Adagio Medical Holdings, Inc. (NASDAQ: ADGM) announced on 2025‑10‑16 that it has entered into a securities purchase agreement with accredited investors to issue 9,792,506 shares of common stock (or pre‑funded warrants) and 18,038,829 warrants (three tranches of 6,012,943 warrants each) at a combined purchase price of $1.9403 per share. The private placement is expected to generate approximately $19 million in upfront proceeds, with the potential to raise an additional $31 million if all warrants are exercised, bringing total proceeds to $50 million.
The warrants have an exercise price of $1.71 per share and become exercisable immediately. They expire on or before the earlier of five years from issuance or, for each tranche, a date tied to key milestones: 30 days after the announcement of FULCRUM‑VT IDE trial results, 30 days after FDA approval of the vCLAS Cryoablation System, and 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.
Adagio intends to use the net proceeds for working capital and general corporate purposes, including the advancement of its clinical and product development activities. The transaction is led by an affiliate of existing investor Perceptive Advisors, with Piper Sandler acting as sole placement agent and Lake Street serving as financial advisor. The financing underscores ADGM’s ongoing effort to secure capital to support its U.S. pivotal IDE trial and future commercialization of its vCLAS Cryoablation System.
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