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

Washington University and Deerfield Management Launch VeritaScience to Drive Drug Discovery

Deerfield Management makes 10-year commitment of up to $130 million to accelerate translation of Washington University discoveries to improve human health

New York, New York, – January 16, 2024  Washington University in St. Louis and Deerfield Management (“Deerfield”), a healthcare investment firm, today announced the launch of VeritaScience, a new private R&D collaboration designed to advance the discovery, clinical development and commercialization of promising therapeutic and diagnostic candidates with potential to benefit human health. 

To support projects that originate from the collaboration, Deerfield has committed up to $130 million over the next 10 years, along with functional expertise, through a newly formed company. Washington University’s investigators will have the opportunity to work with Deerfield’s internal team, which has expertise across the drug development continuum from discovery through commercialization. VeritaScience is named to honor Washington University’s motto “Per Veritatem Vis,” which means “Strength Through Truth” in Latin.

The VeritaScience collaboration complements the university’s existing efforts in drug development and its innovative culture. Project proposals can be designed around any disease indication. Washington University’s investigators will submit project proposals to VeritaScience and its scientific review team, which is led by Deerfield experts and guided by the university’s Office of Technology Management and Washington University School of Medicine’s (“WashU Medicine”) business development team. Accepted drug discovery projects will receive a development plan aimed at achieving Investigational New Drug readiness and may be eligible for additional funding and support for the creation of separate, start-up companies.

Washington University is known worldwide for its innovative research programs in the medical sciences, aimed at improving human health. The university currently is ranked #7 in National Institutes of Health (NIH) funding among U.S. universities, with $633 million received in the 2023 federal fiscal year. This includes nearly $584 million in funding for research initiatives at WashU Medicine, which currently is ranked #2 in NIH funding among U.S. medical schools.

“The exciting collaboration with Deerfield Management to create VeritaScience represents yet another major approach to leveraging the research capabilities of Washington University,” said David H. Perlmutter, MD, the George and Carol Bauer Endowed Dean of Washington University School of Medicine, executive vice chancellor for medical affairs, and the Spencer T. and Ann W. Olin Distinguished Professor. “Deerfield has extensive experience in academic-industry partnerships, and this agreement allows us to further advance the ‘virtuous cycle of academic medicine’ and our commitment to translating ever more of the landscape-altering discoveries happening in our labs into tools and therapies that will concretely improve human health and alleviate suffering.”

The VeritaScience collaboration is an example of Deerfield’s engagement with research institutions. Currently, Deerfield’s network includes nearly 30 leading research institutions and medical centers, which aims to bring the healthcare ecosystem together to collaborate and learn from each other. Together with its research partners, Deerfield has provided funding and expertise to create spin-off companies that support key avenues from concept to spin-out of novel therapeutic discoveries.

“Throughout the process of forming VeritaScience, what has stood out to our team at Deerfield is the forward-thinking and innovation-focused Washington University culture,” said James Flynn, managing partner of Deerfield. “We intend to equip the researchers of selected projects with flexible capital, expertise, and operational support to help them realize their discoveries’ potential.”

ABOUT WASHINGTON UNIVERSITY

Washington University in St. Louis is counted among the world’s leaders in teaching, research, patient care and service to society. The university draws students and faculty to St. Louis from more than 100 countries and all 50 states, the District of Columbia, Guam, Puerto Rico and the Virgin Islands. The total student body is approximately 14,000 undergraduate, graduate and professional students. Washington University has been affiliated with 25 Nobel laureates, many of whom did a significant portion of their award-winning work at the university. The university offers more than 90 programs and almost 1,500 courses leading to bachelor’s, master’s and doctoral degrees in a broad spectrum of traditional and interdisciplinary fields, with additional opportunities for minor concentrations and individualized programs.

WashU Medicine is a global leader in academic medicine, including biomedical research, patient care and educational programs with 2,800 faculty. Its National Institutes of Health (NIH) research funding portfolio is the second largest among U.S. medical schools, has grown more than 40% in the last six years and, together with institutional investment, WashU Medicine commits well over $1 billion annually to basic and clinical research innovation and training. Its faculty practice is consistently within the top five in the country, with more than 1,800 faculty physicians practicing at over 65 locations and who are also the medical staffs of Barnes-Jewish and St. Louis Children’s hospitals of BJC HealthCare.

