New U.K. Fund to Address Gap in Cancer-Research Support
April 2, 2012 | Read Time: 1 minute
Britain’s leading cancer charity and the European Investment Bank are backing a new vehicle to help researchers bridge the “valley of death” between drug discovery and clinical development, writes Reuters.
The $80-million CRT Pioneer Fund, started by the bank and a for-profit arm of the nonprofit Cancer Research UK, is the third major program announced in recent days aimed at bridging the gap caused by investors’ dwindling willingness to take on high-risk drug research.
The Wellcome Trust, Britain’s biggest medical charity, last week announced a $317-million fund to back biotech start-ups, and drug firms GlaxoSmithKline and Johnson & Johnson are working with Index Ventures on a similar $200-million effort.
