CHICAGO--(BUSINESS WIRE)--Paragon Biosciences LLC – the Chicago-based life science innovator that invests in, builds, and advises bioscience companies – is announcing the formation of Paragon Health Capital, LLC. Brian Friedman, a financial industry veteran with over 20 years of experience in health care investment banking and venture capital, will serve as CEO of the newly created private-equity firm.
Since 2018, Paragon Biosciences and its financial partners have invested and committed over $500 million to help seven portfolio companies develop innovative therapies and diagnostic tools. Continued rapid growth is anticipated, with plans to raise over half a billion dollars in the next year. Paragon Health Capital was formed to serve the capital and M&A needs of Paragon’s portfolio companies.
“Paragon Health Capital will support our portfolio of life science companies by raising the additional money needed to grow from accelerated incubation to successful commercialization,” said Paragon Biosciences’ Chairman and CEO Jeff Aronin. “Paragon invests early risk capital and then brings in growth-stage investors, like Valor Equity Partners, and large institutional investors, like Fidelity. The services of Paragon Health Capital become another differentiating component of the Innovation CapitalTM that Paragon contributes exclusively to its portfolio companies.”
Mr. Friedman previously served as managing director at First Analysis Securities Corporation leading the firm’s healthcare practice, where he completed transactions for numerous disruptive technology companies. Prior to joining First Analysis in 2010, Mr. Friedman was an executive vice president and co-head of investment banking at National Securities Corporation, where he managed more than 40 capital markets and M&A transactions in the healthcare and technology sectors.
“I’m thrilled to be working with Jeff Aronin and the team at Paragon Biosciences because they create competitive advantage for scientists who pursue therapies for severe medical conditions,” said Mr. Friedman. “This is an incredible opportunity to help Paragon-supported life science companies that develop novel biopharmaceuticals, AI-enabled life science products, and cutting-edge gene therapies.”
About Paragon Biosciences:
Paragon is a life science innovator that invests in, builds, and advises bioscience companies. Our mission is to serve patients living with severe medical conditions which do not yet have adequate treatments. Paragon’s portfolio of independently-run bioscience companies focus on: biopharmaceuticals, AI-enabled life science products, and advanced treatments such as cell and gene therapies. We help people live longer, healthier lives. For more information, please visit: ParagonBioSci.com.
About Paragon Health Capital:
Paragon Health Capital is a private equity firm that serves Paragon Biosciences’ portfolio of life science companies. Paragon Health Capital raises growth capital ranging from Series A to pre-IPO rounds of financing. We also provide portfolio companies with buy-side and sell-side M&A advisory services. Paragon Health Capital is wholly-owned by Paragon Biosciences.