ABOUT DEERFIELD MANAGEMENT

Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy. The Firm works across the healthcare ecosystem to connect people, capital, ideas and technology in bold, collaborative and inclusive ways. For more information, please visit www.deerfield.com.

Media Contact:

Anthony Karamourtopoulos

[email protected]

Diane Duke Williams

[email protected]

Deerfield Management and the Deerfield Foundation Announce the Creation of the American Society of Hematology (ASH) Peter Steelman Scholar Award and the First Annual AML Summit to Advance Research for Acute Myeloid Leukemia

NEW YORK, NEW YORK – June 8, 2023Deerfield Management and the Deerfield Foundation announced today the creation of the American Society of Hematology (ASH) Peter Steelman Scholar Award and the first Annual AML Summit in honor of former, longtime Deerfield Partner Peter Steelman. Both efforts aim to further advance research for Acute Myeloid Leukemia (AML).

The 2022 inaugural recipient of the ASH Peter Steelman Scholar Award is Simone Riedel, Ph.D. who will be a keynote speaker at the AML Summit. Dr. Riedel currently serves as a doctoral fellow at The Children’s Hospital of Philadelphia’s Bernt Lab, as part of a team of researchers focused on investigating the role of epigenetic gene regulation in hematopoietic stem cells and their relation to leukemia. More specifically, Dr. Riedel works on a protein called Meningioma-1 (MN1) that, when overexpressed, causes a highly aggressive AML.

The first annual AML Summit will be held on Tuesday, June 13 at Cure®, a healthcare innovation campus in New York City.

Guest speakers at the inaugural AML Summit will include:

  • Omar Abdel-Wahab, M.D., Director of the Center for Hematologic Malignancies at Memorial Sloan Kettering;
  • Lore Gruenbaum, Ph.D. | Vice President, Therapy Acceleration Program;
  • Ross Levine, M.D., Leukemia Specialist & Physician-Scientist, at Memorial Sloan Kettering Cancer Center, Chair of The AML Summit;
  • Alicia Loffler, former Executive Director of the Innovation and New Ventures Office at Northwestern University;
  • Simone Riedel, Ph.D., Children’s Hospital of Philadelphia;
  • Ulrich Steidl M.D., Ph.D., Chair of Cell Biology and co-director of the Blood Cancer Institute at Albert Einstein College of Medicine;
  • Aaron Viny, M.D., Cancer Care, Hematology at Columbia​.

Each year there are approximately 18,000 new cases of diagnosed AML, with about 126,000 diagnosed prevalent patients per year in total. The AML Summit will bring together thought leaders from across the healthcare ecosystem to advance scientific research and bring us closer to a cure.

About the ASH Peter Steelman Scholar Award

Designed by Deerfield Management and Deerfield Foundation in partnership with ASH, the ASH-Peter Steelman Scholar Award supports exceptional academic research efforts focused on AML, and is part of ASH’s Scholar Award program. For many researchers, the period between the completion of training and the establishment of an independent career can be a perilous and uncertain time. Since 1985, the ASH Scholar Award program has helped ease this difficult transition by providing support during that critical period required for the completion of training and achievement of status as an independent investigator.

Dr. Riedel and future recipients of the award will receive an extensive benefits package from the Deerfield Foundation, including:

  • Complete funding support to participate in the American Society of Hematology (ASH) Annual Meeting.
  • A yearly invitation and a travel stipend to participate in Deerfield Management’s AML Summit.
  • A designated research presentation slot at the AML Summit.
  • Biannual meetings with Deerfield Management’s Oncology Working Group, a team of oncology-focused colleagues spanning science and investment.
  • Ongoing collaboration with Deerfield Management personnel that focuses on the translation of innovation to a commercially viable therapeutic.
  • (For female recipients), ongoing access to Deerfield and Advancium Health Networks Women in Science Translational Research Symposia.

