CAMBRIDGE, Mass. and MENDHAM, N.J.--(BUSINESS WIRE)--LEO Pharma and its Boston-based R&D innovation unit LEO Science & Tech Hub, and Advancing Innovation in Dermatology (AID) announced today that LEO and AID will each contribute $500,000 into the recently created Advancing Innovation in Dermatology Accelerator Fund. This non-profit fund is unique in its approach for supporting product innovation for dermatology. LEO and AID have a joint mission to accelerate early stage research and development projects with the potential to impact the lives of people living with skin conditions.
William Ju, MD, FAAD, President and a Co-founding Trustee of Advancing Innovation in Dermatology, Inc. said, “We are grateful for LEO Pharma’s generosity and partnership and are excited to build collaborations that will spark the translation of science and engineering innovations into products that meaningfully improve patient outcomes.”
“Our vision for this initiative is to build a sustainable investment model that will spur further innovation in the dermatology space,” said Michael Sierra, PhD, Vice President of LEO Science & Tech Hub, “We are excited to fill what we see as a major void in the early development process and are committed to keeping the patient at the center of all endeavors.”
Christian Antoni, MD, PhD, Senior Vice President of Global Development at LEO Pharma concluded, “LEO Pharma is proud to be involved in progressing innovations in dermatology by working together with renowned thought leaders and entrepreneurs in order to truly impact society.”
The AID Accelerator Fund was created to support new breakthroughs that address unmet clinical needs. Designed to bridge the gap between government or other initial funding and commercial investment at a stage far earlier and riskier than what traditional venture capitalists or angel investors would typically accept, the fund will provide both seed capital and in-kind intellectual property and advisory services to entities in which it invests. Focused on driving innovative technologies within the field of dermatology, the fund will have a particular emphasis on product development.
In addition to LEO’s financial support, Michael Sierra will serve as a member of the steering committee where he will help guide investment decisions and also act as a strategic advisor for the projects. He will be joined on the steering committee by other founding partners from Advancing Innovation in Dermatology, Inc., Pepper Hamilton LLP, Brickell Biotech and Aclaris Therapeutics.
About LEO Pharma
LEO Pharma helps people achieve healthy skin. By offering care solutions to patients in more than 100 countries globally, LEO Pharma supports people in managing their skin conditions. Founded in 1908 and owned by the LEO Foundation, the healthcare company has devoted decades of research and development to delivering products and solutions to people with skin conditions. LEO Pharma is headquartered in Denmark and employs around 5,000 people worldwide. Please visit http://www.leo-pharma.com.
About LEO Science & Tech Hub
The LEO Science & Tech Hub is an R&D innovation unit of LEO Pharma dedicated to identifying, developing, and funding innovative solutions that improve the lives of people with skin diseases. It was founded in 2016 as a catalyst to transform early-stage innovations into solutions for improving the lives of people with skin diseases. We collaborate, explore cutting-edge ideas and make investments. We are an agile group of scientific experts with an entrepreneurial mindset and a vision of how to give patients control over disease by predicting, diagnosing, and monitoring conditions. The LEO Science & Tech Hub is based in Cambridge, Mass. For more information, please visit www.leo-scitech.com, or connect with us at firstname.lastname@example.org or on Twitter @LEOscitech.
About Advancing Innovation in Dermatology
Advancing Innovation in Dermatology (AID) is a non-profit organization committed to catalyzing the development of new solutions that can significantly improve skin health. Through multiple initiatives, activities, and actions, AID provides support, resources, and a nexus for individuals and organizations who are affecting change in dermatology by creating a next generation of innovative and impactful products.
For additional information, please visit the websites for AID, the AID Accelerator Fund (www.aidaccelerator.org), and the AID Dermatology Summit and Dermatology Innovation Forum conferences (www.dermsummit.com).