- Tampa’s Moffitt Cancer Center gets $130 million research boost from NY-based Deerfield Management
- The alliance is aimed at developing new therapeutics to treat cancer
- Moffitt’s researchers will submit project proposals to Deerfield for development support
- Successful projects could result in more investment and potentially create spinoff companies
Tampa-based Moffitt Cancer Center announced a research alliance with Deerfield Management, a New York-based health care investment firm, to accelerate the development of new therapeutics to treat cancer. The newly launched company, called Bayfield Therapeutics LLC, will get $130 million from Deerfield over the next 10 years to fund the new collaboration.
According to a joint press release from both companies, researchers at Moffitt will have the opportunity to submit proposals, starting this fall, to Deerfield for review. Each project selected will receive resources and expertise to support the progression from the discovery research phase to clinical testing. Selected proposals will also have eligibility for additional capital investments to create spinoff companies.
“This partnership is a strong representation of what we aim to achieve at Deerfield to help shape the future of health care,” said James E. Flynn, managing partner at Deerfield Management. “Alongside the impressive team at Moffitt, we’ll have the opportunity to combine our financial, operational and development expertise with their existing pipeline, offering a flexible approach and access to additional resources that will ideally bring several new and improved therapeutic solutions to patients battling cancer.”
Bayfield Therapeutics, LLC is a private company wholly owned by affiliates of Deerfield Management. Its goal is to fund projects that have uncovered novel therapeutics that have the potential to cure life-altering diseases. According to a press release from both companies, the new collaboration will “build upon the robust drug pipeline already established by scientists at Moffitt.”
“This new research collaboration will help build upon Moffitt’s stellar reputation of translating our research from the bench to the bedside. Through Bayfield Therapeutics we aim to accelerate the rate at which we are translating these discoveries, into potentially lifesaving therapies for cancer patients,” said John Cleveland, Ph.D., executive vice president and center director of Moffitt. “Together, we hope to make a lasting impact on cancer care, improving outcomes for patients in our community and beyond.”
“Moffitt has a strong and innovative basic and pre-clinical drug discovery pipeline with deep expertise in state-of-the-art technologies,” said Derek Duckett, Ph.D., chair of the Drug Discovery Department at Moffitt. “With the operational support from Deerfield, we are confident that this new collaboration will accelerate the development of our unique and promising molecules to achieve Investigational New Drug readiness.”
As part of the alliance, Deerfield says it will provide development expertise to help shepherd potential cutting-edge treatments to cancer patients.