About Peter Steelman

The award was named in honor of former Deerfield Management Partner, Peter Steelman, who will always be remembered as a genuinely kind person who accepted everyone on their own terms. He was a hard worker and a great team player. Peter was devoted to supporting his family (his wife Sara and three boys, Grant, Trent and Kurt) and ensuring they had every opportunity that he could provide. Peter enjoyed going to the beach, running and keeping fit, traveling, and spending time in New York City. While at Deerfield, he was instrumental in the creation of Deerfield’s academic network, which today spans nearly 30 of the country’s most prestigious institutions. Peter will always be missed and forever remembered.  

“We are proud to offer this award in memory of former friend and Deerfield colleague, Peter Steelman, who, throughout his life and career, was a passionate advocate of Deerfield’s mission to advance healthcare,” said Jim Flynn, Managing Partner of Deerfield Management and Cure® Founder. “We thank ASH for its partnership and are honored to name Dr. Riedel as the first recipient. We hope our support of the field will bring us closer to a cure for this difficult and painful disease.”

About The Deerfield Foundation

An affiliate of Deerfield Management, the Deerfield Foundation is a New York City-based not-for-profit organization whose mission is to strive to improve health, accelerate innovation and promote human equity. Since its inception in 2007, the Foundation has formed numerous partnerships and invested in the advancement of children’s health, from clinics in the South Bronx to Nepal. Funds are provided through employee contributions and directly from Deerfield’s profits.

About Deerfield Management

Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy. The Firm works across the healthcare ecosystem to connect people, capital, ideas and technology in bold, collaborative and inclusive ways. For more information, please visit www.deerfield.com.

Media Contact

Caroline Drucker

[email protected]

917-588-3016

Funding Models

Sample from 2008 to April 2023:

Funding Models
Funding Model

Please note that the listed transactions are a sample of the types of deals that can be created as well as just a sampling of the companies we have worked with over the time period from 2008 to 2023.

Deerfield Management and BioSymetrics partner to discover and develop novel therapeutics

Collaboration to advance cardiology and neurology targets using phenomics and genomic data to improve human health

NEW YORK, NEW YORK — Oct. 31, 2022 – Deerfield Management, a healthcare investment firm, and BioSymetrics, a phenomics-driven drug discovery company, today announced a five-year joint venture to accelerate the advancement of new therapeutics, with an initial focus on cardiovascular and neurological diseases. The collaboration will identify new drug discovery programs that combine BioSymetrics’ AI-powered target discovery and validation platform with Deerfield’s drug discovery and commercial modeling capabilities.

“BioSymetrics’ platform creates proprietary and highly valuable insights into biology that can help identify novel therapeutics,” said James Flynn, Managing Partner, Deerfield Management and Cure Founder. “Our collaboration focuses on complex conditions in cardiovascular and neurological disease where BioSymetrics’ data and analytical capabilities can be particularly important.  We are excited about the breakthroughs possible through this partnership.”

BioSymetrics takes a phenomics-driven approach to advancing drug discovery. The company’s target discovery platform uses machine learning to connect clinical and experimental data – including patient data from millions of electronic medical records, genomics, and experimental data captured in zebrafish models using proprietary computer vision – to identify high-confidence targets for drug discovery. Targets discovered using BioSymetrics’ platform are grounded in human genetic evidence, giving them twice the likelihood of clinical success as demonstrated in the seminal paper by Matt Nelson, VP Genetics & Genomics at Deerfield Management. BioSymetrics is advancing programs in cardiometabolic, neurological, and rare diseases, including familial dilated cardiomyopathy, atherosclerosis, and epilepsy.

“Deerfield shares our philosophy of using human genetic evidence and rapid in vivo validation in target discovery,” said Anthony Iacovone, Co-founder and CEO. “For a prolific target discovery platform like ours, Deerfield’s strengths in drug discovery and healthcare expertise ensure that together we can aim to focus on the programs with the highest probability of success and drive forward the best science. We are enthusiastic to begin this effort and work together with Deerfield in translating complex clinical and experimental biology into actionable therapeutic development programs.” 

