Adagio Medical Holdings Inc. today announced the pricing of a $50 million private placement.
The Laguna Hills-based device maker of a system that treats cardiac arrhythmias has entered an agreement with investors to purchase shares of its common stock, resulting in approximately $19 million and an additional potential $31 million.
Adagio said that it intends to use the net proceeds from the offering for working capital and general corporate purposes, including clinical and product development activities.
The private placement is being led by an affiliate of existing investor Perceptive Advisors LLC with participation from other healthcare and institutional investors.
Shares in Adagio were down 19% to $1.38 and a $21 million market cap at the time of the announcement (Nasdaq: ADGM).
