FARE Establishes Landmark Strategic Investment Fund
Statement by FARE CEO, James R. Baker, Jr., M.D. and the FARE Board of Directors
At FARE, our mission is to serve as a leading advocate for those affected by the potentially life-threatening impact of food allergy. We strive to offer them hope that a brighter day – one where they no longer have to worry, fear, or suffer -- may be on the horizon.
Today we have exciting news that may bring us closer to that day than we’ve ever been before.
It is our pleasure to announce that FARE is creating a multi-million dollar strategic investment fund to accelerate advancements on behalf of the food allergy community.
FARE has a remarkable opportunity now to help transform the future for those affected by food allergies. Research must continue, which will require considerable resources to pioneer new scientific discoveries. More can, and must, be done to promote key educational programs that address food allergy prevention and management. And we need to continue to change policies, and perceptions, at the local, state and national levels to ensure patient interests are properly represented.
Today, FARE is privileged to be in a position to support these efforts, and others, in a meaningful way for the long-term benefit of the food allergy community.
Portions of a successful investment FARE made nearly seven years ago helped make this fund possible. At the time, a small group of individuals made a targeted donation to FARE for the specific purpose of investing in ARC, a company now known as Aimmune Therapeutics, which was created to standardize an oral immunotherapy product and protocol.
No general contributions to FARE were used for this endeavor. FARE earmarked only those resources gathered from this small group of individuals for the investment.
Today, the Aimmune drug, known as AR101, is in its final phase of clinical trials for peanut allergy. The company’s value soared over the past seven years. And last year, FARE sold its shares for an estimated value of $47M.
Part of these resources will now support FARE’s new strategic investment fund. We have a great responsibility to be careful stewards of these resources. It’s why we are convening a multi-disciplinary oversight committee to help guide the fund’s activities, where we will look to our Outcomes Research Advisory Board, comprising food allergy parents, adults with food allergies and physicians, to prioritize where these monies may be best applied to achieve maximum value. And we will look for ways to expand its impact through the generosity of those willing to match or make significant contributions toward the fight to end food allergies.
The proceeds from this investment will not be used to support day-to-day operations at FARE. We are restricting access to these monies for transformative programs – where they’re needed most to have the greatest impact.
We will continue to be entirely dependent on the financial generosity of our supporters to keep our life-changing programs and initiatives going. Sustaining these efforts will help us continue to promote the long-term needs of the food allergy patient community.
We are excited at what the future now holds, and we are already putting the fund’s resources to work, having established the FARE Clinical Network and our community engagement program. This is an important moment in our collective effort to prevent life-threatening food allergies. We now have the potential to open new doors, and create new opportunities, to help those affected by this disease. And with a renewed optimism, we can look forward to tomorrow, with the hope that we may soon live in a world where no one impacted by food allergies will have to suffer, or live in fear, ever again.
Food Allergy Research & Education (FARE) works on behalf of the 15 million Americans with food allergies, including all those at risk for life-threatening anaphylaxis. This potentially deadly disease affects 1 in every 13 children in the U.S. – or roughly two in every classroom. FARE’s mission is to improve the quality of life and the health of individuals with food allergies, and to provide them hope through the promise of new treatments. Our work is organized around three core tenets: LIFE – support the ability of individuals with food allergies to live safe, productive lives with the respect of others through our education and advocacy initiatives; HEALTH – enhance the healthcare access of individuals with food allergies to state-of-the-art diagnosis and treatment; and HOPE – encourage and fund research in both industry and academia that promises new therapies to improve the allergic condition. For more information, please visit www.foodallergy.org and find us on Twitter@FoodAllergy, Facebook, YouTube and Pinterest.