Under the terms of the agreement, Deerfield and BioSymetrics will identify therapeutic targets using BioSymetrics’ platform and database. Deerfield will provide target product profiles and due diligence support, commercial modeling services, and drug development plans and infrastructure for projects that the parties decide to advance.

About Deerfield Management

Deerfield Management is an investment management firm committed to advancing healthcare through investment, information and philanthropy. The Firm works across the healthcare ecosystem to connect people, capital, ideas and technology in bold, collaborative and inclusive ways. For more information, please visit www.deerfield.com.

About BioSymetrics

BioSymetrics is a phenomics-driven drug discovery company with a vision to translate data into discoveries. BioSymetrics integrates clinical and experimental data, using machine learning, to translate human disease biology and advance precision medicines. For more information, please visit www.biosymetrics.com or follow us on LinkedIn.

Media:

Caroline Drucker

+1 212.583.8296

[email protected]

Denise Johnston

[email protected]

New Report Authored by Deerfield Management Reveals Vast Gender Gap Across Venture-backed Healthcare Companies

“Gender Disparity Among Venture-backed Healthcare Companies and Their Investor Base” finds that less than 1 in 8 board roles at privately backed healthcare companies are held by women. One of Deerfield’s initiatives to increase diversity in healthcare, this study aims to hold healthcare companies and investors accountable and encourage female representation.

(NEW YORK CITY, NY, April 6, 2021) – Deerfield Management Company (Deerfield), a healthcare investment management firm focused on advancing healthcare through investment, information and philanthropy, today released “Gender Disparity Among Venture-backed Healthcare Companies and Their Investor Base,” a paper that analyzes the gender composition of healthcare companies’ corporate boards, as well as that of the investment teams finding, diligencing and mentoring these companies.

In an analysis of 140 healthcare companies that had raised substantial venture financing and published the identity of their board members on their corporate website, Deerfield found that:

● 48.5% of companies had no female board members.
● Women make up about 10% of board director roles in venture-backed healthcare companies.
● Among the most active investment firms in the healthcare space, only about 20% of investment professionals are female.
● Of the six organizations analyzed that have 50% or more female board membership, all but one are helmed by female CEOs.

The paper’s authors, Christine Livoti, Director at the Deerfield Institute at Deerfield and Leslie Henshaw, Partner on the Healthcare Services team at Deerfield, set out to understand the gender composition of venture-backed healthcare companies that operate in the industry subsectors in which Deerfield invests.

Most of the research on diversity in leadership focuses on public companies that are required to report their diversity data. As such, information on private healthcare companies’ board composition is largely unavailable to the public. Livoti and Henshaw established a proprietary database of healthcare companies in the therapeutics, medical devices and diagnostics, healthcare information technology and healthcare services subsectors to identify the gender composition of their corporate boards.

The paper also examines the gender composition of the top 50 healthcare investors, based on the number of healthcare transactions in which they participated. Overall, women make up only about 20% of the investment professionals in this group of firms, and even this modest percentage likely overestimates the proportion of senior female investment professionals relative to their junior counterparts.

“Deerfield sits at the intersection of healthcare and investing, two spheres in which women are vastly underrepresented,” said Leslie Henshaw, Partner at Deerfield and co-author of the paper. “The findings of our report are unsurprising, but still deeply disappointing. With this research, our goal is to help our peers understand the considerable gender imbalance on their own teams is having a direct impact on the board composition of the companies they fund, increasing the imperative to seek out diverse independent board members. We are committed to elevating female and marginalized leaders across the healthcare ecosystem, increasing equity and accessibility throughout an industry in which the role of women – as caregivers, decision makers and patients – is so pronounced.”

Given the outsized role that investors play in board seat allocation and placement, the gender diversity of investment firms cannot be ignored in the context of gender diversity of private company boards.

“While gender composition of public companies, or even a broader swath of private companies agnostic of sector has been examined before, uniquely we examined the gender composition of private healthcare companies’ leadership and their investors,” said Christine Livoti, Director at The Deerfield Institute and co-author of the study. “We hope these findings will serve as a wakeup call for private companies in our industry to examine the gender composition of their leadership and work harder to diversify and grow more equitably across all levels of their organizations.”

