Jay Tenenbaum wanted to do much more than help raise money for cancer research after his diagnosis for melanoma. He believes groups of patients like himself can advance new therapeutics that can save their lives. The multimillionaire created CollabRx with $2 million of his own money and is raising $3 million more. And Tenenbaum is hoping to create a group of "virtual" biotechs that can advance new research into life-saving therapies.
Patient-supported research efforts like his are having a real impact on the drug discovery arena, the Wall Street Journal reports. The Myelin Repair Foundation has provided $13 million to fund a team of researchers who will unveil their top two prospects to drug developers later this year. And the Cystic Fibrosis Foundation has supplied $75 million to advance a drug that has shown promise in clinical trials.
- read the article from the Wall Street Journal