Biomedical projects to research diabetes and cancer may be underway at the University by the end of the year, thanks to $7 million in funding from a new independent foundation.
The Ivy Foundation is dedicated to helping the University fund its top research priorities in biomedicine, said William Battle, chairman of the foundation's board. To help fuel innovative research projects, the University and the foundation have developed a grant competition to support biomedical research initiatives.
The initiatives must be connected to the recommendations of the University's 2020 Science and Technology Planning Commission, which identified biodifferentiation as a target area of research, said Gene Block, University vice president for research and public service.
An emerging field in biomedicine, biodifferentiation seeks to understand how cells, tissues and organs acquire form and function and how cell processes may lead to diseases such as cancer and diabetes.
"Other areas of technology recommended by the 2020 Commission might also be appropriate for funding," Block said. He added that grants may be awarded to any department within the University as long as they fit the programmatic area being funded.
Block's office will run the funds competition and conduct a scientific review of the proposals with the advice of a standing committee, comprised of faculty members from various academic departments and chaired by Ariel Gomez, a pediatric medicine professor.
The Ivy Foundation's board of directors ultimately will decide which projects to fund.
Battle said he expects applications for grants to come in shortly. "We will probably make an offer [to selected projects] by the first of the year," Battle said.
Proposals must possess scientific merit, potential for additional federal foundation or industry funding, potential for the creation of intellectual property and a relationship to the University's strategic priorities.
"This is the type of program that will serve as an incubator for funding new research projects that will eventually receive federal funding," Block said.
The Ivy Foundation was created with funds remaining from the closure of the Adirondack Biomedical Research Institute of Lake Placid, NY.
The foundation also receives 30 percent of the profits of Argonnex, a start-up biomedical research firm, which began in Lake Placid to support the Adirondack facility there. Argonnex has since moved to Charlottesville.
According to Battle, the Ivy Foundation's endowment may increase beyond $7 million if the success of Argonnex continues.
"The securities of Argonnex are not marketable yet, but they may be in the future," Battle said.
A partnership with the University developed because multiple board members at the Adirondack Institute also serve on the board of the Ivy Foundation.
Battle said his close connections to the University and the high quality of research also led to the partnership.
Medical School Dean Robert Carey also serves on the board of the foundation. The dean of the Medical School will hold a permanent position on the board.
"It seemed an excellent use of the funds at hand," Battle said of the foundation.
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