The paper’s findings aim to hold companies and investors accountable, encourage greater female representation and advance initiatives for investors to diversify the portfolio companies in which they invest.

“Gender Disparity Among Venture-backed Healthcare Companies and Their Investor Base” is one of Deerfield’s several initiatives to improve representation in the healthcare ecosystem. Deerfield oversees Break into the Boardroom, a program that was launched in 2016 to help promote greater representation of female healthcare executives on boards within the public, private, and non-profit sectors. Break into the Boardroom provides senior female healthcare executives with training and guidance intended to help them obtain their first board role.

In the coming months, a programmatic effort will take place at the Cure, a 12-story vertical innovations campus in New York City, to dive deeper on this topic.

“We see significant value in the medtech industry and are excited to extend our investment in medtech with this newly formed partnership. Coridea’s track record makes its team an ideal partner to innovate, evaluate, and foster new ideas from concept to commercial enterprise,” stated Steve Hochberg, Partner at Deerfield. “As a New York-based firm, we are proud to partner with the team from Coridea as it brings innovative ideas and enterprise-building capabilities into the Cure ecosystem. This will serve to further establish the Northeast region and New York City as a center for healthcare innovation.”

Formed by proven industry leaders, the incubator will provide its companies with discipline and expertise in a collaborative ecosystem. Grounded by years of industry experience, the team will be able to efficiently move projects through key early-stage milestones including needs assessment, concept generation, rapid prototyping, and pre-clinical and clinical evaluation. Deerfield Catalyst will source new projects and companies through internal ideation and external collaboration with academic or individual partners.

“For sustainable commercial success, innovation must address a clear clinical need, whether it be streamlining a procedure to reduce cost or developing a novel intervention to treat more patients. At Deerfield Catalyst we plan to use agile best practices to efficiently advance promising clinical ideas and companies through the development lifecycle,” commented Howard Levin, M.D., CEO of Coridea and Chief Executive of Deerfield Catalyst. “We see a bright future ahead and are excited to become a critical part of the Cure healthcare ecosystem.”

The partnership aims to launch 10 new companies over the next five years. Structured to support company formation and growth, the incubator includes funding for operating expenses, early idea generation, and project and company evaluation. The medtech incubator hub and newly formed companies will be housed in the Cure building at 345 Park Avenue South in Manhattan.


ABOUT BREAK INTO THE BOARDROOM

Break into the Boardroom aims to promote greater representation of female healthcare executives on boards within the public, private, and non-profit sectors. Break into the Boardroom was founded by Deerfield and Oxeon based on a shared belief that their organizations are uniquely positioned not only to cultivate new female board candidates but also to connect these women with concrete governance opportunities. Deerfield and Oxeon focus on identifying talent, cultivating companies, and deploying capital within the healthcare ecosystem. For more information, please visit breakintotheboardroom.org.

ABOUT DEERFIELD

Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy. For more information, please visit www.deerfield.com

CONTACT

BerlinRosen

[email protected]

Deerfield Management, UNC Eshelman School of Pharmacy Announce First Educational Collaboration

Deerfield and the UNC Eshelman School of Pharmacy will join forces to develop a training partnership to support the translation of scientific discovery to commercialization. The partnership will kick off with a seminar on April 16, 2021.

(NEW YORK CITY, NY, March 31, 2021) ––Deerfield Management Company (Deerfield), a healthcare investment management firm focused on advancing healthcare through investment, information and philanthropy, and the UNC Eshelman School of Pharmacy are thrilled to announce a first-of-its-kind educational-based collaboration that features a new certificate program and kick-off seminar. The certificate, micro-credential program, “Molecules to Market,” will be taught in tandem by academic and industry experts. The certificate program is specifically designed to support the translation of basic research and discovery along the path to commercialization.

