market in Europe, and we expect a clear market leadership for Sofwave within the next two years.”
As noted by Mr. Scafuri, these executives represent the Who’s Who of the industry, and are well known for developing strong sales networks built on integrity and trust. “Each has a successful track record in pioneering new technologies and selling innovative products with good recurring revenue streams,” he said. “They’ve all created high performance sales organizations that support the customer and are experts at forming alliances with the major distributors.”
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