Paragon Innovation Capital Model
Evelyn M. O’Connor, Director, Communications
Based in Chicago and founded by Chairman and CEO Jeff Aronin, Paragon Biosciences is a life sciences innovator that creates, invests in, and builds companies in biopharmaceuticals, cell and gene therapy, and synthetic biology utilizing artificial intelligence. Aiding the acceleration of these life sciences innovations is the unique Paragon Innovation Capital Model, which helped to launch seven portfolio companies with many more in development.
As part of its model, Paragon provides portfolio companies with an experienced leadership team with deep functional expertise in industry standards, research and development, information technology, commercial development, and finance. Paragon provides long-term capital to support its portfolio companies until they are successfully launched and become fully independent. Furthering this, Paragon Health Capital was formed to raise additional capital to grow companies from accelerated incubation to successful commercialization, ranging from Series A to pre-IPO rounds of financing.
Paragon’s strategic business development decisions are made regardless of public or private market activity or events. This year, even during a pandemic, significant achievements were made by several of its portfolio companies. Harmony Biosciences announced its IPO in August 2020 with a current market cap over $2.5 billion. Emalex Biosciences surpassed 50% enrollment in an investigational study for pediatric patients with Tourette syndrome. Castle Creek Biosciences is conducting several clinical trials using gene therapy to treat monogenic diseases with significant unmet needs. Since 2017, Paragon Biosciences and its partners have invested approximately $1 billion to build life sciences companies, and expects ongoing investment of up to $500 million annually.