Deerfield
About Deerfield

Launched in 1994, Deerfield Management Company is an investment firm dedicated to advancing healthcare through information, investment, and philanthropy—all toward the end goal of cures for disease, improved quality of life, and reduced cost of care.

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Investment

Supporting companies across the healthcare ecosystem with flexible funding models…

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Information

Delivering market research to the Deerfield team, its portfolio companies and other partners.

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Philanthropy

A New York City-based not-for-profit devoted to advancing innovative health care initiatives.

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Portfolio Companies

Deerfield generally maintains a combined portfolio of more than 150 private and public investments across the life science, medical device, diagnostic, digital health and health service industries at all stages of evolution from start-up to mature company.

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Research Collaborations

Deerfield partners with leading academic research centers, providing critical funding and expertise to further sustain and accelerate the commercialization of discoveries toward meaningful societal impact by advancing cures for disease.

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Strategic Partners

As a strategic partner, Deerfield offers capital, scientific expertise, business operating support, and unique access to innovation.

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Deerfield Foundation

The Deerfield Foundation is a New York City-based not-for-profit organization whose mission is to improve health, accelerate innovation and promote human equity.

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Cure Campus

Cure is a 12-story innovations campus in New York City that intends to bring together innovators from academia, government, industry, and the not-for-profit sectors to advance human health and accelerate the fight against disease.

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Cure Programming

Cure has a series of expert lectures intended to advance thought in healthcare, management, innovation, policy, and other relevant subjects. This fosters growth and education for those at Cure and its guests.

Events at the Cure

Deerfielders Weigh in on a Safe Return to Work Policy Amid Covid-19 Crisis

Antibody testing provides a data-driven path to getting people back into the economy

The availability of point of care antibody testing—also known as serological testing—may provide a feasible roadmap for getting people back to work safely following the COVID-19 crisis, according to an editorial published in the journal Contemporary Clinical Trials Communications.

“You can’t stop the economy forever,” asserted Governor Cuomo in a recent news conference, according to STAT. “So we have to start to think about, does everyone stay out of work? Should young people go back to work sooner? Can we test for those who had the virus, resolved, and are now immune, and can they start to go back to work?”

Regardless of whether they already have immunity to the virus, millions of Americans may try to return to work, potentially undoing all the benefits of the shutdown, suggests the editorial. 

Antibody testing, the authors argue, could clarify a person’s status quickly in real-time and reveal whether they have been exposed to COVID-19. Accordingly, a person who mounts an IgG positive response (suggesting the presence of immunoglobulin G antibodies) would most likely now be immune to the virus and an IgM positive result would point to the process of developing immunity in someone who more recently became infected.

“Unlike the PCR tests (a measure of virus material), the immediate results and unconstrained supply of antibody tests could fundamentally change the way we manage this epidemic,” says Robert Jackson, MD, a co-author of the paper. “And from an economic perspective, it could lead to a tractable path for people to return to work. Collecting the data and tracking individuals longitudinally, in order to confirm the hypothesis, will be necessary.”

And barring any HIPAA concerns, the authors propose that persons with positive antibody tests during periods of social distancing could get a bracelet, which indicates that they are immune-protected and can return to work. Those without a bracelet would still be asked to practice social-distancing and not yet resume their normal activities. But this approach could potentially get at least some portion of the economy back running again, suggests the authors.

According to the authors, the antibody tests are cheap, easy to administer, and could be made available at every hospital.

“Broad testing is in society’s best interest,” says Alex Karnal, a co-author of the editorial. “Until we make serological tests available in a robust way, it’s as if we are flying a plane without navigation.”

Authors of the editorial, titled, “Let’s Get Americans Back to Work Again,” are: Alex Karnal, Partner and Managing Director; Robert Jackson, MD, Partner and Chief Science Officer; and Joe Pearlberg, MD, PhD, Vice President of Scientific Affairs, all at Deerfield; and Amitabh Chandra, PhD, McCance Family Professor at Harvard Business School and Weiner Professor at the Harvard Kennedy School.

Deerfield Completes $20.5 Million Financing in Pacific Biosciences

MENLO PARK, Calif., Feb. 5, 2013 (GLOBE NEWSWIRE) — Pacific Biosciences of California, Inc. (Nasdaq:PACB), provider of the PacBio® RS High Resolution Genetic Analyzer, today announced that it has entered into an agreement with entities affiliated with Deerfield Management Company, L.P. (Deerfield), a leading healthcare investment organization and significant Pacific Biosciences stockholder, pursuant to which Deerfield provided Pacific Biosciences with $20.5 million in debt financing.

“We are pleased that Deerfield, one of our largest shareholders, appreciates the potential in our business and is continuing to support us through this funding commitment,” stated Mike Hunkapiller, Chairman and CEO of Pacific Biosciences. “We believe this financing puts us in a stronger position to continue to drive the adoption of our Single Molecule, Real-Time (SMRT®) Sequencing technology and products.”