The program’s introductory seminar, entitled “Molecules to Market – Overcoming the Valley of Death,” will be held via Zoom on Friday, April 16, 2021 from 9:00 am ET to 11:00 am ET. Registration is free and open to the public with the specific goal of discussing the key elements of any translational program.

“This type of educational-based collaboration is a new development for Deerfield as we continue to innovate and find new ways to advance healthcare,” said James E. Flynn, managing partner at Deerfield. “With this seminar and future certificate, we aim to leverage key learnings and analysis from previous case studies to highlight the steps required to translate a basic discovery to a medicine that will improve patients’ lives. To reach commercialization, the business plan is as important as the science itself, and we hope to educate those in the healthcare community and begin to address that gap.”

The seminar is designed for anyone with an understanding of basic science and a desire to understand both the industry and academic side of translating a discovery for patient benefit. The program aims to create a solution for entrepreneurs, leaders and scientists by creating a deep roster of professionals that understand how to move research through the long process to commercialization.

“Pharmaceutical and biomedical PhD scientists are increasingly involved in all aspects of drug development, but PhD training is almost exclusively focused on technical skills associated with bench science. Our collaboration with Deerfield will fill a much-needed gap by training on specific competencies required to advance discoveries to the market,” said Angela Kashuba, dean of the UNC Eshelman School of Pharmacy.

The UNC Eshelman School of Pharmacy is a world-renowned academic institution and is ranked the No. 1 school of pharmacy in the country by U.S. News & World Report in 2020. Together with Deerfield, the seminar will convene industry and academic leaders to share key insights through analysis of case studies and to discuss in detail what is necessary to move scientific discovery to commercialization.

Panelists include:

The panel will be moderated by Dr. Michael Jarstfer, Assistant Dean for Graduate Education & Associate Professor at the UNC Eshelman School of Pharmacy. Dr. Jarstfer is the Director of the Graduate Studies for Pharmaceutical Sciences PhD Program at UNC. He will speak to the University of North Carolina’s commitment to advancing the translation of scientific discovery to commercialization.

Seminar attendees will have the opportunity to learn about the upcoming certificate program, which is expected to launch later this year, and discover a skillset that is both unique and vital within the healthcare ecosystem. The certificate plans to address the gap between academia and industry which has been known to reduce the speed and success of translational drug development.

This unique educational-based collaboration has been envisioned to further strengthen the Cure, a 12-story vertical innovations campus in New York City that Deerfield recently opened to develop leaders across the healthcare spectrum.

About Deerfield

Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy. For more information, please visit www.deerfield.com.

About UNC Eshelman School of Pharmacy

The UNC Eshelman School of Pharmacy, based in Chapel Hill, N.C., is an internationally recognized leader in pharmacy practice, education, and research. We develop leaders in pharmacy education, pharmacy practice, and pharmaceutical sciences who make a difference on human health worldwide. The School is recognized as the No.1 school of pharmacy in the U.S. by U.S. News and World Report and is ranked No. 6 in the 2021 QS World University Rankings for the Best World Universities in Pharmacy and Pharmacology. For more information, visit pharmacy.unc.edu, or follow us on FacebookTwitter, and Instagram.

Contacts

BerlinRosen
[email protected]
Erin Holin, 917-232-0701

Coridea and Deerfield to Accelerate Medtech Innovation

Innovation Center Housed at the Cure in New York City

(NEW YORK CITY, NY, March 9, 2021) – Coridea and Deerfield Management Company (Deerfield) announced today a collaboration, Deerfield Device Design and Development Catalyst (Deerfield Catalyst), to advance medtech innovation and accelerate the formation of commercial companies. The initiative combines the resources of two established health pioneers: Coridea, a proven medtech incubator with a history of innovation, and Deerfield, a healthcare investment firm committed to advancing healthcare through investment, information and philanthropy, with over $14 billion in assets. Deerfield Catalyst will be a founding ecosystem member of the newly developed Cure building, a healthcare innovation and collaboration campus based in midtown Manhattan.

