New York, NY (June 4, 2010) — On Wednesday evening, the Damon Runyon Cancer Research Foundation raised more than $7 million and launched a new award to catalyze the research of today’s most promising young cancer researchers.

The “Dale F. Frey Award for Breakthrough Scientists” is named for the Foundation’s retiring Chairman in recognition of his 16 years of visionary leadership and role in transforming Damon Runyon into the premier charity funding today’s best young cancer researchers.

The Award will be granted to select recipients of the prestigious Damon Runyon Fellowship Award who have greatly exceeded the Foundation’s very high expectations during their Fellowship term.   

These young scientists are the most likely to make paradigm-shifting discoveries, yet they often face difficulty obtaining funding for their own ideas at this critical career stage.  Each will receive an additional $100,000, funding that will accelerate their path to independence and their impact on cancer.

More than 160 people attended the dinner, held at New York City’s Metropolitan Club.  The evening included a video tribute to Mr. Frey featuring NBC Nightly News anchor Brian Williams, Mayor Michael Bloomberg and Donald Trump. 

Speakers, including senior scientists and business leaders, praised Mr. Frey’s unique combination of business savvy and determination, which enabled the Foundation to greatly expand its funding of top young scientists and to instigate new, innovative programs. 

These programs included the highly praised Damon Runyon Clinical Investigator Award, which has funded more than 50 outstanding physician-scientists dedicated to moving research quickly from “lab to bedside,” and its Innovation Award focused on high-risk, high-impact research. 

Mr. Frey spoke of the team effort required to achieve the remarkable advances made during his time.   He called the Foundation the “venture capitalist of the cancer-fighting industry.”

Incoming Chairman Alan Leventhal is Chairman and Chief Executive Officer of Beacon Capital Partners, a real estate investment company headquartered in Boston.  He has served on the Damon Runyon Board for the past six years and is a recognized business and philanthropic leader.

During Mr. Frey’s tenure, Damon Runyon scientists:

• contributed to the development of three new targeted therapies: Herceptin, Erbitux and Bexxar.
• co-discovered the first breast cancer gene.
• were the first to use gene sequencing technology to predict response to treatment.
• elucidated the process of programmed cell death.
• cloned the first mice from adult stem cells.
• pioneered the ability to turn off genes through RNA interference.
• discovered the link between HPV and head and neck cancer.

> View photos from the event.