Phoenix Children's Hospital said it plans to launch a molecular medicine institute in January.
The Ronald A. Matricaria Institute of Molecular Medicine will initially focus on treating children with cancer but plans to expand to other pediatric diseases in the future.
According to a news release (PDF), half of childhood cancer patients will relapse and “virtually no new” therapies have been introduced over the last 20 years. In addition, the majority of medications prescribed to children have only been tested in adults.
Over the next five years, the institute plans to raise $50 million from multiple sources, including $10 million from the hospital itself and other funding from philanthropic gifts, grants and Life Technologies Corp., a Carlsbad, Calif.-based biotechnology company with a molecular diagnostics business, said Robert Meyer, president and CEO of the Phoenix Children's Hospital, in an interview.