Jun 22, 2022, 11:05 ET
- CobiCure's first product to help children with functional single ventricle (FSV) disorder
- Initial collaborators include healthcare investment firm, Deerfield Management and medtech innovator, Coridea
NEW YORK, June 22, 2022 /PRNewswire/ -- Advancium Health Network, a philanthropic organization dedicated to advancing healthcare services and health equity, announced today the launch of CobiCure LLC, a not-for-profit focused on curing rare, life-threatening diseases in children. CobiCure will partner with key industry stakeholder organizations from medical technologies with research, development, and regulatory experts to solve the unmet needs of pediatric healthcare.
"These rare and life-threatening pediatric patient populations are too small for promising technological solutions to be considered viable investment prospects," said Mark Veich, President of Advancium Health Network and Executive Director, Deerfield Foundation. "CobiCure's goal is to partner with innovators who need support to advance their novel discoveries through the pediatric commercialization lifecycle."
CobiCure and its collaborators will use their proven expertise and deep knowledge from idea, through development, regulatory approval and sales, to bring promising medical technologies and devices to children around the globe. All profits will be reinvested into the organization to support new product development initiatives. CobiCure will leverage Deerfield Management's expertise and insights as well as Coridea, a for-profit medical device incubator focused on solutions for cardiac, pulmonary, renal, and neurology conditions. As a resident of Cure, CobiCure will have access to leading-edge technology, equipment, and other important resources.
"Cobicure is taking a critical step forward in addressing significant unmet needs in pediatric disease and focusing on patient populations who may otherwise remain overlooked by the industry at-large," said Howard Levin, M.D., CEO of Coridea and Deerfield Catalyst. "By offering researchers and organizations a range of support and services, from ideation through funding, regulatory approval and commercialization, CobiCure has the potential to catalyze change in the pediatric care marketplace."
CobiCure will adopt a venture philanthropy model leveraging for-profit quality of resources to catalyze change in the pediatric healthcare marketplace. Initially identified through Deerfield's sourcing of investment opportunities, CobiCure's first investment will focus on the development and commercialization of a medical device for the congenital heart condition, functional single ventricle (FSV) disorder.
"Despite being one of the most vulnerable patient populations with severe conditions, regulatory and reimbursement conditions as they currently exist are impeding the advancement of new technologies that could drastically change the health of these children," said Andrew ElBardissi, Partner, Deerfield Management. "CobiCure is taking a leadership position to hopefully counter these detrimental market forces and create greater recognition by all stakeholders."
FSV encompasses a spectrum of rare and severe congenital heart diseases that affect the lower chamber of the heart. Children with a single ventricle defect are born with a heart that has only one ventricle large enough or strong enough to pump effectively, leading to life-threatening complications. Because only 2,000 children a year are born with FSV, potential solutions have been traditionally underfunded due to the small commercial market. The device in development was licensed from Transmural Systems.
CobiCure is a not-for-profit pediatric catalyst focused on curing rare and life-threating diseases in children around the globe. CobiCure is a resident of the Cure, a premier healthcare innovation campus located in New York City. For more information on how CobiCure is driving change, visit: https://advanciumhealth.org/cobicure.html
Advancium is dedicated to advancing healthcare services and health equity through philanthropic investment. Advancium facilitates charitable investment in new ideas, organizations, and initiatives that address health economic disparities, underserved patient populations, health equity challenges, and difficult-to-treat diseases. For more information on Advancium Health Network, visit: https://advanciumhealth.org/
SOURCE Advancium Health Network
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