01 October 2012
The Institute of Cancer Research, London, today responds to the news it will be the main charitable beneficiary of an innovative multimillion pound investment fund that will invest on a ‘gross return’ basis in order to donate annually to the battle against cancer.
Professor Alan Ashworth, chief executive of The Institute of Cancer Research (ICR), said: “We can only defeat cancer if we have the resources to research new ideas and treatments, so we are delighted to have been named as the main beneficiary of the annual charitable donations to be made by BACIT Limited (“BACIT”), a new investment company listed on the London Stock Exchange and being launched today. BACIT’s ‘gross return’ model, under which it will invest only where it will not bear the impact of investment management or performance fees, is enormously innovative, just as we pride ourselves in being.
“The ICR will have no involvement in the running of BACIT, but we hope that BACIT’s annual donations will provide us and a range of other charities with a long-term, sustainable source of income. For an organisation like the ICR, a sustainable source of income allows us to plan ahead with confidence and invest in the long-term projects and state-of-the-art equipment that we need.
“The ICR is already one of the world’s most influential cancer research institutes, and funding from BACIT has the potential to enhance significantly our research programme, and our ability to deliver real benefits to cancer patients. We are hugely grateful to Tom Henderson for setting up BACIT and for his generosity in meeting certain of its running costs and waiving his personal fees, so that the ICR and a series of other charities can benefit.”
Media Contact: Richard Hoey, ICR Director of Communications, on 020 7153 5403 or 07976 751984
For more information visit www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11347091
About The Institute of Cancer Research
The Institute of Cancer Research, London, is one of the world’s most influential cancer research institutes, with an outstanding record of achievement dating back more than 100 years. Today, The Institute of Cancer Research (ICR) is ranked as the UK’s leading academic research centre, and leads the world at isolating cancer-related genes and discovering new targeted drugs for personalised cancer treatment. The ICR employs leading scientists from over 50 countries around the world and since 2005 alone, 16 drug development candidates have been discovered based on ICR research, six of which have progressed into phase I clinical trials. The ICR has charitable status and relies on support from partner organisations, charities and donors to fund its research and innovation.
The ICR has no involvement with the management or operations of BACIT or any of its subsidiaries. This press release does not constitute an offer to sell or an invitation to acquire any interest in BACIT. This press release is not intended to form the basis of any investment decision and should not be considered as a recommendation by the ICR. The ICR accepts no responsibility for the contents of external websites.