“We see significant value in the medtech industry and are excited to extend our investment in medtech with this newly formed partnership. Coridea’s track record makes its team an ideal partner to innovate, evaluate, and foster new ideas from concept to commercial enterprise,” stated Steve Hochberg, Partner at Deerfield. “As a New York-based firm, we are proud to partner with the team from Coridea as it brings innovative ideas and enterprise-building capabilities into the Cure ecosystem. This will serve to further establish the Northeast region and New York City as a center for healthcare innovation.”

Formed by proven industry leaders, the incubator will provide its companies with discipline and expertise in a collaborative ecosystem. Grounded by years of industry experience, the team will be able to efficiently move projects through key early-stage milestones including needs assessment, concept generation, rapid prototyping, and pre-clinical and clinical evaluation. Deerfield Catalyst will source new projects and companies through internal ideation and external collaboration with academic or individual partners.

“For sustainable commercial success, innovation must address a clear clinical need, whether it be streamlining a procedure to reduce cost or developing a novel intervention to treat more patients. At Deerfield Catalyst we plan to use agile best practices to efficiently advance promising clinical ideas and companies through the development lifecycle,” commented Howard Levin, M.D., CEO of Coridea and Chief Executive of Deerfield Catalyst. “We see a bright future ahead and are excited to become a critical part of the Cure healthcare ecosystem.”

The partnership aims to launch 10 new companies over the next five years. Structured to support company formation and growth, the incubator includes funding for operating expenses, early idea generation, and project and company evaluation. The medtech incubator hub and newly formed companies will be housed in the Cure building at 345 Park Avenue South in Manhattan.


ABOUT DEERFIELD DEVICE DESIGN AND DEVELOPMENT CATALYST

Deerfield Device Design and Development Catalyst (Deerfield Catalyst) is a medtech incubator that aims to support and advance transformational innovation into commercial products and successful enterprises. A collaboration between Deerfield and the Coridea team, Deerfield Catalyst is focused on developing medtech solutions that improve outcomes and streamline patient care. The incubator plans to launch 10 companies over the next five years. To learn more, please visit, www.dfcatalyst.com.

ABOUT CORIDEA

Coridea, is a proven medtech incubator that develops innovative solutions to address complex and costly unmet needs in healthcare. Led by Dr. Howard Levin, Mark Gelfand, Dr. Zoar Engelman and Adam Rosenwach, Coridea has launched several companies that focus on bridging the gap between patient care and medical device innovation. To learn more, please visit coridea.com.

ABOUT DEERFIELD

Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy. For more information, please visit www.deerfield.com

MEDIA CONTACT

Carla Benigni

SPRIG Consulting LLC
847-951-7430

[email protected]

CURE.

At CURE. — Deerfield’s innovation campus on 345 Park Avenue South — we’re transforming healthcare. Here, innovators from across the industry and around the world work shoulder to shoulder to develop treatments to eliminate deadly diseases and create new healthcare delivery models to lower cost and improve care for those in need.

For CURE. inquiries, please email us

Deerfield Discovery and Development (3DC)

Researchers at academic institutions discover many of the novel insights that advance our understanding of disease. Commercially promising innovations eventually outgrow the lab, requiring greater resources and more focused development expertise than an academic setting can typically provide. To address this need, Deerfield has pioneered a model of partnership through research collaborations, which creates the potential for rapid funding and advancement of promising therapies.

Deerfield Discovery and Development (3DC) plays a critical role in progressing early-stage therapeutics from scientific discovery through preclinical proof of concept and into the clinic, via design and execution of relevant experiments. 3DC partners closely with principal investigators in Deerfield’s academic collaboration network, corporate partners and entrepreneurs to provide deep functional expertise and experience across key disciplines. These include:

Deerfield Management Brings Together Scientists, Entrepreneurs and Leading Companies to Form the New York-Based Healthcare Innovation Campus

$635 million in real estate and multi-disciplinary laboratory infrastructure will combine with multi-billion dollar investments in research to transform the battle against disease

NEW YORK, NY, September 26, 2019—In a major move, Deerfield Management Company, L.P.  is investing $635 million to create a transformative life sciences campus in New York City, designed to integrate the capabilities of innovators from academia, government, industry and the not-for-profit sectors to tackle unmet needs in healthcare. Deerfield additionally announced that it intends to commit more than $2 billion in research and seed funding by 2030 to develop much-needed new and innovative medicines and treatment solutions.  Deerfield expects this world-class infrastructure and funding to contribute to the prevention, cure or management of dozens of still deadly and debilitating diseases.  

