Paragon Biosciences Announces $71.8 Million in New Investment for Portfolio Company Castle Creek Pharma
Paragon organizes new investment from Fidelity Management & Research Company and Valor Equity Partners for portfolio company Castle Creek Pharma
CHICAGO, IL – October 19, 2018 – Paragon Biosciences (Paragon) today announced the completion of a new capital investment of $71.8 million for Castle Creek Pharma (Castle Creek), a Paragon portfolio company. Paragon builds innovative companies that bring important medicines to patients with unmet medical needs. Paragon’s portfolio companies are managed by healthcare industry leaders and biotech entrepreneurs committed to delivering better treatment options.
Paragon organized the $71.8 million investment in Castle Creek from respected firms, Fidelity Management & Research Company and Valor Equity Partners, for late-stage development of treatments for rare genetic dermatologic diseases.
“Paragon founded Castle Creek with the vision to deliver transformative therapies to patients with rare genetic dermatologic diseases, including Epidermolysis Bullosa Simplex,” said Paragon Biosciences CEO Jeff Aronin. “There are roughly 6,000 diseases that receive very little funding or focus because they impact such a small percent of our population. Few companies are willing to invest the necessary time, funding or resources into these rare conditions, not just because of economics, but because it’s incredibly difficult given the unique development challenges and the need for a long-term perspective. Paragon is fundamentally different. We are striving to find medical cures that don’t exist yet, for conditions others won’t focus on, like EBS.”
Since October 2017, Paragon and its investment partners have funded and committed over $450 million to Paragon’s portfolio companies, who are using that funding to develop potential new medicines.
When it comes to earning NDA approvals, Paragon and its predecessor companies have been among the most successful in the industry. For example, in the area of neurology no one has developed more FDA approved drugs over the past 10 years.
“We are focused on developing CCP-020 as an important treatment for EBS and look forward to targeting the new investment from Fidelity and Valor towards the late-stage development of the investigational drug,” said Michael Derby, co-founder and chief executive officer of Castle Creek. “We are committed to advancing effective treatments for those living with EBS.”
Castle Creek is a US-based company dedicated to developing therapies for patients with orphan dermatologic and other underserved conditions. In 2016, Paragon secured an initial $48 million in investment from Fidelity for Castle Creek. With this new capital, Castle Creek has invested a total of $122.5 million into the development of innovative therapies for patients with rare dermatologic conditions including EBS.
About Epidermolysis Bullosa Simplex (EBS)
EBS, a form of Epidermolysis Bullosa (EB), is a rare genetic condition that causes fragile skin that leads to painful blisters. There are currently no FDA approved treatment options for any form of EB, including EBS.
About Paragon Biosciences
Paragon Biosciences, LLC improves the lives of patients suffering from debilitating diseases by building innovative biotechnology companies which bring important treatments to the market. Paragon's portfolio companies are managed by healthcare industry leaders and biotech entrepreneurs committed to improving outcomes for patients. Paragon's leadership and management team leverage their entrepreneurial experiences and their expertise to develop and finance biotechnology companies and accelerate their advancements. Paragon Biosciences is headquartered in Chicago, Illinois. For more information, visit: www.paragonbiosci.com.
About Castle Creek Pharmaceuticals
Castle Creek Pharmaceuticals (CCP), part of the Paragon Biosciences portfolio of innovative biotech companies, is a privately held biopharmaceutical company developing innovative therapies for patients with rare, serious or debilitating dermatologic conditions. The company, with offices in Parsippany, New Jersey and Chicago, Illinois, has a robust and diversified pipeline of late-stage products that have the potential to transform lives. For more information, visit: www.castlecreekpharma.com.