ARS Pharmaceuticals, Inc.

In September 2018, Deerfield committed $20 million to ARS Pharmaceuticals, Inc. ARS is developing an intranasal epinephrine product. Currently, patients at risk of anaphylaxis due to food allergies, insect bites or other allergens carry epinephrine auto-injectors, commonly referred to as “EpiPens” based on the brand name of the leading product in the market. ARS is developing an alternative to the epinephrine auto-injector that uses proprietary formulation technology to deliver epinephrine via a nasal spray rather than injection.

In initial pharmacokinetic studies in healthy volunteers, ARS has shown that its nasal spray provides epinephrine blood levels that are similar to that achieved with epinephrine injection. The financing will be used to fund product development, and manufacturing scale-up as well as clinical development designed to support a filing for marketing authorization in the United States.

Chondrial Therapeutics

In November 2016, Deerfield led a Series A financing in Chondrial Therapeutics. Chondrial is an emerging biotechnology company focused on the treatment of rare mitochondrial diseases, such as Friedreich’s Ataxia (FA). Concurrent with our financing, Chondrial announced the licensing of a novel investigational technology, CTI-1601, for the treatment of FA from Indiana University Research and Technology Corp. (IURTC) and Wake Forest University Health Sciences. FA is a progressive disease that affects multiple body systems, particularly the brain and heart. FA is the most common ataxia in man and is caused by a deficiency of a key protein, frataxin, which is normally present in the mitochondria of all tissues.


Synlogic is a biopharmaceutical company that brings innovative medicine to patients. The medicines are designed to treat disease by taking action from the microbiome to correct metabolic dysfunction. The two lead programs are in Urea Cycle Disease (UCD) and Phenylketonuria (PKU) and the company has a full pipeline of disorders which utilize their synthetic biotic platform.

Xeris Pharmaceuticals

Deerfield invested in Xeris Pharmaceuticals through its Series C preferred financing. Xeris is developing a room temperature stable liquid formulation of glucagon that will be used in a range of products in the treatment of diabetics with hypoglycemia. The benefit of this liquid formulation is that it does not have to be refrigerated or reconstituted.

Fractyl Laboratories

Fractyl Laboratories is developing a device-based procedure that resurfaces a section of the small intestine, the duodenal mucosa, which reduces liver insulin resistance in type 2 diabetic patients. This procedure can delay the need for injected insulin and allow patients to continue oral therapy.

MannKind Corporation

MannKind is a biopharmaceutical company focused on development and commercialization of therapeutic products for diseases such as diabetes. The company’s lead product, Afrezza® (insulin human [rDNA origin]) inhalation powder, is an ultra-rapid-acting insulin being developed for the treatment of adult patients with type 1 or type 2 diabetes. It is a drug-device combination product, consisting of AFREZZA inhalation powder, pre-metered into single-use cartridges, and a light, discreet and easy-to-use inhaler. Administered at the start of a meal, AFREZZA dissolves immediately upon inhalation and delivers insulin quickly to the bloodstream.

Deerfield Invests $160 Million in MannKind Corporation

July 01, 2013 10:55 AM Eastern Daylight Time 

NEW YORK–(BUSINESS WIRE)–Deerfield Management Company has entered into an agreement with MannKind Corporation (NASDAQ: MNKD) under which Mannkind may receive up to $160,000,000. This financing is designed to support the regulatory process and commercialization activities for Afrezza®, MannKind’s inhaled insulin product.

Deerfield funded $40,000,000 at closing and will fund three additional $40,000,000 tranches as MannKind successfully completes its Phase III clinical trial, repays its outstanding 3.75% convertible notes and receives FDA approval for Afrezza®.

“We are pleased to be able to support MannKind’s innovative efforts to advance the treatment of diabetes,” said James E. Flynn, General Partner at Deerfield. “Diabetes remains one of the most prevalent, fastest growing and most expensive diseases from a societal standpoint and efforts to fund more effective and more widely adopted therapies are essential.”

About Deerfield

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

For more information, please visit


Deerfield Management Company
Karen Arnone, 212-922-1349


Insulet manufacturers wireless insulin pumps for use by diabetics. In early 2009, despite a positive launch of its first product, the company had a high cash burn rate due to high manufacturing and marketing costs. As a result, and with the capital markets closed due to the prevailing economic crisis, the stock declined in value.