Cambridge-based MPM Capital (MPM) and the Dana-Farber Cancer Institute have announced a multimillion-dollar initiative that will pair venture capital biotech investments with philanthropic investments in cancer research.
To that end, MPM and Dana-Farber have raised two funds: the $100 million MPM Oncology Innovations Fund (INV), which will invest in early-stage biotech companies working to develop therapeutic oncology technologies; and the Dana-Farber Innovations Research Fund (IRF), which has received $26 million in pledges in support of early-stage oncology research at Dana-Farber. Qualified investors who donated to IRF also are eligible to invest in INV, with 50 percent of the capital in the latter to be invested in new companies spun out of Dana-Farber research.
Previous collaborations between MPM and Dana-Farber have led to the creation of a number of companies, including CoStim Pharmaceuticals, which subsequently was acquired by Novartis, and Tizona Therapeutics, which has an ongoing clinical-stage collaboration with AbbVie.
"With innovative new funding structures, such as the collaboration between MPM and Dana-Farber, we believe we can expand and accelerate important research efforts while putting in place a path for developing this research into novel therapeutics," said MPM Capital co-founder and managing director Ansbert Gadicke. "We are honored to partner with one of the world's leading cancer research centers to execute on this strategy, and having partnered before to bring groundbreaking science to patients, we are excited to continue working with our esteemed colleagues at Dana-Farber to advance the search for cancer cures."