Eligibility
The program will provide a $50,000 investment to support any new company started by Damon Runyon alumni who activated their Damon Runyon awards on or after January 1, 2000. Currently funded Damon Runyon scientists are not eligible to request support. Investments will be limited to companies that are raising seed or Series A rounds and are less than three years old.
The former Damon Runyon awardee must be a scientific founder of the company.
Eligibility for funding is contingent upon the scientific founder upholding the highest standards of scientific integrity. Damon Runyon will not release funds to a company whose founder has a history of any ethical violations, is under investigation for scientific misconduct, or has been involved in criminal activity.
Budget
Damon Runyon will release a $50,000 investment to the company once it has raised at least $500,000 in seed financing or $5 million in Series A financing. In all cases, Damon Runyon expects to have the same rights as any other commercial investor making a similar investment in the company.
Deadline
Requests will be accepted on a rolling basis each fiscal year (July 1-June 30). To ensure consideration within the current fiscal year, applications must be submitted no later than June 1. Applications received after this date will be reviewed in the following fiscal year.
Application Guidelines
Applicants should complete the APPLICATION FORM. Once reviewed by Damon Runyon staff, the applicant will be contacted with a request for additional required documentation:
- Resume or CV of Damon Runyon founder
- Pitch deck
- Term sheet
- Ethical research standards agreement
Terms of the Investment
Please note: The Damon Runyon Cancer Research Foundation will not modify the terms of its policies at the request of individual companies. Policies have been approved by our Board of Directors, and we do not have the resources to negotiate separately with the many companies that receive our support.
Investment Amount:
$50,000 will be provided to the recipient company.
Purpose of Funds:
Funds are intended to be flexible and can be used for a variety of needs including research and development, operational expenses, product development, etc. Funds may not be used for research related to germline gene editing, agricultural gene editing to create sterile seeds or gene drives, and/or gene editing related to tobacco use.
Investment Structure:
The funding will be provided in the form of a Simple Agreement for Future Equity (SAFE). Recipients agree to submit an annual update to Damon Runyon. In all cases, Damon Runyon expects to have the same rights as any other commercial investor making a similar investment in the recipient company.
Reporting Requirements:
A written annual report is required. The Damon Runyon founder will submit from the recipient company: a list of recent publications, conference presentations, a brief summary of scientific and clinical achievements, and any financial updates. All reports are kept strictly confidential.
Funding Disbursement:
Funds will be disbursed upon verification that the recipient company has secured a minimum of $500,000 in seed funding or $5 million in Series A funding. While Damon Runyon reserves the right to ensure all eligibility criteria are met, the release of funds will not be unreasonably delayed following confirmation of these conditions.
Compliance:
The recipient company agrees to comply with all applicable local, state, and federal laws in the use of funds and operation of the business.
Confidentiality:
All proprietary information shared between the parties will remain confidential and used solely for evaluation and monitoring purposes.
Termination of Investment:
The funding may be terminated, and funds reclaimed if the recipient company misuses funds, fails to meet outlined reporting requirements, or breaches any terms outlined in the agreement.
