The United Mitochondrial Disease Foundation Announces Launch of a New Venture Philanthropy Initiative to Fuel Treatments and Cures
PITTSBURGH (PRWEB) July 20, 2023 -- The United Mitochondrial Disease Foundation (UMDF) today announced the public launch of The Mito Fund, a UMDF venture philanthropy initiative designed to spur treatments and cures for mitochondrial disease.
A first-of-its-kind fund for the mitochondrial disease space, The Mito Fund plans to invest in a portfolio of companies with a focus on medical devices and novel small molecule therapeutics, as well as biologics such as gene and cell therapies for mitochondrial disease.
“For mitochondrial disease families, time is a luxury they simply do not have,” said UMDF President and CEO Brian Harman. “It’s our responsibility as an organization to ensure we’re shortening the path to effective treatments and cures. The Mito Fund is our most ambitious effort to date in doing just that.”
It’s estimated that 1 in 5,000 people have a genetic mitochondrial disease, making it one of the largest disease populations in the United States without any FDA-approved treatment. There are numerous types of mitochondrial disease, often with each type having multiple genetic variants. The onset of mitochondrial disease can occur at any age and is often devastatingly progressive, with outcomes frequently leading to poor quality of life and shortened lifespan.
The venture philanthropy model is relatively new in the rare disease space but has already helped fuel new treatments for several similarly devastating diseases. The fund’s goal is not only to financially support the development of the next generation of mitochondrial disease treatments but to leverage UMDF’s experience and network to accelerate the development process and lower the risk associated with entry into the field for a wide range of investors and researchers.
To help maximize The Mito Fund’s impact, UMDF has formed a Venture Philanthropy Investment Committee (VPIC) that includes some of the top minds of the mitochondrial science and investment worlds as advisors. In reviewing investment opportunities, the VPIC will consider factors such as scientific merit, impact potential, clinical strategy, financial position, management team, and intellectual property portfolio.
Harman said investments could start being announced as early as this year.
“An ambitious project like this only happens with a lot of help,” said Harman. “I offer my gratitude to the Kallaos and Wright families for their generous founding gifts, the UMDF Board of Trustees and many trusted advisors who freely offered their time and expertise, and the UMDF staff who have worked tirelessly to see The Mito Fund become a reality.”
Companies exploring the mitochondrial science space can start a conversation about investment opportunities at themitofund.org. Proposals are accepted on a rolling basis.
Individuals interested in learning more about becoming a donor to The Mito Fund are encouraged to visit themitofund.org, email [email protected], or call 1-888-317-8633.
ABOUT VENTURE PHILANTHROPY
Venture philanthropy donors make a charitable contribution to a restricted philanthropic fund housed within a recognized 501(c)(3) organization like UMDF. Funds are then invested by the organization in promising for-profit companies similar to venture capital, but with the critical difference that venture philanthropist donors do not individually benefit from any financial returns on successful investments. Instead, those returns are funneled directly back to the philanthropic fund to be reinvested in new ventures.
ABOUT UMDF
For more than 25 years, the United Mitochondrial Disease Foundation (UMDF) has built a global network of patients, researchers, clinicians, institutions, and industry partners dedicated to fighting mitochondrial disease. Together with the mito community, UMDF is committed to a mission of funding the best science no matter where it is found in the world while at the same time providing critical education, advocacy, and support-focused programs and services to patient families. Learn more at umdf.org.
In the last year …
- Nearly 6,000 patients and caregivers attended UMDF support meetings.
- More than 400 clinicians listened to UMDF’s Bench-to-Bedside seminars.
- UMDF advocates had 1,515 touchpoints with their congressional offices.
- UMDF provided 215 patients with no-cost genetic testing.
Andy Dearth (Media Inquiries), United Mitochondrial Disease Foundation, https://themitofund.org/, 1 4129799833, [email protected]
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