Advancium Health Network, launched by Deerfield Management, receives $30 million from the Maxine and Stuart Frankel Foundation

NEW YORK, October 13, 2022 /PRNewswire/ — Advancium Health Network, a public charity dedicated to improving health services and health capital through philanthropic investment, announced today that it has received a charitable gift of 30 million dollars by the Maxine and Stuart Frankel Foundation, at Bloomfield Hills, Michigan. The Frankels will partner with Advancium to support and validate promising early-stage research. Advancium was launched by Deerfield Management and the Deerfield Foundation in February 2022 to advance research in life science technologies that address unmet medical needs affecting vulnerable populations, including pediatrics.

“The high rate of industrial drug development and medical technology failures is largely due to the lack of funding available to academic researchers, often forcing them to prematurely seek private funding before evidence of efficacy has been established,” said Mark Veitch, president of Advancium and executive director of the Deerfield Foundation. “We are grateful for the support of the Frankel Foundation, which will enable us to undertake a number of new research projects that address critical unmet needs and provide the infrastructure needed to properly validate and de-risk promising new concepts in their earliest stages development.”

The 30 million dollars donation from Maxine and Stuart Frankel will be distributed among Advancium’s programs and initiatives located in new York healthcare innovation campus, CureĀ®, including:

  • The development of a new research laboratory to be called the Maxine and Stewart Frankel Laboratory. The Frankel Lab will be available to residents of Cure Innovation Labs, a life sciences innovation center launched by Advancium in February 2022. Cure Innovation Labs provides specialized equipment and resources to support early stage companies through research, development, regulatory and commercial stages.
  • Support for CobiCure, LLC, a non-profit organization launched by Advancium in June 2022. CobiCure focuses on treating rare, life-threatening diseases in children by using a venture philanthropy model to identify, develop and commercialize medical devices, therapies, and other technologies for pediatric patients.
  • The progress of up to eight experimental life science and medical research projects per year for 10 years.

“We are excited to partner with Advancium and Deerfield Management to fill a major gap that exists in the process of moving promising early-stage research into the clinic and ultimately to patients in need,” said Maxine and Stuart Frankel. “The Frankel Foundation is proud to support and champion this meaningful work and to contribute to the important vision and mission being developed collectively at Advancium.”

About Advancium Health Network

Advancium Health Network is an independent 501(c)(3) nonprofit organization created by Deerfield Management dedicated to advancing health care and health equity through a leading volunteer and philanthropic network of health industry, financial services and public sector experts. Inaugural Advancium network partners include pediatric medical device company, CobiCure LLC, and life sciences incubator, Cure Innovation Labs. For more information about the Advancium Health Network, visit: https://advanciumhealth.org/

About CobiCure

CobiCure is a non-profit pediatric catalyst focused on treating rare and life-threatening diseases in children worldwide. CobiCure is a resident of Cure, a leading healthcare innovation campus located in New York. For more information on how CobiCure is driving change, visit: https://advanciumhealth.org/cobicure.html

SOURCE Advancium Health Network

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