RE: Adagio plummets 78%. Their antibody does NOT work against Omicron.14 Dec 2021 16:37
"The initial release, on Nov. 29, was based not on lab tests, but on Adagio’s understanding of how its antibody therapy, known as ADG20, attacks the virus that causes Covid-19. Adagio (ticker: ADGI) said at the time that ADG20 attaches itself to a part of the virus that is generally unchanged in members of the family of SARS-CoV-2 mutants to which Omicron belongs.
While ADG20 is still in clinical trials, and won’t be submitted for regulatory approval until the middle of next year, Adagio shares rose about 86% on the day of the announcement. The company’s CEO, Tillman Gerngross, appeared on CNBC that day, talking up the drug.
“Our antibody, based on a sequence analysis, is likely to bind to Omicron and not lose any of its neutralization potency,” Gerngross said on CBNC’s The Exchange that afternoon.
Now, Adagio has actual data on how ADG20 interacts with Omicron, and it doesn’t look good. After running a lab test of ADG20 against Omicron, it said in a Tuesday morning press release that the antibody’s neutralizing activity against the new variant was reduced by “300-fold.”
Adagio said it is now “evaluating next steps” for ADG20."
The good thing is SNG001 has other uses - that cannot be overstated enough. We have a cushion that Adagio dos not have.