Adagio Medical Appoints Daniel George as Interim CFO: SEC Filing

Adagio Medical Holdings has appointed Daniel George as interim CFO. The company is a medical device company developing and placing on the EU market ablation technologies for treating cardiac arrhythmias. Its product portfolio consists of three families of catheters and consoles for treating atrial fibrillation, atrial flutter, and ventricular tachycardia. The iCLAS system is CE-marked for treating paroxysmal atrial fibrillation, persistent atrial fibrillation, and atrial flutter.

Adagio Medical Holdings, Inc. (NASDAQ: ADGM), a medical device company specializing in surgical and medical instruments, has appointed Daniel George as the interim Chief Financial Officer (CFO). The appointment comes at a critical juncture as the company navigates the complexities of the medical device industry and faces financial challenges.

Mr. George, a seasoned executive with extensive experience in financial services for healthcare companies, brings a wealth of experience to Adagio. He previously served as a part-time CFO at Anebulo Pharmaceuticals, Inc., and held full-time CFO and Treasurer positions at Lucira Health, Inc. His appointment at Adagio is on an "at will" basis, with compensation set at $400 per hour.

Adagio's financial health is a concern, with negative profit margins and a current ratio of 3.27. The company has been burning through cash, with negative free cash flow of $31.11 million in the last twelve months. The appointment of Mr. George aims to strengthen Adagio's financial leadership and contribute to its strategic operations.

The company's recent Breakthrough Device designation from the U.S. Food and Drug Administration (FDA) for its vCLASTM Cryoablation System is a significant milestone. The system is designed for the treatment of drug-refractory, recurrent, sustained monomorphic ventricular tachycardia in patients with structural heart disease. The FDA designation is part of a program to expedite the development of medical devices that offer significant advantages over existing alternatives.

Adagio Medical Holdings has also announced the termination of its Facilities and Services Agreement with Fjord Ventures LLC, effective July 30, 2025. This decision aligns with the company's evolving operational needs and reduced reliance on the services provided under the agreement. Despite the termination, Adagio remains open to negotiating a new contract for future requirements.

In other news, Field Medical Inc., a pioneer in cardiac pulsed field ablation (PFA) technology, has closed a $40 million Series A financing round. The funding will support the completion of two pilot studies and the continued development of Field's commercial PFA system. This financing underscores strong confidence in Field Medical's technology for treating ventricular tachycardia (VT) and atrial fibrillation (AF).

References:
[1] https://www.investing.com/news/sec-filings/adagio-medical-appoints-new-interim-cfo-daniel-george-93CH-3999731
[2] https://www.prnewswire.com/news-releases/field-medical-closes-40-million-series-a-financing-to-redefine-pulsed-field-ablation-for-ventricular-tachycardia-302433808.html
[3] https://www.morningstar.com/news/pr-newswire/20250421la69336/field-medical-closes-40-million-series-a-financing-to-redefine-pulsed-field-ablation-for-ventricular-tachycardia