Adagio Therapeutics Inc (NASDAQ: ADGI) shares are plunging during the premarket session after 

Adagio Therapeutics Inc (NASDAQ:ADGI) shares are plunging during the premarket session after issuing an update following external in vitro analyses to evaluate the neutralizing activity of ADG20 against the omicron variant. 

  • The in vitro data generated through both authentic and pseudovirus testing of the omicron variant shows a greater than 300-fold reduction in neutralizing activity of ADG20 against omicron. 
  • Additional analyses are ongoing.
  • The Company is currently evaluating ADG20 in global Phase 2/3 trials for both the prevention and treatment of COVID-19.
  • Adagio plans to pause patient recruitment in its Phase 2/3 COVID-19 treatment trial at clinical sites in South Africa, where omicron has emerged as the dominant variant. 
  • Adagio is evaluating the next steps for its ADG20 program.
  • In vitro analyses were also conducted on ADG10, the second mAb in development, which showed minimal neutralizing activity against the omicron.
  • Related Link: Adagio Says Its COVID-19 Antibody Likely To Retain Activity Against Omicron Variant.
  • Price Action: ADGI shares are down 80.10% at $6.82 during the market session on the last check Tuesday.