The company said that its own business plan predicted the rise of the " metaverse", the expansive virtual world that Chief Executive Officer (CEO) Mark Zuckerberg wants to build at his company, Meta Platforms Inc. They also can purchase virtual currency called "Robux" in order to obtain virtual items from the company's Avatar Marketplace to enhance their experience on the platform. Users who sign up for the platform can personalize their own Roblox identity, or avatar. Roblox is an entertainment and communication company that operates what it calls a "human co-experience platform." The platform allows users to interact with one another to explore and develop immersive, user-generated 3D experiences. The company's stock closed its first trading day 22.8% above its IPO price. Adagio said that it does not expect to generate any revenue from product sales until it has successfully completed clinical development and obtained marketing approvals or emergency use authorization (EUA) for one or more of its product candidates. It said that its operations have primarily been financed by sales of preferred stock and from capital raised in its IPO, which took place in August. The company has not generated any revenue as of its latest quarterly filing with the SEC for the quarter ended Sept. Adagio intends that ADG20 be used to both prevent and treat COVID-19. The company began clinical trials of its lead product candidate, ADG20, in February 2021. Its initial focus is SARS-CoV-2, the virus that causes COVID-19. Adagio Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing antibody-based solutions for infectious diseases with pandemic potential.
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