A Venture Philanthropist Makes the Case for Advocates Taking Equity

Debra Miller’s son Hawken was diagnosed with Duchenne muscular dystrophy at the age of 5. Rather than just accept his fate with the rare neuromuscular condition, Miller and her husband Paul launched CureDuchenne to stimulate the development of treatments and potential cures for the condition. The organization subsequently launched a venture philanthropy fund that, to date, has financed 17 research projects that have advanced to human clinical trials and seen others invest nearly $3 billion in follow-on funding for companies that it has backed. We spoke to Miller about CureDuchenne’s experience with venture philanthropy, the case for patient advocacy organizations taking equity in exchange for their funding, and what other advocates hoping to stimulate drug development can learn from CureDuchenne’s experience.