Under the terms of the agreement, Pacific Biosciences issued senior secured promissory notes in the aggregate principal amount of $20.5 million. The notes, which have a maximum seven year term, will accrue interest at a rate of 8.75% per annum, payable quarterly in arrears. In addition, Pacific Biosciences issued Deerfield seven year warrants to purchase 5.5 million shares of its common stock with an exercise price of $2.63 per share.  Deerfield received a transaction fee of $0.5 million at the time of funding. For additional information on the terms of these agreements, please refer to the current report on Form 8-K that Pacific Biosciences filed with the Securities and Exchange Commission, which includes copies of the agreements related to this transaction and this press release as exhibits.

“As long-term equity holders, we continue to believe that Pacific Biosciences’ SMRT Sequencing technology brings unique value to biological research,” commented James Flynn, General Partner at Deerfield. “We believe that Pacific Biosciences’ products can have a significant impact on human health, and Deerfield is pleased to support the company in achieving that goal.”

This announcement is neither an offer to sell nor a solicitation to buy any of the foregoing securities, nor shall there be any offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The securities have not been registered under the Securities Act of 1933, as amended (Securities Act) or any state securities laws, and may not be offered or sold in the United States absent registration or the availability of an exemption from the registration requirements of the Securities Act and applicable state securities laws.

For more information, please visit www.pacb.com.

About Pacific Biosciences

Pacific Biosciences of California, Inc. (Nasdaq:PACB) offers the PacBio® RS High Resolution Genetic Analyzer to help scientists solve genetically complex problems. Based on its novel Single Molecule, Real-Time (SMRT®) technology, the company’s products enable: targeted sequencing to more comprehensively characterize genetic variations; de novo genome assembly to more fully identify, annotate and decipher genomic structures; and DNA base modification identification to help characterize epigenetic regulation and DNA damage. By providing access to information that was previously inaccessible, Pacific Biosciences enables scientists to increase their understanding of biological systems.

About Deerfield

Deerfield is a leading investment management firm, committed to advancing healthcare through investment, information and philanthropy.

For more information, please visit www.deerfield.com

Forward-Looking Statements

This press release contains forward-looking statements relating to Pacific Biosciences’ business, including its future prospects, expected use of the proceeds of the debt financing, ability to drive adoption of its Single Molecule, Real-Time (SMRT®) Sequencing technology and products, and the value and impact its products may have on biological research and human health. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond Pacific Biosciences’ control and that could cause actual outcomes to differ materially from those in the forward-looking statements. Factors that could materially affect actual outcomes can be found in Pacific Biosciences’ filings with the Securities and Exchange Commission, including the most recently filed Quarterly Report on Form 10-Q, including those listed under the caption “Risk Factors.” Pacific Biosciences expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.

Pacific Biosciences
Trevin Rard
Pacific Biosciences
650.521.8450

Pacific Biosciences Raises $100 Million to Fund Commercial Product Development

MENLO PARK, Calif., July 14 /PRNewswire/ — Pacific Biosciences announced today that it has secured $100 million in a Series E private equity financing round. The proceeds will be used to fund the commercial development of the company’s innovative single-molecule, real-time (SMRT(TM)) DNA sequencing platform.

The transaction was co-led by Deerfield Capital Management and Intel Capital, Intel Corporation’s global investment organization. Other new investors included: Morgan Stanley, Redmile Group, T. Rowe Price, and a large financial institution. All previous investors participated in the financing, including: Mohr Davidow Ventures, Kleiner Perkins Caufield and Byers, Alloy Ventures, Maverick Capital, AllianceBernstein, DAG Ventures, and Teachers’ Private Capital.

“With the backdrop of a difficult market, we believe that this substantial investment by our current and new investors validates the promise of our SMRT(TM) technology to change the field of DNA sequencing and spark a true revolution in medical care,” said Hugh Martin, chairman and chief executive officer of Pacific Biosciences. “These funds from a combination of key institutional investors as well as Intel, a world class provider of semiconductor technology, will enable us to surge forward with an aggressive development program and stay on track to commercialize our technology in 2010.”

Pacific Bioscience’s SMRT(TM) technology enables, for the first time, the observation of natural DNA synthesis by a DNA polymerase as it occurs. The technology is distinguished by its long reads, fast run times, and high quality sequence data with less effort and cost compared to other available sequencing technologies. The company believes these advances will lead to a transformation in the field of DNA sequencing that will enable sequencing of individual genomes as part of routine medical care.

About Pacific Biosciences

Pacific Biosciences is a private company based in Menlo Park, California. The company was founded in 2004 with the goal of developing a transformative SMRT(TM) (single molecule real time) DNA sequencing platform that will become the new gold standard for genetic analysis. The SMRT(TM) technology is built upon two key innovations that overcome major challenges facing the field of DNA sequencing. The first is the SMRT(TM) chip, which enables observation of individual fluorophores against a dense background of labeled nucleotides by maintaining a high signal-to-noise ratio. The second are phospholinked nucleotides, which produce a completely natural DNA strand through fast, accurate, and processive DNA synthesis. The company has received an Advanced Sequencing Technology Award grant from the NHGRI (National Human Genome Research Institute) to develop the $1,000 genome. More information is available at http://www.pacificbiosciences.com.