Terry Fox Foundation collaborating to expand cancer research, philanthropy

The Terry Fox Foundation has partnered with a venture capital firm, launching a new fund to accelerate cancer research and introduce novel treatments.

The Cancer Breakthrough Fund will be managed by Lumira Ventures, Canada’s largest life sciences venture capital firm.

“Our collaboration with the Terry Fox Foundation is, in our view, a best-in-class model for bringing more much-needed catalytic capital to the process of building companies that can deliver transformative products for patients, create high-value jobs for Canadians, and provide significant returns for Canadian investors,” said Peter van der Velden, the firm’s managing general partner.

Healthcare companies backed by venture capital firms have directly or indirectly accounted for more than 50 per cent of the novel products approved by the U.S. Food and Drug Administration over the last decade, he said, touting the effectiveness of similar collaborations.

However, van der Velden said life sciences remain “chronically underfunded” in Canada.

“As a result, much of the value capture resulting from the building of life science companies based on Canadian innovation has largely accrued to foreign investors,” he said. 

Van der Velden added that the Breakthrough Fund will invest in companies working to address the biggest challenges facing cancer research today. 

While survival rates for some types of cancer have improved, cancer remains the leading cause of death in Canada, killing an estimated one in four Canadians.

As global populations age, cancer rates are projected to grow by as much as 75 per cent worldwide, adding 35 million new patients by 2050. 

“Over the last two decades, scientific discoveries and technological advances have helped us better understand the molecular drivers of cancer,” said Suman Rao, Lumira principal. 

“This has resulted in the development of a number of novel therapies improving survival rates across several cancers. However, given the complexity of the disease, there still remains a huge unmet need across multiple cancer types.”

Since its inception, the Terry Fox Foundation has raised more than $900 million and funded 1,300 innovative cancer research projects.

“In the 45 years since Terry’s Marathon of Hope, the Terry Fox Foundation has been making innovative, transformational moves in our approach to funding cancer research—a reflection of the bold mission Terry set out to achieve,” said the foundation’s executive director Michael Mazza.

“This partnership with Lumira Ventures is an evolution of the traditional philanthropic model in medical research, bringing together the best of charitable organizations and the private sector to accelerate progress and help finish Terry’s fight against cancer.”