The Multiple Myeloma Research Foundation in Norwalk, Connecticut, has announced the launch of a $50 million venture philanthropy fund dedicated to advancing new therapies for patients.
With the goal of advancing scientific research on the disease and accelerating the development of novel therapies and diagnostics, the Myeloma Investment Fund will invest in the most promising companies, immunotherapy clinical assets, and technologies. Because multiple myeloma is a highly heterogenous disease that requires different drugs to effectively treat different patients, the fund will invest in seed, early-stage, and series A funding for emerging biotech companies and/or asset management companies — with the goal of creating a self-sustaining entity that can reinvest returns from its discoveries into additional research, reducing the field's reliance on philanthropy and maximizing donor gifts.
"We created the Myeloma Investment Fund to leverage the MMRF's formidable assets and advance new therapies for our patients — while generating a return to reinvest in even more research," said MMRF president and CEO Paul Giusti. "The fund will partner with and invest in world-class biotech companies, so myeloma patients can benefit from the tremendous progress that is happening in cancer research. It is because of the generosity of our donors, our treasure trove of data, world class clinical network, deep relationships, and extensive patient engagement that we are able to bring this fund to fruition."