Burnaby-based Terry Fox Foundation partners with Lumira Ventures to launch cancer fund

Forty-five years after Terry Fox began his Marathon of Hope, the 18-year-old Port Coquitlam runner’s legacy continues. The Terry Fox Foundation, established in 1988 to support and fundraise for cancer research, has announced a new partnership with Lumira Ventures, one of Canada’s largest life sciences venture firms.

Together, they are launching the Cancer Breakthrough Fund, which will be managed by Lumira. The fund will invest in companies led by mission-driven entrepreneurs focused on developing novel therapies to support patients in the fight against cancer.

"In terms of real returns, the life sciences sector has outperformed all other sectors of the innovation economy for much of the past decade both in Canada and the US,” said Peter van der Velden, managing general partner, Lumira Ventures. “Equally importantly, VC-backed healthcare companies have directly and indirectly accounted for over 50% of the novel products approved by the FDA and delivered to patients over the past decade. Unfortunately, despite that investment out-performance and patient impact, the sector has remained chronically under-funded in Canada."

The Terry Fox Foundation cited a growing recognition of the need for cross-sector collaboration as a key driver for the fund’s creation. The initiative aims to bridge the gap between publicly funded research and private sector expertise, skills, and networks.

The Cancer Breakthrough Fund will bring together the Terry Fox Foundation’s extensive network of cancer researchers and Lumira’s experience in building and backing life sciences companies.

"In the forty-five 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 Michael Mazza, executive director, Terry Fox Foundation. "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."

Lumira Ventures, which has offices in Vancouver, Toronto (its headquarters), Montréal, and Boston, already counts two Vancouver-based companies in its portfolio. Alpha-9 Oncology is developing radiopharmaceuticals to enhance cancer treatment, while Notch Therapeutics is advancing genetically tailored T-cell therapeutics — initially focused on cancer, with potential applications beyond oncology.