The Scripps Research Institute is on the road to become financially independent within three to five years, the nonprofit biomedical institute’s CEO said last week.Peter G. Schultz outlined the progress toward that goal at a symposium at the UC San Diego Moores Cancer Center. He discussed the scientific strategy used in research and how it is bearing fruit in partnerships and licensing to commercialize the technology.The institute is likely to announce new major partnerships in the next three to four months, he said.“We think this could be the beginning of the first self-sustaining model to fund research institutes, rather than simply asking for philanthropy or NIH (National Institutes of Health) dollars,” Schultz said. “In three to five years, we’re gonna be there where we actually show this works.” Nonprofits depend on philanthropy to fund their charitable endeavors. And TSRI faces financial pressure to raise more money for long-term stability. It has run deficits as high as $20 million in the last few years. In late 2017 Fitch Ratings downgraded $46 million of debt to A from A+.Difficulty in obtaining federal grants and philanthropic donations have made budget-balancing difficult, and not only for TSRI. So the institute has tightened its belt…. Read full this story
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