Art Brody Fund Announced at Burnham
LA JOLLA, Calif. , May 15, 2008
Burnham Institute for Medical Research (Burnham) today announced a gift from Arthur Brody, a long-time member of Burnham’s board of trustees, establishing the Art Brody Fund at Burnham. The gift is unique in that it is a venture philanthropy fund to be used for “later-stage” research projects and for potential investments in Burnham spin-out companies. The return from such investments will also be available to Burnham for further funding of research projects that are close to clinic-ready.
The first investment of this fund has been made in Apoptos Inc., a venture-backed oncology research and development company, focused on developing small molecule drugs that induce tumor cell apoptosis, also known as programmed cell death.
Dr. John Reed, President and Chief Executive Officer of Burnham, is a scientific co-founder of the company. Apoptos is led by biotech veteran William H. Rastetter, Ph.D., former Executive Chairman of Biogen Idec. Major investors include Venrock, ARCH Venture Partners, OrbiMed Advisors, and Advanced Technology Ventures.
“The concept is to give Burnham an opportunity to participate in the upside as these spin-out companies mature,” said Brody. “It’s a chance to invest alongside venture investors and earn venture returns that can be funneled back into Burnham research.” Brody is a successful businessman and entrepreneur. He is a co-founder and member of the advisory council of Sorrento Ventures, a San Diego-based venture capital firm.