ERROR 1
ERROR 1
ERROR 2
ERROR 2
ERROR 2
ERROR 2
ERROR 2
Password and Confirm password must match.
If you have an ACS member number, please enter it here so we can link this account to your membership. (optional)
ERROR 2
ACS values your privacy. By submitting your information, you are gaining access to C&EN and subscribing to our weekly newsletter. We use the information you provide to make your reading experience better, and we will never sell your data to third party members.
Patient advocacy groups are continuing to push the boundaries of venture philanthropy, which enables them to invest in for-profit firms in order to reach their charitable goals. JDRF, a type 1 diabetes-focused nonprofit, and life sciences development firm PureTech Ventures will launch T1D Innovations, a financial vehicle for the creation of drug discovery companies that target type 1 diabetes.
In recent years, many disease advocacy groups have moved from providing grants for basic research to directly funding drug firms. That shift has helped fill a once-empty pipeline for many diseases.
Still, “we didn’t feel like this went far enough,” says PureTech partner David Steinberg. Under the previous model, advocacy groups had to wait until a promising project morphed into a company before they could invest in it. As a consequence, Steinberg notes, “a lot of good ideas were left on the cutting-room floor.”
JDRF has committed $5 million to T1D Innovations, which will form companies, often out of academia, focused on type 1 diabetes therapies, diagnostics, devices, and even apps. PureTech is now seeking other investors, with a goal of securing up to $30 million.
Start-ups will conduct proof-of-concept experiments. The data generated will ideally attract more venture money or a strategic partner to further develop the project.
Other patient advocacy groups will be watching. “We’ve certainly considered a partnership like the one that JDRF has done,” says Louis J. DeGennaro, chief mission officer of the Leukemia & Lymphoma Society, which is exploring legal and organizational issues involved.
Join the conversation
Contact the reporter
Submit a Letter to the Editor for publication
Engage with us on X