Adagio Medical announced that it completed its previously announced business combination with Arya Sciences Acquisition Corp IV.
Arya, a special purpose acquisition company (SPAC), agreed to acquire Adagio in February. The acquisition takes Adagio public, trading under the “ADGM” ticker on the Nasdaq market as of yesterday, Aug. 1. Adagio continues operations under its current management as a subsidiary of the combined company.
Read here about some of the outcomes of SPAC deals over the past few years.
The requisite number of Arya IV’s shareholders approved the combination on July 26, 2024. In connection with the deal, the combined company raised approximately $84.2 million. That consisted of funds held in Arya IV’s trust account, a concurrent equity and warrant private placement and a concurrent convertible security financing.
Now a publicly traded company, Adagio continues to develop its ablation technologies. The company’s offerings include cryoablation technologies that create contiguous, transmural lesions to treat cardiac arrhythmias, including paroxysmal and persistent AFib, atrial flutter, and ventricular tachycardia.
Olav Bergheim, Adagio CEO, said in a news release that the transaction “starts a new chapter” in the company’s journey. Bergheim said the principal focus centers around commercializing Adagio’s vCLAS ultra-low-temperature cryoablation (ULTC) system. The ULTC system treats ventricular tachycardia and launched in Europe earlier this year. Additionally, the company looks to progress with an FDA IDE trial.
“Adagio Medical was founded in 2011 with the vision to improve ablation outcomes in patients with complex cardiac arrhythmias,” said Bergheim. “We are grateful to all participants in this business combination for sharing our vision and for their trust in our technology and our team.”
