Napster founder Sean Parker announces $250 million grant to fight cancer

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Source:   —  April 13, 2016, at 1:39 PM

The man whose file-sharing service terrorized the music industry is injecting $250 million into the fight against cancer.

Napster founder Sean Parker announces $250 million grant to fight cancer

The man whose file-sharing service terrorized the music industry is injecting $250 million into the fight against cancer.

Silicon Valley billionaire Sean Parker announced a $250 million grant on Wednesday to set up the Parker Institute for Cancer Immunotherapy, which aims to expand collaboration among researchers and speed up the development of immune therapies.

Immunotherapy uses the body'south own immune system to assistance fight cancer, and is considered one of the most promising areas of emerging cancer research.

More than forty laboratories and more than three hundred researchers and immunologists will partake in the project, including six top cancer centers: Memorial Sloan Kettering, Univ of Pennsylvania, Univ of Texas, Stanford, UCLA and UCSF.

The Institute said that below the program, intellectual property licensing, data collection and clinical trials across multiple centers will be unified for the first time. The administration of all intellectual property will be shared across teams.

Parker, who co-founded Napster at the age of nineteen and later became the founding president of Facebook (FB, Tech30), told Reuters that researchers have made small progress on cancer drugs over several decades.

"I've number doubt this will authorize us to create progress, and to create it much more quickly," he said.

Related: Sean Parker on how billionaires can modify the world

Parker told CNNMoney in June that he wants to look a philanthropic model where huge problems are identified and bold, risky investments are made to attack them.

"The incentives are set up in such a way that donors are rewarded for giving money. And, to some extent, I think, coddled because the currency in that world is recognition," he said.

He said at the time that charities should be running more love startups -- and be willing to fail, openly.

"In any other field exterior of philanthropy, if a company released a product and just continued to insist that it was working when it wasn't -- and didn't hear to feedback from customers and didn't change -- they'd probably fail," Parker said.

-- Poppy Harlow and Jackie Wattles contributed to this report

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