WALTHAM, Mass., Feb. 18 12, 2022 (GLOBE NEWSWIRE) — Adagio Therapeutics, Inc. (Nasdaq: ADGI), a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of antibody-based solutions for infectious diseases with pandemic potential, has today announced a CEO succession plan. Adagio’s current CEO, Tillman Gerngross, Ph.D. has communicated to Adagio’s Chairman of the Board that he agrees in principle to step down as CEO. Upon the departure of Dr. Gerngross from the Company, the Board intends to appoint Mr. David Hering, MBA, who served as the Company’s Chief Operating Officer, as the interim Chief Executive Officer of the Society. Dr Gerngross has also agreed to transfer the duties of Chief Executive to Mr Hering.
“We have built a solid foundation for Adagio as a late-stage development company with the resources in place to execute the work ahead,” Mr. Hering said. “We have great confidence in the deep expertise of the entire Adagio team as we enter our next phase of long-term success and growth. We look forward to providing more details on this succession, as well as business updates, short term.”
Mr. Hering is a seasoned life sciences leader with more than 25 years of industry experience, having spent much of his career leading vaccine franchise functions at some of the largest pharmaceutical companies. . Prior to joining Adagio, Mr. Hering led Pfizer’s global mRNA franchise and launched its COVID-19 vaccine as President, North America. Mr. Hering holds an MBA from Harvard Business School and a BS in operations research and industrial engineering from Cornell University.
About Adagio Therapeutics Adagio (Nasdaq: ADGI) is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of antibody-based solutions for infectious diseases with pandemic potential, including COVID-19 and influenza. The company’s antibody portfolio has been optimized using Adimab’s cutting-edge antibody engineering capabilities and is designed to offer patients and clinicians the potential for a potent combination of potency, breadth, durable protection (via half-life extension), manufacturability and affordability. Adagio’s anti-SARS-CoV-2 antibody portfolio includes several broadly neutralizing non-competing antibodies with distinct ADG20-driven binding epitopes. Adagio has secured manufacturing capacity for the production of ADG20 with third-party contractors to support clinical trials and initial launch quantities, ensuring the potential for broad accessibility to people around the world. ADG20 is an investigational monoclonal antibody that is not approved for use in any country. The safety and effectiveness of ADG20 have not been established. For more information, visit www.adagiotx.com.
Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates”, “believes”, “expects”, “intends”, ” projects” and ” or similar expressions are intended to identify forward-looking statements. Forward-looking statements include statements regarding, among other things, the succession plan for Adagio’s CEO and leadership transition and the timing thereof. , and other statements that are not historical facts.We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those described or implied by forward-looking statements, including, without limitation, the impacts of the COVID-19 pandemic on our business and those of our collaborators, our clinical trials and our financial condition, unexpected safety or efficacy data observed in preclinical studies or clinical trials, the predictability of clinical success of ADG20 based on neutralizing activity in preclinical studies, the variability of results in models used to predict activity against variants of concern of SARS-CoV-2, clinical trial site activation or enrollment rates that are lower than expected, changes in anticipated or existing competition, changes in the regulatory environment, and uncertainties and timing the regulatory approval process, including the outcome of our discussions with regulatory authorities regarding our Phase 2/3 clinical trials. Other factors that could cause our actual results to differ materially from those expressed or implied by the forward-looking statements in this press release are described under “Risk Factors” in Adagio’s Quarterly Report on Form 10-Q. for the quarter ended September 30. , 2021 and in future Adagio reports to be filed with the SEC. These risks may be amplified by the impacts of the COVID-19 pandemic. The forward-looking statements contained in this press release are made as of this date, and Adagio assumes no obligation to update such information except as required by applicable law.
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