Castle Creek Pharma Announces $71.8 Million in New Investment to Expand Research for Rare Dermatologic Conditions
Castle Creek Pharma secures new investment from Fidelity Management & Research Company and Valor Equity Partners towards the late stage development of Diacerein Ointment for the treatment of Epidermolysis Bullosa Simplex
PARSIPPANY, N.J., Oct. 19, 2018 /PRNewswire-PRWeb/ -- Castle Creek Pharma (Castle Creek), a US-based company which develops therapies for orphan dermatologic and other underserved conditions, today announced that it completed a new investment of $71.8 million. Castle Creek plans to use this additional funding to support the late-stage development of an investigational drug, diacerein ointment (CCP-020).
"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 this 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."
"Debra of America is proud to partner with Castle Creek as they work to develop life-changing treatments for those suffering from EBS," said Brett Kopelan, Executive Director of debra of America. "While there is no cure for EBS today, Castle Creek's innovative research to identify treatment options for those with EBS brings hope to the thousands of people who suffer from this debilitating condition. I've witnessed firsthand the debilitating effects EBS inflicts upon those living with the disease as well as those who care for them. A treatment option would increase their quality of life significantly."
Castle Creek is a portfolio company of Paragon Biosciences (Paragon). Paragon organized the latest capital investment from respected investment firms Fidelity Management & Research Company and Valor Equity Partners on behalf of Castle Creek.
"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."
Paragon organized investments totaling $122.5 million for portfolio company Castle Creek to support its work developing 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 Diacerein
Diacerein is a small molecular weight compound with anti-inflammatory properties. Diacerein and its active metabolite rhein is purported to inhibit the in vitro and in vivo production and activity of IL-1β and other pro-inflammatory cytokines. CCP-020 is a formulation of diacerein ointment developed for topical application.
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: http://www.castlecreekpharma.com.
SOURCE Castle Creek Pharmaceuticals
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