Mass. Eye and Ear Summit Fund
The Mass. Eye and Ear Summit Fund was launched with the goal of raising philanthropic support from friends of Mass. Eye and Ear to help fast-track the translation of laboratory discoveries into approved medical devices and pharmaceutical treatments to improve the lives of patients. These philanthropic gifts will be augmented by additional funding from Mass. Eye and Ear long-term investment pool.
Translating Discoveries into Treatments
Opportunities exist today to bring to market products that address important unmet medical needs in the fields of hearing and vision disorders. These products can have a profound impact on the quality of life of children and adults suffering with these conditions.
Traditionally, despite thousands of breakthrough medical discoveries being made each year, only a handful of new drugs and devices make it to market and the patients who need them. Since venture capital and commercial entities typically fund these developments, only opportunities with the highest return on investment and the most favorable risk profiles are pursued. Other potentially worthy translational research projects may never be explored due to declining funding from the NIH and the lack of traditional funding for translational research.
Role of the Summit Fund
The Mass. Eye and Ear Summit Fund will help overcome these obstacles in a number of ways. It will:
- Fund promising projects, positioning us to attract venture and industrial partners.
- Support translational research to lay the foundation for the handoff to a commercial entity.
- Provide financial support for startup companies for development of treatments or devices.
Financial Return to Mass. Eye and Ear
The Mass. Eye and Ear Summit Fund will pave the way to commercial success for important Mass. Eye and Ear discoveries. Projects funded through the Mass. Eye and Ear Summit Fund can provide a long-term return for the hospital in the form of milestone payments and product royalties when intellectual property is licensed to a commercial entity. Mass. Eye and Ear’s investment in earlier development phases can also increase the value of our intellectual property, enhancing the potential stream of revenue to be re-invested in Mass. Eye and Ear’s research mission.
External Advisory Committee
The External Advisory Committee will leverage expertise in device and pharmaceutical development and venture capital. The Committee will prioritize projects and make recommendations to the President and CEO and the Board of Directors regarding investment opportunities for the Mass. Eye and Ear Summit Fund. Committee members may also help to identify appropriate external funding partners.
Gifts to the Mass. Eye and Ear Summit Fund
Gifts to the Mass. Eye and Ear Summit Fund will be included and counted in the Mass. Eye and Ear Campaign, “Bold Science. Life-Changing Cures.” Gifts are tax-deductible and will be acknowledged at the appropriate levels of the Campaign. They are also eligible for naming opportunities.
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