Philly Money Moves: Wistar Institute gets $30M in its biggest donation yet

Philly institutions are swimming in grants this month from both the federal government and non-profits.

The Wistar Institute received its biggest donation in its history to support the construction of a new Center for Advanced Therapeutics, which will research vaccines and cancer treatments.

Plus, local business support org Mom Your Business received over $100,000 to keep building out its coworking space and the City of Philadelphia received grants from the Department of Energy.

Check out this month’s Money Moves below.

Wistar Institute receives its biggest donation in its history

University City-based research center the Wistar Institute received $30 million from an anonymous donor to support its new Center for Advanced Therapeutics.

The institute initially received $20 million at the end of 2022 and the same donor contributed another $10 million this June. Combined, this is the biggest donation Wistar has ever received.

Wistar announced this new research center in 2022 with a focus on using vaccines to treat and prevent cancer. Specifically, that includes drug discovery, small molecule therapeutics research and vaccine development. The additional $10 million will fund the construction of the center. Wistar plans to start construction on the site this summer.

“This investment positions Wistar to pursue even greater advances in research and fully realize its potential to translate those discoveries into solutions that improve human health and ultimately save lives,” Richard Horowitz, chair of Wistar’s board of trustees, said.

MYB Hub gets $130,000 to continue building out its space

Senator Bob Casey presented Mom Your Business with $130,000 in community project funding to support the continued construction of its business center and coworking space MYB Hub North.

Mom Your Business launched its MYB Hub North in North Philadelphia in February. The coworking space is an extension of Mom Your Business, which provides resources and support to women founders, specifically women of color.

The coworking space is for founders in the Mom Your Business network to host events and workshops and serve as a resource center for Black and brown founders in the neighborhood. Earlier this year, founder and CEO Tanya Morris set out to raise money to continue renovations of the space and hire a community manager.

Philly lands over $1.3 million from the DOE

The US Department of Energy awarded Philadelphia a more than $1.3 million grant from its Energy Efficiency and Conservation Block Grant (EECBG) Program. The program focuses on improving energy efficiency, lowering energy use and reducing pollution.

This money will support four energy efficiency projects. The city will be working on a cool roof program to battle extreme heat while saving energy. It will also build its decarbonization workforce and do community outreach to spread the word about energy efficiency. The last project this grant supports improves the energy efficiency in all of the School District of Philadelphia buildings.

“These investments from the EECBG Program put state and local governments in the driver’s seat to reduce emissions, increase climate resiliency, and strengthen communities for generations to come,” Jennifer M. Granholm, U.S. Secretary of Energy, said.

More Money Moves:

• Wistar Institute researcher and assistant professor Noam Auslander, received a $600,000 Women Scientists Innovation Award for Cancer Research grant from the V Foundation for Cancer Research.
• Camden-based Rowan University won a $100,000 grant from the US Environmental Protection Agency for its urban greening education project.