Deerfield Management and Stan Rowe have formed NXT Biomedical, a therapeutic device incubator, which expects to invest up to $25m in new technologies over the next five years.
Deerfield has allotted up to an additional $250m for the formation and development of five to eight startup companies that emerge from the incubator.
NXT Biomedical will develop and advance novel therapeutic devices in diseases with significant unmet needs. Using innovative medical technology development processes, the incubator is designed to develop and de-risk technologies in a highly capital efficient manner.
Prior to cofounding NXT Biomedical, Stan Rowe was Edwards Lifesciences chief scientific officer. At Edwards, Stan developed and led the Advanced Technology group, which is focused on rapid device iteration, novel research and projects to enhance the pipeline of the Edwards patient-focused innovation portfolio and discovery efforts. In his new role, Stan will continue as a consultant to Edwards.
NXT Biomedical CEO Stan Rowe said: “I am thrilled to be leading this incubator with a broad mandate for development of varying types of therapeutic devices, which brings together the expert skill sets of the founding contributors and provides an environment for creativity, innovation and professional management.
“I have worked with Edwards over the last several months to ensure a smooth transition from my role as CSO at the company to my next chapter leading NXT Biomedical, and I believe this collaborative effort engaging many bright and experienced innovators may spark the success of many technologies.”
Stan will be joined by Robert Schwartz, MD, an interventional cardiologist who has been a prominent inventor as well, and a team of experienced engineers with unique expertise in early stage device design and development.
Deerfield principal Andrew ElBardissi said: “In an era of dwindling medical device early stage investment, we continue to see major unmet needs that can be optimally treated with next generation medical technologies. We are elated to join Stan and his team to develop and advance clinically meaningful devices that are poised to improve outcomes and reduce cost to the healthcare system.”
Deerfield partner Steve Hochberg said: “NXT Biomedical provides an exciting new pathway for exceptional science to be incubated with the world-renowned leadership of Stan Rowe and Robert Schwartz.
“In addition, given some of the therapeutic areas of interest to NXT Biomedical, we are also exploring potential collaborations with unnamed strategic partners. As we advance these opportunities, we are looking forward to supporting each project with financial, operational and managerial expertise.”
Source: Company Press Release