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Adagio Medical (TASE:BLWV) Holdings, Inc. (NASDAQ:ADGM), a company specializing in surgical and medical instruments with a market capitalization of $18 million, has announced the appointment of Daniel George as the Interim Chief Financial Officer. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 3.27, though it faces challenges with negative profit margins. The announcement was made public in a recent SEC filing dated April 17, 2025.
Mr. George, 55, brings a wealth of experience to Adagio, having managed his own professional services practice since December 2022, focusing on executive financial services for healthcare companies. His appointment comes at a crucial time, as InvestingPro analysis shows the company is quickly burning through cash, with negative free cash flow of $31.11 million in the last twelve months. He has also been serving as a part-time CFO of Anebulo Pharmaceuticals, Inc. since September 2023. His previous roles include full-time CFO and Treasurer of Lucira Health, Inc. from August 2020 to November 2022, and Vice President of Finance for Avinger Inc (NASDAQ:AVGR). among other positions.
As per the terms in the offer letter, Mr. George will be compensated at a rate of $400 per hour. His role at Adagio is on an "at will" basis, indicating that either party can terminate the employment relationship at any time.
Adagio’s filing also clarified that there are no familial relationships between Mr. George and any of the company’s directors or executive officers. Furthermore, there are no disclosed transactions or arrangements involving Mr. George that would require additional disclosure under SEC regulations.
The appointment comes at a time when the company is navigating the complexities of the medical device industry, and Mr. George’s expertise is expected to contribute to Adagio’s financial and strategic operations. The details of Mr. George’s appointment will be further documented in the company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2025.
This executive shift underscores Adagio’s commitment to strong financial leadership as it continues to innovate in the medical instruments sector. The information is based on a press release statement filed with the SEC.
In other recent news, Adagio Medical Holdings, Inc. has received the Breakthrough Device designation from the U.S. Food and Drug Administration (FDA) for its vCLASTM Cryoablation System. This system is intended 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. The vCLASTM Cryoablation System is currently undergoing a study under an Investigational Device Exemption to evaluate its safety and efficacy. Additionally, Adagio Medical Holdings has 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 Medical Holdings remains open to negotiating a new contract with Fjord Ventures for future requirements. The termination follows standard procedures with a 180-day notice period.
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