With the goal of impacting patients’ lives, Johnson & Johnson Innovation LLC (JJDC) announced on January 5th 15 new collaborations in the areas of pharmaceutical, medical device and consumer healthcare. They are part of the 350 collaborative strategic transactions undertaken by JJDC since its start in 2012, with many of these collaborations established with entrepreneurs via the QuickFire Challenges beginning in 2014.
The Challenges were set up to attract game-changing, early-stage innovation in the Therapeutics, Consumer, Health Technologies and Med Device sectors. Since their inception over 1500 entrepreneurs from around the world have applied through the 19 completed contests to date. Over $4 million has been awarded, in addition to giving the winners access to research facilities, educational programs, operational capabilities and a community of fellow like-minded entrepreneurs. The JJDC deal teams also assist in finding funding.
Three QuickFire Challenges are currently underway: Digital Beauty, The Labcoat of the Future and a special one honoring the opening of JLabs@NYC. Each has an upcoming application deadline and a cash award associated with it.
“Our highest priority is to improve the health of people around the globe,” said Johnson & Johnson’s executive vice president and CSO, Paul Stoffels, M.D. “By advancing transformative healthcare innovations together with entrepreneurs, academic centers and institutions, we are one step closer to addressing many pressing global healthcare challenges.”
In addition to the Challenges JJDC Inc. participated in several financing rounds in 2017 for biomedical and biopharmaceutical companies that included a Series A financing round for the Rodeo Therapeutics Corporation for $5.9 million and leading another Series A financing round for Fusion Pharmaceuticals Inc. for $46 million. The company further participated in Series B financing for XW Laboratories Inc., as part of a $23 million Series A and B raises.
