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Multiple Myeloma Research Foundation
The Multiple Myeloma Research Foundation (MMRF), co-founded by Kathy Giusti in 1998, is the largest nonprofit focused on curing multiple myeloma.
Multiple Myeloma Research Foundation
The Multiple Myeloma Research Foundation (MMRF) was founded in 1998 by Kathy Giusti, a pharmaceutical executive diagnosed with multiple myeloma, and her twin sister Karen. Its mission is to accelerate a cure for each myeloma patient, driven by a patient-centered research model that emphasizes collaboration and data sharing. The MMRF deploys capital across three pillars: accelerating novel therapy development, driving personalized treatment approaches through data, and empowering patients. It operates the Myeloma Investment Fund (MIF), a venture fund that invests in biotechnology companies developing new myeloma therapies. The foundation has supported over 15 approved drugs and maintains a network of nearly 100 clinical trials, spanning North America and Europe. Its data-driven initiatives include the CoMMpass Study, a longitudinal genomic and clinical database. Since its founding, the MMRF has raised over $600 million for research, with nearly 90% of its budget going directly to programs. It has additional offices in Cambridge, Massachusetts, and La Jolla, California. The foundation also operates a Patient Navigation Center providing free support and resources. The MMRF is rated highly by charity evaluators for its financial efficiency. The MMRF's structural differentiator is its hybrid model combining a traditional medical research foundation with a venture capital arm, the MIF. This allows it to directly fund early-stage companies, blending grant-making with equity-style investments. The foundation also maintains a Scientific Advisory Board of international myeloma experts, guiding its research priorities.
General information
Firm type
Foundation
Year founded
1998
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Norwalk
Corporate office
Norwalk, CT, United States
Additional offices
Cambridge, MA, United States · La Jolla, CA, United States
Principals
Kathy Giusti
Co-Founder
Karen Giusti
Co-Founder
Sector focus
Frequently asked questions
Who runs investment decisions at the MMRF?
The MMRF is led by an executive leadership team and a board of directors composed of industry leaders and investors. Specific investment decisions, particularly for the Myeloma Investment Fund, are guided by the foundation's Scientific Advisory Board and internal research leadership, though named individuals are not publicly disclosed beyond the executive team.
How does the MMRF source proprietary deal flow?
The MMRF sources investment opportunities through its deep network of researchers, clinicians, and industry partners in the multiple myeloma field. Its Myeloma Investment Fund (MIF) targets biotechnology companies with promising new therapies, leveraging the foundation's comprehensive CoMMpass Study and patient data to identify high-impact interventions.
Is the MMRF structured as a foundation or does it operate more like a venture firm?
The MMRF operates as a nonprofit medical research foundation, but its Myeloma Investment Fund (MIF) functions similarly to a venture capital arm, making equity-style investments in early-stage biotech companies. This hybrid structure allows it to directly fund research while also supporting commercial drug development.
What investment stages does the MMRF typically target?
The MMRF primarily targets early-stage and translational research through its Myeloma Investment Fund, focusing on biotechnology companies developing novel multiple myeloma treatments. It also supports clinical trials at various stages, including Phase I, II, and III, through its research grants and partnerships.
What is the MMRF's known posture on co-investments alongside external partners?
The MMRF collaborates with pharmaceutical companies, academic institutions, and other research foundations on clinical trials and data-sharing initiatives. Its CoMMpass Study, for example, is a collaborative effort with multiple partners to share genomic and clinical data, but the foundation does not publicly disclose co-investment structures in its MIF portfolio.
Where does the underlying funding for the MMRF come from?
The MMRF raises funds through individual donations, corporate partnerships, fundraising events like Team for Cures, and its Myeloma Investment Fund returns. It does not operate as a single-family office and derives its capital from philanthropic support rather than a single benefactor.
Does the MMRF maintain philanthropic structures, and how are they separated?
The MMRF itself is a nonprofit organization, and its philanthropic and research activities are consolidated under its single corporate structure. The Myeloma Investment Fund is operated as a program within the foundation, with investment returns reinvested into the mission. The foundation is transparent about its financials and accredited by charity evaluators.
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