MORRISTOWN, N.J. (Morris County) — Atlantic Health announced Wednesday that it has received a $5 million pledge from the co-founders of a Florham Park-based investment management firm to establish an endowment supporting cancer research and clinical innovation.
The donation from Bruce I. Jacobs and Kenneth N. Levy, co-founders of Jacobs Levy Equity Management, marks the largest gift Atlantic Health has received to support research to date.
The pledge, made in honor of the firm’s 40th anniversary, will establish the Jacobs Levy Clinical Research and Innovation Endowment at Atlantic Health.
The endowment will provide a permanent source of funding for the Atlantic Health Clinical Research and Innovation Institute (AHCRII), supporting investigator-led studies, clinical trials and oncology research across multiple Atlantic Health locations.
“Our firm has long believed in the power of philanthropy to drive healthcare advances so it is immensely gratifying to know that this new endowment, as we commemorate four decades of pioneering investment research, will have a transformational impact on cancer care in New Jersey,” said Bruce Jacobs.
“We’re proud to build on the long-standing relationship between our firm and Atlantic Health and the Foundation for Morristown Medical Center to support the deeply devoted clinicians, researchers and change agents at Atlantic Health,” added Ken Levy.
According to Atlantic Health, the endowment will generate annual income to support research aimed at improving cancer treatment and patient outcomes.
Funding will be directed toward oncology research proposals considered to have the greatest potential impact, including the development and evaluation of new therapies, medical technologies and models of care.
The endowment will also support efforts to expand patient access to advanced oncology clinical trials and help researchers translate scientific discoveries into new treatments.
“Thanks to the tireless spirit of giving and foresight of Bruce Jacobs and Ken Levy, this major endowment will provide Atlantic Health clinicians with the resources to pursue novel approaches to medicine and advance cancer care for communities well into the future,” said Saad Ehtisham, President and CEO, Atlantic Health. “At Atlantic Health, we created AHCRII to help transform cutting-edge care into the standard of care through clinical research and innovation. This endowment strengthens that mission, accelerates the adoption of evidence-based discovery and improves care for patients.”
The funding may also support early-stage oncology research and innovative projects that could eventually develop into larger programs through external grants, industry partnerships and commercialization.
The $5 million pledge builds on more than 25 years of philanthropic support from Jacobs Levy Equity Management.
During that time, the firm has contributed more than $1.4 million to Atlantic Health initiatives supporting patient care, medical research and other programs.
Previous donations include $1 million to establish the Jacobs Levy Genomic Medicine and Research Program, $250,000 to the Chambers Center for Well-Being, $75,000 to Atlantic Health Gagnon Cardiovascular Institute and $50,000 to Atlantic Health Goryeb Children’s Hospital.
The firm has also supported pandemic relief efforts and provided annual contributions to the Pediatric Child Life Program since 2007.
Atlantic Health Clinical Research and Innovation Institute serves as the health system’s central hub for clinical and translational research, including studies supported by federal agencies and the medical industry.
Atlantic Health is currently conducting nearly 180 nationally and internationally recognized clinical trials, including Phase 1 early development trials.
The research covers multiple types of cancer, including brain, breast, gastrointestinal, head and neck, melanoma, multiple myeloma, ovarian and pancreatic cancers.
According to Atlantic Health, the new endowment will help sustain oncology research efforts while expanding opportunities for patients to access emerging treatments and clinical trials.
For more information about Atlantic Health Clinical Research and Innovation Institute, visit www.atlantichealth.org/research.
