Cure® Announces 2024 XSeed Award Winners, Promoting Women- and Minority-Led Life Science Startups in New York City

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Sep 11, 2024, 08:00 ET

Teams led by Carol M. Troy, MD, PhD, of Columbia University Medical Center, and Paraskevi Giannakakou, PhD, of Weill Cornell Medical College, each to receive $250,000 grants

NEW YORK, Sept. 11, 2024 /PRNewswire/ -- Cure, a premier healthcare innovation campus and hub for entrepreneurs, has announced the two winning teams of the fourth annual XSeed Award, each set to receive a $250,000 grant. The XSeed Award is dedicated to supporting women- and minority-led life science startups in New York City by providing critical funding to bridge the gap from promising preclinical drug development research to the marketplace and commercial success. Cure is an affiliate of Deerfield Management Company, which founded and funds the award with support from the New York City Economic Development Corporation (NYCEDC).

"The XSeed Award has firmly established itself as a critical platform for advancing life science startups led by New York City-based entrepreneurial scientists from diverse backgrounds," said Seema Kumar, CEO of Cure. "Cure extends our congratulations to this year's winners, two female founders whose startups are focused on transforming their discoveries into life-changing therapies for patients in need. The XSeed Award's grant making and mentoring illustrate how Cure lives its mission to help startups thrive and grow to advance health."

The winners of the 2024 XSeed Awards are:

Carol M. Troy, MD, PhD. Troy leads a team of investigators based at Columbia University Medical Center (CUMC) working to develop the first noninvasive treatment for retinal vascular occlusion (RVO), the sight-threatening blockage of a vein in the light-sensitive inner layer of the eye. Troy is Professor of Pathology and Cell Biology and of Neurology in the Taub Institute for Research on Alzheimer's Disease and the Aging Brain at CUMC.

"Visual impairment caused by RVO has enormous effects on quality of life and can lead to sensory deprivation," said Troy. "Sometimes patients have dementia or develop it after their RVO diagnosis. We'll use XSeed Award funds to analyze mouse retinas that we collected in prior studies to gain a better understanding of the molecular differences between eyes that did or did not do well after treatment with our investigational therapy Pen1-XBir3 versus anti-VEGF therapy. We will also validate efficacy and refine the dose-response of Pen1-XBir3 in human retinal tissue. These studies will help us understand who might benefit most from Pen1-XBir3."

Paraskevi (Evi) Giannakakou, PhD. Giannakakou and her ARMA BIO co-founder Cheuk Man Cherie Au, PhD, are working to develop a first-in-class small molecule that may defeat the drug resistance that many men with advanced prostate cancer develop to standard-of-care anticancer medications. Giannakakou is Professor of Pharmacology in Medicine at Weill Cornell Medical College.

Giannakakou said: "The Cure ecosystem is remarkable, and we are looking forward to interacting with experts and learning a lot from them – benefiting biotech expertise, drug discovery services and business insights. The XSeed Award funding will help us do vital experiments to facilitate the translation of our drug candidate to the clinic, including preclinical pharmacokinetic, toxicology, dose-finding and efficacy studies."

In addition to the grant funding, XSeed Award-winning teams will join the Cure ecosystem. The teams will receive access to peer learning experiences and office hours with investors, entrepreneurs, and business experts to bolster their networks and raise their visibility. Graduates of each XSeed Award cohort serve as mentors and coaches for future cohorts, further strengthening the entrepreneurial community in New York City.

Kumar announced the winners in a ceremony on September 10 at Cure that included remarks from Cecilia Kushner, Chief Strategy Officer at the New York City Economic Development Corporation (NYCEDC), which helped establish and launch the XSeed Awards, as well as a panel discussion with Troy and Giannakakou.

"The XSeed Awards showcase the creativity and diversity of New York City's life sciences entrepreneurs while breaking down barriers to create equal opportunity in this thriving sector," commented Kushner. "We are thrilled to continue working alongside Cure and Deerfield Management to provide diverse entrepreneurs across New York City with the necessary resources and capital needed to flourish. We look forward to watching this year's winners grow in and advance the City's life sciences ecosystem in the years to come."

