In a medium bowl, combined thawed peaches, brown sugar, 1 teaspoon cinnamon, vanilla extract and cornstarch, mix well to coat all of the peaches. Pour mixture into a cast iron skillet that has been coated in nonstick spray. Randomly place tablespoon size dollops of cream cheese on top of the peaches.
In a small bowl, combine the sugar and the remaining cinnamon. Remove biscuits from the can and separate. Dredge each biscuit in the cinnamon-sugar mixture and set aside.
Arrange biscuits over peaches. Place skillet in oven and bake for 20 to 25 minutes or until biscuits are brown and filling is bubbly. Remove from oven; cool slightly.