In the 2nd quarter of 2021, Deerfield invested in Adaptive Phage Therapeutics through its $41 million Series B financing. Adaptive Phage Therapeutics is focused on commercializing bacteriophage therapy for the treatment of resistant bacterial infections. The Company was founded by Dr. Carl Merril, who was a leader in the area of phage therapy research until his retirement from NIH. The Company has licensed the rights to Phage Bank from the U.S. Department of Defense. Phage Bank is a proprietary library of phages that have been isolated from nature, grown in culture, purified, and characterized. The Company plans to screen bacteria derived from a patient with antibiotic-resistant infection against the Phage Bank library to identify one or more phages that are highly active against that organism, and then deliver the purified phage(s) to the patient intravenously and/or directly to the site of infection.