Deerfield Management has teamed up with medtech incubator Coridea to establish a new medical innovation firm in New York City.
Officially dubbed the Deerfield Device Design and Development Catalyst, the incubation collaboration will serve as a founding member of Deerfield’s Cure building, which aims to serve as a new hot spot for digital health and life science startups 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,” said Deerfield partner Steve Hochberg. “Coridea’s track record makes its team an ideal partner to innovate, evaluate, and foster new ideas from concept to commercial enterprise.”
The incubator program hopes to shepherd 10 new companies through product development stages over the next five years—ranging from early prototyping to preclinical and clinical evaluation—including projects developed internally and through additional collaborations with external academic or private partners.
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“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,” said Coridea CEO Howard Levin, who will serve as chief executive of Deerfield Catalyst. “We see a bright future ahead and are excited to become a critical part of the Cure healthcare ecosystem.”
Earlier this year, Deerfield launched a translational research partnership with the Dana-Farber Cancer Institute aimed at developing treatments and diagnostic tests for cancer, committing $130 million over the next decade through Riverway Discoveries.