NEW YORK, June 16, 2016 /PRNewswire/ -- Deerfield Management Company today announced its lead investment in the visionary anti-fibrotic company Blade Therapeutics. Blade Therapeutics is developing cutting edge therapies to treat patients with diverse fibrotic diseases for which there are currently no remedies. The proceeds from the $45 million Series B financing will be used to advance the selection and development of a lead molecule.
Blade Therapeutics exploits novel target biology to halt the progression of fibrosis. The technology is licensed from Johns Hopkins University School of Medicine and is based on the research from the laboratory of Harry ("Hal") Dietz, M.D., the Victor A. McKusick Professor of Genetics in the Institute of Genetic Medicine at Johns Hopkins University School of Medicine.
"We are excited to support the ground-breaking science developed at Johns Hopkins. It truly has the potential to change the course of fibrosis and provide disease altering therapies to patients," stated William Slattery, partner at Deerfield Management.
"Fibrosis, in its many forms, is a clear unmet need and affects a diverse number of patients," commented Cameron Wheeler, principal at Deerfield Management Company. "The chemistry and biology developed by the Blade team has created a new path to a potential cure."
Wendye Robbins, MD and CEO of Blade said, "We are looking forward to having Deerfield as an investor in Blade. Deerfield has shown an ability to provide support beyond capital which we believe will leverage our capabilities as Blade grows both scientifically and operationally. We are also excited to welcome Pfizer Ventures, Bristol Meyers Squibb, and Novartis to the syndicate. We believe that with the leadership of this premier team of investors in addition to our existing shareholders we will be in a position to build the leading fibrosis company."
About Blade Therapeutics
Blade Therapeutics is a private biopharmaceutical company revolutionizing the treatment of fibrotic disease. Blade is exploiting novel target biology to halt the progression of fibrotic disease. The company is committed to building the leading company in anti-fibrotic drug discovery and development. Blade began operations in the third quarter of 2015 with a license to ground-breaking research from Harry ("Hal") Dietz, M.D.at Johns Hopkins University School of Medicine and investment from MPM Capital. The company's talented and dedicated team of scientists are committed to the discovery and development of novel therapies that can modify the course of multiple fibrotic diseases. Please visit www.blademed.com for more information.
Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy.
For more information, please visit www.deerfield.com
Contact: Deerfield Management Company, Karen Heidelberger, 212-692-7140, firstname.lastname@example.org
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SOURCE Deerfield Management Company