As the foundation of this bold undertaking, Deerfield has acquired the 345 Park Avenue South property, which boasts more than 300,000 square feet. The site, designated a NYCLifeSci campus, will bring together scientists, entrepreneurs and leading organizations from around the world to work shoulder-to-shoulder to conceive of and develop new treatments and better ways to prevent and defeat disease. The campus will provide turnkey laboratories, and engineering and computing space, as well as other amenities and supportive services.  

“We are proud to be part of a community of people in New York who strive to save and extend lives. Creating an environment in which innovative thinking, ground-breaking advances in scientific discovery and where the development of new paradigms of patient care will occur every day is tremendously exciting,” said James Flynn, Managing Partner of Deerfield.  

“We are thrilled that our partnership with Deerfield will not only create quality jobs for New Yorkers but will also help provide a home for emerging companies to develop breakthrough scientific discoveries. New York City already has the best research institutions in the world. By investing in this Life Sciences campus to bring new lab space and programming for healthcare and early-stage biotech companies, we can strengthen the City’s position as a global leader in life sciences,” said NYCEDC President & CEO James Patchett.

The $540 million in financing for the acquisition and renovation of this world-class facility was led by Blackstone Real Estate, which has been a strong supporter of life sciences.  

Nadeem Meghji, Senior Managing Director, Head of Real Estate Americas at Blackstone said, “We are thrilled to finance this important project, which will advance life sciences research in New York City. With our investment in BioMed Realty, and elsewhere across our businesses, life sciences is among our highest priority investment sectors. We look forward to continuing to support the growing demand for research and innovation.”

The building construction and programming is being backed by the New York City Economic Development Corporation and Industrial Development Agency. It is expected to be in move-in ready condition for Deerfield and other innovators in healthcare by early 2021.

Due to obstacles, including a lack of capital and siloed approaches, promising new therapies and improvements in care management frequently fail to make it to patients. In addition to leveraging the value of public and private organizations in developing solutions, the Deerfield innovation campus will pursue all forms of technology, including digital, medical device and biotherapeutic approaches.  

“Many leaders have come together to build this incredible ecosystem, capable of accelerating the fight against disease. This campus should create the ideal backdrop to advance innovation,” said Alex Karnal, Partner and Portfolio Manager at Deerfield. “We are grateful to our partners, including the New York City Economic Development Corporation and Blackstone, as without them, this ambitious project might not have been possible.”

Having proven its ability to mobilize innovators in this space, MATTER, a healthcare focused incubator, in collaboration with Deerfield, will be supporting startups of all stages within the innovation campus.  MATTER has developed extensive specialized programs to train C-suite executives in the early stages of their career and to introduce young companies to established organizations for mentorship, collaboration and potential acquisition.  Combined with Deerfield’s operating support capabilities which extends to legal, finance, information technology, human resources, and market research, among other skillsets, companies formed within the campus will have unparalleled access to capabilities of the highest quality at low cost.

“Deerfield’s expertise and resources, combined with MATTER’s capabilities and experience, will create a healthcare and life sciences campus unlike any other,” said MATTER CEO Steven Collens. “We are thrilled to be a part of this endeavor to help entrepreneurs and innovators develop technologies and solutions that will improve the healthcare experience.”

Along with new educational programming being developed—and to complement the services provided by MATTER—Deerfield also announced that it will be growing its existing Deerfield LifeSci NYC Fellows and Break into the Boardroom programs. Deerfield additionally introduced a new initiative, Women in Science, focused on training women on how to commercialize their potentially lifesaving discoveries and create companies. The investment company has a rich history of developing and leading programs supporting diversity.

About Deerfield

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

For more information, please visit www.deerfield.com

Contacts

Deerfield Management Company
Karen Heidelberger, 212-551-1600
[email protected]