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Intel Co-Founder Andrew S. Grove Dedicates Portion of His Estate, Up to $40 Million, to Michael J. Fox Foundation
Date:1/10/2008

Founding Gift for "The Grove Circle," Honoring Planned Gift Donors, Reflects Shared Commitment to Transformative Approach

NEW YORK, Jan. 10 /PRNewswire-USNewswire/ --- Andrew S. Grove, co-founder of technology giant Intel and senior advisor to The Michael J. Fox Foundation for Parkinson's Research, announced his intent to bequeath a portion of his estate, up to $40 million, to The Michael J. Fox Foundation. Mr. Grove's gift will establish The Grove Circle, a society to honor those who provide for the Foundation through their wills or other planned gifts.

"Andy Grove's gift is not only an incredible vote of confidence in MJFF, but will also have a dramatic impact on MJFF's ability to fund paradigm-shifting PD research," said Katie Hood, CEO of The Michael J. Fox Foundation. "Andy's generosity, and his leadership in establishing The Grove Circle for planned gifts, will further strengthen our longtime partnership in pursuing our common goal -- to do whatever it takes, including driving change of a flawed system, to speed delivery of transformative treatments and a cure for Parkinson's disease."

"Despite decades of research, we have no known cure for any neurodegenerative disease today," said Mr. Grove. "Coming up with new treatments may require creative and even unorthodox approaches. Every interaction I've had with The Michael J. Fox Foundation over the years has demonstrated their willingness to go where others may hesitate. There is no one I trust more than the Foundation's leadership and staff to direct my contribution effectively."

Mr. Grove specifically pointed to the Foundation's progress in building an in-house scientific team that actively injects itself into the research process, drives collaboration between academic and industry researchers and, increasingly, targets funding to identify and advance the most promising therapeutic targets for PD.

Mr. Grove has worked with MJFF's leadership since May 2001. He took on the role of Senior Advisor to the Foundation in January 2006. Following his diagnoses of prostate cancer in 1995 and Parkinson's disease in 2000, his has become a major voice calling for a "cultural revolution" in biomedical research to speed the delivery of cures. In November 2007 he spoke at the annual meeting of the Society for Neuroscience, arguing that finding new treatments for disease requires different attitudes toward failed experiments and a major rebalancing of research spending.

Mr. Grove's gift will provide a further boost to MJFF's momentum by establishing The Grove Circle, a new planned giving society honoring the Foundation's many friends who plan their estates to support The Michael J. Fox Foundation after their families' needs have been met. More information on The Grove Circle, including benefits of membership and how to become a charter member, is available at http://www.michaeljfox.org.

Deborah W. Brooks, co-founder of MJFF, commented, "The Michael J. Fox Foundation's mission has always been to put itself out of business by curing PD. Needless to say, this key Foundation value is not changing with the establishment of a planned giving effort. Rather, the planned giving established by The Grove Circle's members will provide a major, long-term funding source around which we can plan and which we can leverage immediately to accelerate groundbreaking research."

Founder Michael J. Fox concluded: "Andy has been an incredible benefactor to our Foundation throughout our years of working together. Leave it to him to find one more way to maximize the impact of his generosity and foresight on behalf of PD patients everywhere."

About The Michael J. Fox Foundation

Founded in 2000, The Michael J. Fox Foundation for Parkinson's Research is dedicated to ensuring the development of a cure for Parkinson's disease within this decade through an aggressively funded research agenda. The Foundation has funded $110 million in research to date.


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SOURCE Michael J. Fox Foundation
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