Rich66
09-19-2011, 10:52 PM
http://www.bloomberg.com/news/2011-09-20/billionaire-autozone-founder-pumps-fortune-into-cancer-fight.html
In the 15 years since J.R. “Pitt” Hyde was diagnosed with prostate cancer, the founder of AutoZone Inc. (AZO) (http://www.bloomberg.com/apps/quote?ticker=AZO:US) has devoted the largest single portion of his billion-dollar fortune to searching for a cure. After his own successful surgery for prostate cancer, Hyde began donating money for Steiner’s research at the University of Tennessee (http://topics.bloomberg.com/tennessee/) before they launched GTx. Hyde has been cancer-free since his surgery, Steiner said.
Steiner called Hyde’s investment in GTx “a dream come true” because it rescued his research from the cash-starved academic field.
“In academics, you have to get a grant and you’re lucky to get an $80,000 or $100,000 grant which is only going to cover a fraction of what you need,” said Steiner. “You need to put in 20 years or 30 years of your life to see something move very little. In industry, you can really move it because you have the resources and the people and you pay them well.”
Over the years, Steiner taught Hyde about science and Hyde taught him about business.
“With Pitt having had prostate cancer, he gets it, he understands it,” said Steiner. “Having a combination of the surgeon and the grateful patient, it’s just a very unusual mix.
In the 15 years since J.R. “Pitt” Hyde was diagnosed with prostate cancer, the founder of AutoZone Inc. (AZO) (http://www.bloomberg.com/apps/quote?ticker=AZO:US) has devoted the largest single portion of his billion-dollar fortune to searching for a cure. After his own successful surgery for prostate cancer, Hyde began donating money for Steiner’s research at the University of Tennessee (http://topics.bloomberg.com/tennessee/) before they launched GTx. Hyde has been cancer-free since his surgery, Steiner said.
Steiner called Hyde’s investment in GTx “a dream come true” because it rescued his research from the cash-starved academic field.
“In academics, you have to get a grant and you’re lucky to get an $80,000 or $100,000 grant which is only going to cover a fraction of what you need,” said Steiner. “You need to put in 20 years or 30 years of your life to see something move very little. In industry, you can really move it because you have the resources and the people and you pay them well.”
Over the years, Steiner taught Hyde about science and Hyde taught him about business.
“With Pitt having had prostate cancer, he gets it, he understands it,” said Steiner. “Having a combination of the surgeon and the grateful patient, it’s just a very unusual mix.