Deerfield Management Announces Third Annual XSeed Award to Support Underfunded and Underrepresented NYC Life Science Startups

• Two life science startup companies to each be awarded up to $250,000 in grants
• Winners will receive access to the Cure® ecosystem at 345 Park Avenue South in New York City

NEW YORK, Nov. 29, 2022 /PRNewswire/ -- Deerfield Management Company, a New York City-based healthcare investment firm and Advancium Health Network, a public charity dedicated to advancing healthcare services and health equity through philanthropic investment, announced today the third annual XSeed Award, a program designed to support early-stage life science, minority- and women-led startups in New York City. A change from previous award seasons, this year, two life science startup companies will each be awarded up to $250,000.

"We are excited to continue the XSeed Award program this year, alongside the NYCEDC and our enthusiastic team of board members," said James E. Flynn, Managing Partner at Deerfield and Cure Founder. "In just our third year, it has already been extremely rewarding to see the program winners progress."

Finalists will present their work to an esteemed panel that includes: Claire Pomeroy, M.D., President and CEO of the Albert and Mary Lasker Foundation; Elise Wang, Partner at Deerfield; Jenny Laird, VP, Search & Evaluation, Neuroscience at Eli Lilly; Joseph Pearlberg, M.D., Ph.D., Vice President of Scientific Affairs at Deerfield and H.C. Huang, Ph.D., Senior Director, Preclinical Pharmacology, Deerfield Discovery and Development at Deerfield; Nancy Thornberry, Founding CEO at Kallyope.

The deadline for submission is January 16 and virtual finalist presentations will be on March 2, 2023. The winners will be announced on April 3 during the award ceremony at Cure®. To learn more about the XSeed Award's applicant eligibility criteria and to submit applications, visit www.xseedaward.com. 

The XSeed Award program was established by Deerfield in 2019 and made possible through a partnership with the New York City Economic Development Corporation (NYCEDC) to aid the development of the Deerfield-founded life sciences campus, Cure. Since its inception, the XSeed program has helped fill early-stage funding gaps within the life sciences industry by identifying and supporting promising translational research and commercial opportunities, financially and through a unique mentorship cohort.

In addition to the financial support, the winning teams will receive access to Cure's networking ecosystem and campus, which includes move-in ready laboratory and office space, and other critical amenities tailored to physician-scientists and industry-focused entrepreneurs.

"The XSeed Award program addresses multiple factors critical to bolstering a thriving life sciences ecosystem in New York, and we are thrilled to be working alongside Deerfield again, to support this important effort," said NYCEDC President and CEO Andrew Kimball. "As the Cure ecosystem expands, this program will continue to help establish New York as both a premier and inclusive hub for the life sciences industry."

Former XSeed Award winner, Shardule Shah, PhD, MBA, who currently serves as Chief Executive Officer and Co-Founder of Lime Therapeutics, said of the program: "Receiving the XSeed Award by Deerfield was a pivotal event in our company's young history. The cash prize is a tremendous benefit, but equally valuable is the mentorship we have received from the Deerfield team as we advance our novel therapeutics toward the clinic. It helps to get expert guidance from people that have been there before. Understanding the technical roadmap we need to execute in order to pair with our business milestones was one of the key learnings we received during our mentorship meetings. These learnings have helped shape our company's long-term strategy. The entire XSeed Award committee truly cares about supporting startups, especially those from underrepresented backgrounds and looking to build within New York City. We are incredibly grateful for the difference that receiving the XSeed Award has meant for our company and we encourage all who are eligible to apply."

The XSeed Award program will help address a critical funding gap, bridging promising translational research to marketplace and commercial success. Each year Deerfield Management and a panel of industry experts select up to two teams that will be awarded up to $250,000 each. Importantly, in addition to receiving award funding, the winning teams will join a cohort of their fellow awardees. Each winning team has diverse members including women and other underrepresented minorities. Through the XSeed Award cohort, it is anticipated that these startups will bolster their network and significantly raise their visibility. Graduates of each cohort are expected to in turn serve as mentors and coaches for future cohorts, further strengthening the entrepreneurial community in New York City. To learn more about the XSeed Award, visit www.xseedaward.com.

Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy. The Firm works across the healthcare ecosystem to connect people, capital, ideas and technology in bold, collaborative and inclusive ways. For more information, please visit www.deerfield.com.

SOURCE Deerfield Management Company, L.P.