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The ADDF’s weapon against neurodegeneration
is venture philanthropy.
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Nancy Corzine.
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Leonard Lauder.
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Nancy Corzine knows all too well what Alzheimer's disease can do to families. For ten years, the respected fabric and furniture
designer cared for her mother, watching her elegant, vivacious role model and
confidante succumb to its devastating effects.
“When it’s the closest person to you – the most important person – it’s quite a
shock,” says Corzine, whose mother passed away three years ago. “And then you
think: ‘I don’t want to end up like this. What can I do?’” What Corzine has done is
thrown her considerable energy and talent into finding a cure for the ravaging disease
that affects about one in four over the age of 75, and is expected to affect 34 million
worldwide by 2025. To that end, she became president of the Board of Directors for
the Alzheimer’s Drug Discovery Foundation (ADDF), a public charity whose sole
mission is to accelerate the discovery and development of drugs to prevent, treat and
cure Alzheimer’s and related dementias.
Established in 2004 and led by the Estée Lauder family, the ADDF is a public
charity that provides crucial funding for a host of research initiatives, which are
“coming at the problem from different directions,” Corzine says. The hope is that the
painstaking process of elimination will hasten a breakthrough.
To accomplish its goals, the foundation uses a biomedical venture philanthropy
model, which adapts the principles of venture capital investing to their philanthropic
mission, seeking a return on investment for all grants. When funded programs
reach scientific milestones, funds return to the foundation, boosting its ability to
provide more grants for other promising projects. The foundation targets earlystage
biotechnology, a critical area not usually covered by government grants and
pharmaceutical companies.
Since its inception, the foundation has provided more than $22 million to 144
academic international scientists, invested more than $5 million in 21 biotechnology
companies and supported 21 conferences worldwide. ADDF-funded scientists have
created entirely new classes of drugs, screened millions of compounds, executed
dozens of patents and licenses and entered clinical trial phases on several new drugs.
Executive director Howard Fillit, M.D., a leading geriatrician and neuroscientist,
believes they are making real progress toward a cure. “They think another five or six
years,” says Corzine.
But continued research takes continued funding. Currently, ADDF can only fund
about 10 percent of the programs submitted for consideration. The ADDF is looking
for creative ways for others to help. On May 2, it will host “To Live Is to Think: An
Evening of Art, Wine and Discoveries” at Sotheby’s, New York. Since researchers
have linked an antioxidant found in red wine to a reduced risk of Alzheimer’s, the
event will feature a connoisseur dinner and wine tasting. In addition, the 250 invited
guests will participate in a small but elegant auction featuring rare wines and view
stunning artwork on display for Sotheby’s much anticipated French Impressionist
auction later this spring.
“It will be a treat for the eyes as well,” says Corzine. She hopes this evening will be
a prototype for future fundraisers across the country.
The Lauder family appreciates the support. “My brother Ronald and I are thrilled
that Nancy joined us as a founding member of the ADDF Board of Directors,” said
Leonard Lauder, chairman of the board of The Estée Lauder Companies. “We are so
very fortunate to have her enthusiastic leadership, grace and charm as a central force
driving the ADDF toward successfully accomplishing its goal.” |
MEREDITH
GUINNESS |
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Alzheimer’s Drug Discovery Foundation
212.935.2402; www.alzdiscovery.org
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Photos: Courtesy of Alzheimer's Drug Discovery Foundation |
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