Aetna Announces Donation To Alzheimer’s Drug Discovery Foundation
Lead contribution targets new Alzheimer’s research
NEW YORK CITY,— Aetna (NYSE: ΑET) today announced a $1 million donation to the Alzheimer’s Drug Discovery Foundation (ADDF), a public charity founded by the Estee Lauder family, that will in part make possible the establishment of a new Fund for Alzheimer’s Drug Discovery. The purpose of the Fund is to provide a catalyst for early-stage discovery and development research of new drugs by making venture philanthropy grants to biotechnology companies and academic research centers.
“Aetna and the Aetna Foundation have a long standing commitment to addressing pressing health issues”, noted Ronald A. Williams, chairman and CEO of Aetna. “We are determined to have a positive impact on health care in America, and are very enthusiastic about the possibilities presented by the Fund for Alzheimer’s Drug Discovery. This represents an innovative approach to spurring meaningful research that will expedite finding a cure for Alzheimer’s. It is our hope that Aetna’s contribution will stimulate others to join in this important global research effort.”
According to ADDF Executive Director Howard Fillit, MD, “We are grateful to Aetna and the Aetna Foundation for making a lead contribution to this novel biomedical venture philanthropy Fund. It is through forward-thinking foundations like Aetna that we can make an impact on this tragic disease that affects 18 million people worldwide and costs U.S. society alone over $100 billion annually.”
Based on a for-profit venture fund model, the goal of the ADDF Fund is to raise up to $10 million, in tax-deductible contribution units of $50,000 each, over four years. To date, the ADDF has raised $1.8 million from various individuals and foundations, with the Aetna Foundation’s $1 million donation the largest contribution thus far. The minimum amount of contributions needed to open the Fund by April 1, 2007 was $1 million.
For more information regarding the ADDF Fund for Alzheimer’s Drug Discovery, contact Howard Fillit, MD, at 212-935-2402 or firstname.lastname@example.org.
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