New York, NY, Tues, Nov. 14, 2006 - A foundation created by American billionaire, Daniel K. Ludwig, will this year give six leading US institutions $20 million cash each, plus stock in a New York real estate holding company, to create Ludwig Centers. The $120 million plus gift, with further distributions from the Ludwig Fund over the next six years, should ensure that each Ludwig Center receives annual research funds of approximately $2 million in perpetuity.
Mr. Ludwig, who died in 1992, was ranked consistently among the richest men in the world in the 1960's and 70's, and was the top-ranked American on the first-ever Forbes 400 List in 1982. He believed strongly that cancer was one of humanity's great challenges and that a concerted worldwide effort was needed to conquer the disease. Accordingly, Mr. Ludwig gave the vast majority of his wealth to cancer research. In 1971, he established the international Ludwig Institute for Cancer Research - which has expended more than $1.1 billion of its own funds in support of cancer research since its inception - and he bequeathed substantially all of his estate to endow the Ludwig Fund.
Lloyd J. Old, M.D., Chairman of the Fund's Trustees, says that Mr. Ludwig believed the control of cancer required the same elements he found essential in his own endeavors - outstanding individuals given the necessary resources to meet any challenge. "The Directors of the Ludwig Centers are some of the most eminent figures in US cancer research today, and combining their talents with those of the global Ludwig Institute creates a powerful force in cancer research. The Trustees believe that a collaborative 'Ludwig Cancer' network can accelerate the translation of the most promising areas of research into new cancer therapies."
Mr. Edward A. McDermott Jr., another Trustee and also President of the Ludwig Institute, adds that a key goal for the Trustees was to distribute the Fund in such a way as to try and ensure financial stability for each Ludwig Center. "Mr. Ludwig's gift will enable the ground-breaking work of the Centers to proceed with the flexibility afforded by unrestricted research support and independent of fluctuations in government funding."
The Ludwig Centers and their Directors are: