ARTICLE SUMMARY:
Powerhouse investor Deerfield Capital has joined forces with leading incubator Coridea to create a new entity to bring forth promising medtech technologies. The new incubator not only will give a significant boost to early-stage medical devices, it will also help to foster a robust ecosystem on the East Coast of the US, a geography rich in talent and clinical expertise but oddly lacking in a medtech infrastructure until now.
New York-based healthcare investor Deerfield Management and Coridea, one of the country’s top medtech incubators, have joined forces in a new initiative, Deerfield Device Design and Development Catalyst (Deerfield Catalyst), to create and fund early-stage medical devices companies. Deerfield Catalyst will be headquartered in the newly developed Cure building, a health innovation and collaboration ecosystem based in midtown Manhattan.Under the program, Deerfield will provide operating capital for the new incubator, which in turn will develop a host of new technologies, based on seed capital of up to $2 million per project, also to be provided by Deerfield, according to Howard Levin, MD, Deerfield Catalyst CEO and one of the founders of Coridea. That seed capital will, in turn, be used “to determine if [the project] is a valid Series A candidate,” says Levin. If it is, Deerfield expects to support the pre-Series A companies with financing. Over the next five years, the incubator plans to launch around 10 companies.
