Breakthrough T1D says it fired three board members of the T1D Fund to protect the interest of donors; those dismissed say Breakthrough crushed the fund's independence. The venture arm of diabetes research nonprofit Breakthrough T1D was ramping up its efforts to raise $150 million to propel new treatments to market when its leadership collapsed from within. The T1D Fund, a venture philanthropy, had backed dozens of startups and drawn venture capitalists to Type 1 diabetes.
But its efforts also stoked tensions with the Breakthrough brass, which came to believe that some leaders of the T1D Fund were whittling away at Breakthrough's oversight and intent on separating the fund from the foundation.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing