Bluefield Innovations, an independent company, to provide up to $65 million in initial funding over five years
Credit: Deerfield Management
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The Johns Hopkins University and Deerfield Management announced today the creation of Bluefield Innovations, a collaboration designed to catalyze the development of early stage therapeutics. Funded by Deerfield, an investment management firm committed to advancing health care, Bluefield Innovations will provide up to $65 million in initial funding over five years to support the commercialization of early stage therapeutic research at Johns Hopkins, with additional funding available to advance research that shows strong commercial potential.
A joint steering committee will identify the research that Bluefield will support through the pre-clinical development process — including basic research, proof of concept, target selection and investigational new drug-enabling studies designed to qualify a candidate to enter into human clinical trials. Research developed within Bluefield will either be licensed to third parties or spun out into new companies. Funding for companies supported by Bluefield may include capital from Deerfield.
“We are proud and excited to be collaborating with Johns Hopkins, a premier institution with world-class scientists dedicated to pushing the boundaries of discovery to transform health care,” says James Flynn, managing partner at Deerfield Management. “Further, the development expertise and scientific leadership resident at Johns Hopkins Drug Discovery Program is a tremendous asset in enabling Bluefield to move the innovations of Hopkins’ scientists forward toward their therapeutic applications.”
Combining the respective strengths of each organization — Johns Hopkins’ scientific discovery expertise and Deerfield’s drug development, operational and financial support — enables Bluefield to reduce the financial and developmental risk associated with early stage novel projects.
“For more than 125 years, Johns Hopkins has been at the forefront of research and medical innovation. As we expand this tradition, collaborations with industry will help us more efficiently move groundbreaking technologies to market,” says Ronald J. Daniels, president of The Johns Hopkins University. “Our relationship with Deerfield will provide a fully funded and professionally supported avenue for Johns Hopkins researchers to deliver on the potential of their promising work.”