In a lengthy and candid interview with the editor and publisher of The Cancer Letter, our CEO Gary Reedy explains how he intends to grow our revenue and make good on our Cancer Moonshot pledge to double our research investment by 2021.
He shared the news that the Society will be launching a venture philanthropy fund this year called "Bright Edge Ventures." People passionate about cancer research will be able to make tax-deductible contributions to it, for ACS to use to invest in cancer ventures.
"People can invest in this fund and they’ll get the whatever tax treatment that they would get for supporting a non-profit . . . but they will not be getting a return, because any returns that we get from our investments we’re going to plow right back into the fund," Gary explained. "And what we’re going to be doing is investing in both early-stage, late-stage companies and technologies, all in the cancer world. . . We'll be investing either for an equity position or revenue stream, so that as the product or the company reach commercialization or they’re sold . . .we’ll be able to cash that in and put it right back into the research pot."
Gary said more partnerships are in our future. "I've gone around the country saying to anyone that will listen that the American Cancer Society is open for business . . .I think down the road you’ll see a lot more collaborations with the American Cancer Society, maybe collaborations with organizations that you would look at as being a competitor, but to me it’s all about how fast can we get across the finish line. Let’s work together and get there quicker," he said.
Read the full interview here.
About The Cancer Letter
The Cancer Letter is a weekly, independant publication that covers cancer research, drug development, legislation, and health care policy. Its audience includes faculty and staff members at cancer centers, pharmaceutical and biotechnology companies, government agencies, and Wall Street professionals. Over the past four decades, it has won numerous journalism awards for its investigative coverage of issues that shape oncology.