Adagio Stock Spikes on New Data, but Its Omicron Problems Remain

Barrons2022-03-30

Roughly three months after an embarrassing reversal on the efficacy of its Covid-19 antibody against the Omicron variant, the small-cap biotech Adagio Therapeutics is back with new data, and says it ...

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2022-03-31
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2022-03-31
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2022-03-30
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As a treatment to patients with mild to moderate Covid-19, it reduced the risk of hospitalization and death by 77%.The drug’s Omicron problems, however, don’t seem to have been resolved. Nearly all of the data was collected before the Omicron variant, and the data collected amid Omicron appears to show a weaker benefit than the other results. The company’s struggles highlight the weaknesses of monoclonal antibody therapies overall as a tool against Covid-19—something the Omicron variant revealed.The company acknowledged in its Wednesday statement that the trials were “primarily conducted” before the emergence of Omicron as the dominant variant in the U.S.Adagio said it will seek an emergency use authorization for ADG20, also known as adintrevimab, for prevention and treatment of Covid-19 in the second quarter.Shares of Adagio (ticker: ADGI) rose as much as 72.9% in premarket trading Wednesday to $6.62, from Tuesday’s closing price of $3.85. 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An exploratory analysis after the emergence of Omicron followed 402 participants who received ADG20 as a pre-exposure prophylaxis, and found that the relative risk reduction in the group who received the treatment compared to the placebo group was 47% after 77 days. Before Omicron, the relative risk reduction as a pre-exposure prophylaxis was 71% after three months.“We are encouraged by the data and look forward to submitting an EUA and discussing these results with the FDA and other regulatory authorities,” said Adagio’s chief development officer, Ellie Hershberger, in a statement.The company’s struggles with Omicron offer yet another example of the shortcomings of monoclonal antibodies as a tool against a fast-changing virus like SARS-CoV-2. Last week, the FDA limited the use of sotrovimab, a Covid-19 monoclonal antibody therapy from GlaxoSmithKline (GSK) and Vir Biotechnology (VIR), after studies showed that it was likely not effective against the Omicron subvariant BA.2.That came just months after the FDA revoked authorizations of other available monoclonal antibody therapies, which hadn’t worked against the original Omicron variant.Adagio did not mention ADG20’s efficacy against BA.2 in its news release. 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