#USA #New York #Damon Runyon #inVEST Program #biotech funding

The Damon Runyon Cancer Research Foundation's InVEST Program: A Catalyst for Biotech Innovation

On June 9, 2025, the Damon Runyon Cancer Research Foundation announced the launch of its Innovative Ventures in Early-Stage Technologies (InVEST) program, designed to support promising biotech startups initiated by their alumni scientists. This innovative program is set to allocate $1 million annually, assisting these scientists in overcoming the initial funding hurdles commonly faced in the challenging landscape of biotech entrepreneurship.

The Objective of the InVEST Program

The InVEST program aims to fill a critical funding gap that exists in the biotech sector, especially for early-stage companies. By providing the first seed check to entrepreneurs who are graduates of the Damon Runyon fellowship, the foundation hopes to catalyze billions in commercial funding for groundbreaking scientific discovery while fostering a sustainable financial model for ongoing cancer research breakthroughs.

Dr. Yung S. Lie, President and CEO of the foundation, expressed that the InVEST program is a vital step forward, especially as federal funding for biomedical research continues to decline. "Our scientists are increasingly looking to commercial partners to bring their groundbreaking discoveries into practice," he stated. With the creation of this program, alumni will have the much-needed initial financial support to kickstart their companies and accelerate their innovations.

Impact on Startups Established by Alumni

Currently, Damon Runyon alumni are responsible for founding between 10 to 20 startups each year, many of which have gone on to make transformative impacts in the field of biotechnology. Companies like Arbor Biotechnologies, Beam Therapeutics, Juno Therapeutics, Moderna Therapeutics, and Scorpion Therapeutics are a testament to the groundbreaking work done by these scientists. Despite the fact that Damon Runyon grants represent a mere 0.3% of total cancer research funding in the U.S., the return on investment in terms of significant breakthroughs has been substantial.

For many scientists transitioning to founders, the challenge of securing early capital is crucial. Dr. Liron Bar-Peled, a former Damon Runyon Fellow and co-founder of Scorpion Therapeutics, noted, "Getting that first check is everything." He pointed out that numerous promising ideas often remain stagnant in laboratories due to the difficulty in attracting early investors. Programs such as InVEST signal to the market that these founders are worthy of backing, thus encouraging further investment.

Dr. Marcela Maus, another former fellow and early-stage founder, echoed this sentiment, stating, "Early funding can provide critical validation that helps propel a great idea into a successful company."

The Vision Behind InVEST

The conception of the InVEST program can be credited to Damon Runyon Board Chair Andy Rachleff, who also co-founded the successful venture firm Benchmark Capital. Rachleff was inspired by a similar initiative at Stanford Graduate School of Business, which enabled the school to invest in startups from elite venture capital portfolio companies. This model produced substantial financial returns, showing that small early-stage investments could lead to incredible outcomes.

By funding scientists who have already met the rigorous selection criteria set by the Damon Runyon foundation, the initiative effectively backs some of the brightest minds in the field. Rachleff explained, "InVEST leverages what Damon Runyon does best—identifying scientific brilliance early and providing those researchers with the resources necessary to translate their discoveries into meaningful real-world applications."

A Sustainable Future for Cancer Research

All returns generated from the InVEST program will be reinvested directly into the foundation's main mission: funding early-career cancer researchers. This creates a powerful dynamic, allowing for new scientific ventures to flourish while ensuring sustainable support for the next generation of groundbreaking research. In these uncertain times for scientific financing, InVEST offers a promising new pathway that merges philanthropy, venture capital, and scientific discovery to foster innovation that can save lives.

About Damon Runyon Cancer Research Foundation

The Damon Runyon Cancer Research Foundation has a rich history of supporting young scientists with exceptional potential to make strides in cancer research. Since its inception in 1946, the foundation has invested over $430 million, supporting more than 4,000 scientists, 13 of whom have won the Nobel Prize. The foundation's alumni have been pivotal in some of the most vital discoveries in cancer prevention, diagnosis, and treatment. To learn more, visit damonrunyon.org.

In conclusion, the InVEST program represents a significant advancement for biotech startups, affording scientists the opportunity to turn their visionary ideas into reality while significantly contributing to cancer research.