Coridea and Deerfield Management have established Deerfield Device Design and Development Catalyst to advance medtech innovation and accelerate the formation of commercial companies.
Coridea is a medtech incubator; Deerfield is a healthcare investment firm with over $14-billion in assets.
The new Deerfield Catalyst will be a founding member of the newly developed Cure building, a healthcare innovation and collaboration campus, based at 345 Park Avenue South in midtown Manhattan.
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.
“We see significant value in the medtech industry and are excited to extend our investment in medtech with this newly formed partnership,” Steve Hochberg, a partner at Deerfield, said in a statement. “Coridea’s track record makes its team an ideal partner to innovate, evaluate, and foster new ideas from concept to commercial enterprise,” he added.
Dr. Howard Levin, M.D., who is CEO of Coridea and Deerfield Catalyst, said 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.”
