Private Funding Partnerships Key to Research for a Cure

July 2, 2001 DEERFIELD, IL -- To generate cures for cancer and other catastrophic diseases, a new suburban Chicago foundation plans to raise funds for innovative research by forging partnerships between private donors and innovative researchers. The Goldman Philanthropic Partnerships, a 501 (c)(3) foundation, will offer donors an opportunity to target their funding to specific, groundbreaking research projects with creative researchers.

"The Partnerships offers donors a unique opportunity to earmark their funds for innovative projects and travel with pioneering scientific investigators on the path to cures," said the foundation's Chairman George N. Goldman, a Lake Forest entrepreneur with more than 40 years of experience in developing investment partnerships, some in excess of $100 million. "Our goal is to apply strategic business principles to philanthropy to validate new research and treatments for cancer and other diseases, and then offer donors an opportunity make creative research concepts a reality."

George Goldman co-founded the Partnerships with his wife, Judith, who is the organization's president and an eleven year survivor of multiple myeloma, a blood cancer disease with a two and half to five year life expectancy that kills approximately 11,000 annually. "Once my illness went into remission, it prompted us to expand our outlook and commit funding to form a foundation that will target all catastrophic diseases, especially bone and blood cancers," said Partnerships President Judith Goldman.

The Goldmans initially formed the Judith and George Goldman Foundation in November 1998, and began to explore the feasibility of developing a charitable foundation that would establish unique partnerships to fund groundbreaking research that often fails to get government or pharmaceutical company support. This effort culminated in the July 2001 unveiling of the Goldman Philanthropic Partnerships.

By applying business principles to the research process, the foundation has established a new method of moving promising research forward through the concept of Inspired Ventures. Modeled after the limited partnership and venture capital business models, Inspired Ventures are comprised of dedicated donors, creative research investigators, and the Partnerships contribution and/or ongoing management. Inspired Ventures are developed as follows:

• A potentially important and unique research project is identified. Scientific advisors are then selected to validate the science. Prospective funding partners are then introduced to the research and researcher. During this introduction, scientific goals and potential benefits are identified so that the philanthropist can both understand and relate to the chosen project(s).
• The researcher is then given an appropriate funding commitment and work is initiated on the new Venture.
• At designated times during the course of each research project, the Partnerships provides evaluation to determine if the Venture should be continued or modified.
• If approved, the research may move on to the next stage of funding.

According to the Goldmans, the ultimate goal is to develop an Inspired Venture portfolio that will include visionary programs, unique treatments, and breakthrough research from around the country and the world.

"Our personal search for answers and for cures has identified several opportunities that have generated partnerships with key research institutions and patient advocates," according to Judith Goldman. Currently, the Partnerships has developed the following programs:

• Through a relationship with the Mayo Clinic, the Partnerships awarded a $300,000 grant to Vincent Rajkumar, MD, for his research on anti-Angiogenesis, which involves cutting off the blood supply to myeloma cells to stop cancerous cell growth. The foundation's identification of the power of Dr. Rajkumar's concepts has already led to several major commitments by the National Institutes of Health;
• The Mayo Clinic also worked with the Partnerships to present the Judith and George Goldman Symposium on Innovative Research in Myeloma, a three-day symposium which brought together leading myeloma researchers with diverse backgrounds from all around the world, providing an important opportunity to brainstorm and share strategies toward conquering this incurable blood disease;
• In October 2001, the Partnerships will become the largest sponsor of Comprehensive Cancer Care 2001, which is also funded by the American Cancer Society, the Susan G. Komen Breast Cancer Foundation and the University of Texas-Houston Medical School. This integrative medicine conference is spearheaded by James Gordon, MD, chair of the White House Commission on Complementary and Alternative Medicine Policy and founder of the Center for Mind-Body Medicine. The conference will feature 80 leading practitioners who will offer three days of workshops for over 2,000 cancer specialists and patients.

"Inspiring new advances in medicine through these partnerships will require the combined efforts of dedicated donors, the research community, advocacy organizations and the government. And by working together, it's my hope that we can reach out to those afflicted with terrible diseases and ultimately give them another chance at life," said Judith Goldman.