INDIANAPOLIS, Oct. 21, 2015 /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY) announced it will be a key collaborator in the $100 million Dementia Discovery Fund (DDF), which aims to accelerate the discovery and development of new treatments for dementia. This first-ever global dementia research fund – recently launched after securing backing from investors including Lilly, the UK Government's Department of Health, Alzheimer's Research UK and a number of other global pharmaceutical companies – will invest in research into treatments for the condition.
"Lilly is delighted to be a partner in the Dementia Discovery Fund. Alzheimer's disease is one of the most significant challenges the world faces, and we welcome the UK Government's leadership in this area. The UK is a great place for science and discovery, and we believe this fund will provide the resources to help advance vital research," said Jan Lundberg, Ph.D., executive vice president of science and technology, and president of Lilly Research Laboratories for Eli Lilly and Company. "Our investment in this fund reflects Lilly's commitment to innovation and our history of collaboration. We look forward to working as part of this collaboration to speed the discovery of new medicines to treat one of the world's most devastating diseases."
The DDF collaboration seeks to identify and foster promising new global research in the field of dementia and supports Lilly's commitment to explore innovative approaches to scientific discovery. By providing financial support and its scientific expertise to this venture, Lilly hopes to accelerate the development of innovative new treatments for this disease.
The DDF today announced that SV Life Sciences has been appointed as Fund Manager and will be supported by a Scientific Advisory Board made up of some of the world's leading scientists. This group will identify potentially innovative projects in which the fund can invest, with the aim of speeding development of medicines that both improve symptoms and treat dementia.
Dementia affects more than 47 million people worldwide at a cost of over $604 billion a year. Every year, there are more than 7.7 million new cases. Alzheimer's disease is the most common cause of dementia and may contribute to 60 to 70 percent of cases1. While current treatments can temporarily alleviate or slow down symptoms for a limited period of 6 to 12 months or longer2, there is currently no cure for Alzheimer's disease, making it one of the world's greatest unmet medical needs.
About Eli Lilly and Company
Lilly is a global healthcare leader that unites caring with discovery to make life better for people around the world. We were founded more than a century ago by a man committed to creating high-quality medicines that meet real needs, and today we remain true to that mission in all our work. Across the globe, Lilly employees work to discover and bring life-changing medicines to those who need them, improve the understanding and management of disease, and give back to communities through philanthropy and volunteerism. To learn more about Lilly, please visit us at www.lilly.com and http://newsroom.lilly.com/social-channels. C-LLY
This press release contains forward-looking statements about the benefits of the DDF collaboration and its benefits to Lilly. It reflects Lilly's and DDF's current beliefs; however, as with any such undertaking, there are substantial risks and uncertainties in the process of drug development. There is no guarantee that Lilly or DDF will realize the expected benefits of the transaction. For further discussion of these and other risks and uncertainties, please see Lilly's latest Forms 10-Q and 10-K filed with the U.S. Securities and Exchange Commission. The companies undertake no duty to update forward-looking statements.
SOURCE Eli Lilly and Company