"I am proud to congratulate Carol M. Troy, MD, PhD, and Paraskevi (Evi) Giannakakou, PhD, as they accept the XSeed Award to help continue the strong legacy of life sciences research in New York's 12^thCongressional District," said Rep. Jerry Nadler (D-NY). "Today and every day, we must uplift our women- and minority-led life science startups to foster a vibrant and inclusive STEM community here in New York."

"With continued investments, New York City is poised to expand its role as a leader in life sciences, and I commend Deerfield Management and the New York City Economic Development Corporation for their collaboration that has propelled innovation and strengthened the industry locally," said New York City Council Member Carlina Rivera (D-02). "I am happy to congratulate Carol M. Troy and Paraskevi Giannakakou on winning the XSeed Award, which will help support meaningful research and work to improve healthcare delivery and outcomes. The XSeed Award ensures that the life sciences industry reflects the great diversity of our city, and supports women and underrepresented populations to improve lives and move life sciences forward."

"Making the life sciences more reflective of New York is key propelling the field forward and making the types of lifesaving discoveries that Drs. Giannakakou and Troy are working on," said Manhattan Borough President Mark Levine. "The life science industry is strong and growing in NYC, and Manhattan should be at the forefront of equitable healthcare innovation. I'm grateful to Cure and NYCEDC for their support of New York's life scientists."

The selection of award winners followed review of all XSeed Award submissions and pitch presentations by finalists to the XSeed Leadership Committee:

Christina Brideau, Vice President of Preclinical Pharmacology at Deerfield Discovery and Development
Glennis Mehra, PhD, Director of Biolabs@NYULangone
Joseph Pearlberg, MD, PhD, Panel Chair and Vice President of Scientific Affairs at Deerfield Management
Claire Pomeroy, MD, President and CEO of the Albert and Mary Lasker Foundation
Pulkit Gupta, PhD, Senior Director-Venture Science, Lilly New Ventures
Jane Williams, MD, MPH, Vice President, Head of Neuroscience, Rare Disease and Pediatrics at Syneos Health

About the Award
Deerfield created the XSeed Award program in September 2019 through a partnership with the New York City Economic Development Corporation (NYCEDC) to aid the development of the Deerfield-founded healthcare innovation campus, Cure. Deerfield and NYCEDC launched the XSeed Award in December 2020, with the first cohort of winners announced in April 2021.

Since its inception, the XSeed program has helped fill early-stage funding gaps within the life sciences industry by identifying and supporting promising translational research and commercial opportunities of underrepresented and underfunded startups, financially and through a mentorship cohort. To learn more about the XSeed Award, visit https://wewillcure.com/xseed-award.

About Cure
Cure is a healthcare innovation campus in the heart of New York City that features laboratory and business facilities, a collaboration residency, office space and premium event venues, including an education center, conference center, and iconic rooftop facility, as well as tools, mentoring, networking, and other assistance to members of its ecosystem. Cure houses on-campus startups and established companies. Residents regularly create synergies and collaborative partnerships with peer organizations across the spectrum of healthcare, from academic or private to non-profit or government, and focus on diagnostic, device, drug or vaccine discovery, development and production as well as care delivery and public health. Cure also offers industry-leading event programming focused on critical health topics. Cure's mission is to foster and accelerate advances in health. For more information, please visit wewillcure.com.

About Deerfield
Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy. The Firm works across the healthcare ecosystem to connect people, capital, ideas and technology in bold, collaborative and inclusive ways. For more information, please visit www.deerfield.com.

About NYCEDC
New York City Economic Development Corporation is a mission-driven, nonprofit organization that works for a vibrant, inclusive, and globally competitive economy for all New Yorkers. We take a comprehensive approach, through four main strategies: strengthen confidence in NYC as a great place to do business; grow innovative sectors with a focus on equity; build neighborhoods as places to live, learn, work, and play; and deliver sustainable infrastructure for communities and the city's future economy. To learn more about what we do, visit us on Facebook, Twitter, LinkedIn, and Instagram.

SOURCE Cure