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Adagio Medical Holdings (NASDAQ: ADGM) announced leadership changes effective December 13, 2024. Founder Olav Bergheim stepped down as CEO and Board Chairperson after 13 years of leadership. Todd Usen was appointed as the new CEO and Director, while Orly Mishan became Chairperson of the Board.
Usen brings extensive medical device industry experience, having previously served as President & CEO of Minerva Surgical and CEO of Activ Surgical, where he secured over $92 million in funding. He also led Olympus 's $2B+ Medical Systems Group. Bergheim will remain as an advisor supporting the transition through December 13, 2025.
The company focuses on catheter ablation technologies for cardiac arrhythmias treatment, with ongoing commercial efforts in Europe and the FULCRUM-VT trial in the United States.
Adagio Medical (ADGM) reported Q3 2024 financial results with revenue of $185,000, up 351% from $41,000 in Q3 2023. The company secured CMS coverage for their vCLAS™ ultra-low temperature cryoablation catheter and initiated the FULCRUM-VT pivotal study. Operating expenses increased to $10.2 million from $8.9 million year-over-year, while net loss decreased to $4.6 million from $10.8 million. The company reported $28.3 million in cash and equivalents as of September 30, 2024. Commercial expansion continues in European centers, with positive one-year follow-up data from the Cryocure-VT study showing sustained VT burden reduction.
Adagio Medical Holdings (Nasdaq: ADGM) has announced its participation in the Stifel 2024 Healthcare Conference. CEO & President Olav Bergheim will deliver a presentation on Monday, November 18, at 9:45 a.m. Eastern Time at the Lotte New York Palace Hotel in New York. The company, which specializes in catheter ablation technologies for cardiac arrhythmia treatment, will provide a live audio webcast of the presentation, accessible through the 'Investors' section of their website. A replay will also be available for those unable to attend the live session.
Adagio Medical Holdings, Inc. (Nasdaq: ADGM) announced its sponsorship and participation in the 19th Annual International Symposium on Ventricular Arrhythmias, scheduled for October 11-12, 2024, in New York. The company's Ultra-Low Temperature Cryoablation (ULTC) technology will be featured in the symposium's scientific program.
Two presentations are highlighted:
- Dr. Atul Verma will present Cryocure-VT: One-year Results and Next Steps (FULCRUM-VT) on October 11 at 4:40 p.m. ET
- Professor Dr. Roland Tilz will present a recorded case on PVC Ablation using Ultra-low Cryoablation on October 12 at 12:35 p.m. ET
Olav Bergheim, President and CEO of Adagio, expressed pride in supporting the event and anticipation for discussing their technology and clinical program with experts in the field.
Adagio Medical Holdings, Inc. (Nasdaq: ADGM), a leader in catheter ablation technologies for cardiac arrhythmias, has provided a business update highlighting significant milestones. The company has obtained CE Mark approval and initiated the commercial launch of its vCLAS™ catheter and ultra-low temperature cryoablation (ULTC) system for ventricular tachycardia (VT) treatment in Europe. Additionally, Adagio has received FDA approval for the FULCRUM-VT Pivotal IDE study in the US, with patient enrollment expected to begin in September.
The company recently closed a business combination with ARYA Sciences Acquisition Corp IV, resulting in its listing on the Nasdaq Capital Market under the ticker symbol 'ADGM'. This transaction, along with concurrent financings, raised approximately $84.2 million, leaving the company with a proforma cash-on-hand of about $35 million after closing.
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