£30m venture philanthropy fund launched to accelerate development of new myeloma treatments
The DFN Foundation and philanthropist David Forbes-Nixon OBE have committed £15 million towards a new £30 million venture philanthropy fund, aimed at supporting early-stage biotech ventures developing potential treatments, diagnostics and technologies for myeloma.
The Jacquelin Forbes-Nixon Myeloma Fund (JFN Myeloma Fund) will use philanthropic capital to invest in promising early-stage science and biotechnology companies, targeting a funding gap between scientific discovery and conventional commercial investment.
The fund is being established by the DFN Foundation, with an initial £10 million commitment from the Foundation and a further £5 million personally committed by its founder, David Forbes-Nixon OBE. A further £15 million is being sought from philanthropic partners to reach the fund's £30 million target.
Unlike traditional charitable grants, the fund will operate through an evergreen venture philanthropy model, investing in early-stage ventures and reinvesting returns from successful investments into future research and innovation. Its focus will be on promising scientific developments that may be considered too early-stage or high-risk to attract conventional commercial funding.
Addressing the funding gap in myeloma research
Myeloma is an incurable blood cancer that develops in the bone marrow. Around 16 people are diagnosed with the disease every day in the UK, while approximately eight die from it daily, according to Myeloma UK.
Although advances in immunotherapy and precision medicine have improved treatment options for some patients, myeloma remains difficult to diagnose and treat. Around one-third of patients are diagnosed following an emergency presentation, while one in four waits more than ten months for the correct diagnosis.
For patients, delayed diagnosis can mean living with irreversible bone or kidney damage, severe pain and weakened immune systems.
While scientific progress continues to create new opportunities for treatment, early-stage research and emerging biotech companies can struggle to secure the investment needed to translate discoveries into clinical applications.
The JFN Myeloma Fund aims to address this challenge by providing specialist philanthropic capital at an earlier stage of development, helping promising scientific ideas progress towards potential treatments and diagnostics.
The funding challenge is also part of a wider conversation about how advances in myeloma research translate into meaningful options for patients. In a previous BioFocus feature, Amy Capper, Senior Policy Officer at Myeloma UK, explored the importance of equitable NHS access to innovative treatments, including CAR-T cell therapy. The article highlighted the challenges of ensuring patients can benefit from emerging therapies, regardless of their ability to pay.
While that discussion focused on access to existing and emerging treatments, the launch of the JFN Myeloma Fund highlights another important part of the challenge: ensuring promising scientific developments receive the investment needed to progress towards new treatments.
Read our previous feature: Myeloma UK's call for equitable NHS access to CAR-T cell treatment.
The fund forms part of the wider Jacquelin Forbes-Nixon Myeloma Mission, which aims to deliver a functional cure for an increasing proportion of patients over the next decade and beyond. This ambition includes enabling more patients to live well with the disease without requiring indefinite treatment, and ultimately preventing deaths from myeloma.
Experienced biotech leadership and investment expertise
Dr Stephanie Oestreich has been appointed Managing Director of the JFN Myeloma Fund, overseeing its establishment and future operations.
Oestreich was previously Managing Director of the Myeloma Investment Fund at the Multiple Myeloma Research Foundation (MMRF). Her experience also includes senior pharmaceutical and biotech roles at Novartis, Roche, Galecto, Mnemo Therapeutics and Evotec, alongside venture investment experience as a Venture Partner at RA Capital.
She also teaches Healthcare Ventures at MIT Sloan School and has advised several early-stage biotech companies.
Commenting on the fund's launch, David Forbes-Nixon OBE, founder and Chairman of the DFN Foundation and JFN Myeloma Fund, said:
“When my mother Jacquelin died from myeloma, I promised her I would do everything I could to help find a cure. Twenty years later, science has advanced enormously, but too many promising ideas still struggle to secure investment because they are considered too early or too risky."
"That is why the DFN Foundation is committing £10 million, and I am personally committing a further £5 million. We now want others to match that commitment and help us build a £30 million fund."
“This is not simply about making a large donation. We want our capital to be catalytic, attracting further investment and recycling returns into future breakthroughs. For me this is deeply personal, but it is also a moment of real scientific opportunity.”
Dr Stephanie Oestreich, Managing Director of the JFN Myeloma Fund, added:
“There is outstanding science emerging in myeloma, but excellent science does not automatically become a treatment. At the earliest stages, companies often need specialist capital or scientific guidance before larger investors are prepared to follow. Success in this area will ultimately be measured by whether we can get better treatments to patients faster. That’s the space this fund will be operating in.”
Bringing together scientific and investment expertise
The fund will be supported by international scientific and investment advisers, with Jonathan Tobin, Partner at life sciences investment firm Brandon Capital, appointed to co-chair its Investment Advisory Committee alongside Forbes-Nixon.
Professor Paul G. Richardson, Clinical Program Leader and Director of Clinical Research at the Jerome Lipper Multiple Myeloma Center at Dana-Farber Cancer Institute and Professor of Medicine at Harvard Medical School, will chair its Scientific Advisory Committee.
The fund is currently being established as a UK charitable company, with company registration and Charity Commission approval pending.
Through its venture philanthropy model, the JFN Myeloma Fund aims to create a longer-term source of capital for early-stage myeloma innovation, supporting the development of new approaches to treatment and diagnosis that might otherwise struggle to secure investment.
This article is based on information supplied by the DFN Foundation through its announcement dated 2 November 2026.
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BioFocus Newsroom