Paragon Biosciences is a company in the healthcare industry located in Chicago, Illinois. They invest in biotech startups and serve as a business incubator. This company was started by Jeff Aronin in January 2010. The goal is to find cures for diseases that have unmet needs. As their website indicates, over 6,000 diseases still have no treatment for those who suffer from one of them. Some of the companies which make up Paragon Biosciences portfolio are Castle Creek, Harmony Biosciences, Precision BP, and Decade among others.
Jeff Aronin is the chairman and CEO of this firm. He has been in the healthcare industry as an entrepreneur and investor since August 2000. Among the firms he has founded and served as chief executive officer of are Ovation Pharmaceuticals, Lundbeck Inc, and Paragon Pharmaceutical Capital. He has also served since June 2007 on Discover Financial Services board of directors.
At Paragon Biosciences, Jeff Aronin leads a management team which is highly skilled at their positions. Overall they have received 13 Food and Drug Administration drug approvals. They help the biotech companies they invest in by providing them capital and teaching them how to operate more efficiently. The money they provide is used to run the company as well as being put into getting their drugs through the different phases of drug development.
As someone very knowledgeable about the biotechnology industry, Jeff Aronin says that it is exceedingly difficult to come up with cures for rare diseases. In order to identify what diseases to target a business needs to figure out how many people have any particular disease and if there are any treatment options for it yet. It can take years for a drug to go through different clinical stages before being approved by the FDA, he says. Most drugs never reach the final clinical stage of development let alone are eventually released.
One of the company’s that Paragon Biosciences incubated was Castle Creek Pharma. This firm has a number of late-stage products under development. Their focus is on rare and serious dermatological diseases for which there is presently no cure.