Icahn invests in the future of medicine

02/24/04

$25 million gift to the Mount Sinai Medical Center will support vital research

The Mount Sinai Medical Center today announced that foundations funded by Carl C. Icahn have committed $25 million to the Medical Center. The gift to The Mount Sinai Medical Center will help support research at Mount Sinai School of Medicine, which has the fastest growing research program in New York State. In recognition of his generosity, a state-of-the-art research building on the Mount Sinai campus, 1425 Madison Avenue, will be named The Icahn Medical Institute.

"We are delighted to receive this tremendously generous donation," said Peter W. May, the Chairman of the Boards of Trustees of The Mount Sinai Medical Center. "The fiscal challenges facing all academic medical centers give particular weight to the message of support inherent in this gift."

"This gift will help support researchers who are expanding our understanding of health and disease at the molecular, cellular, system and whole body level; identifying the underlying causes of diseases; developing new therapies; and bringing our patients tomorrow's medicine today," said Kenneth L. Davis, M.D., President and CEO of The Mount Sinai Medical Center and Dean of Mount Sinai School of Medicine.

Mr. Icahn said, "I've successfully made money through discerning which investments have the greatest potential for return. The numerous Mount Sinai generated discoveries that have been translated into improvements in patient care and its ranking among the nation's top medical schools provide an excellent basis for me to expect rich rewards for society from this investment."

A landmark of the Upper East Side skyline, the building to be named for Mr. Icahn was designed by the architectural firm Davis Brody Bond, LLP and was completed in 1997. It is home to scientists searching for answers to some of the most puzzling questions in contemporary biomedical science. This building has provided the space and facilities necessary for Mount Sinai School of Medicine to greatly expand its research programs. In the academic fiscal year '03, research funding to Mount Sinai School of Medicine from all sources totaled $241.90 million, this represents more than a 133% increase since 1997. Philanthropic support to Mount Sinai is also a strong and growing force. In 2003 the Medical Center received over $100 million in contributions.

Carl Icahn is the president and chairman of Icahn Associates, an investment firm with affiliated companies specializing in real estate development, oil and gas, rail car leasing and manufacturing and telecommunications. He was elected to the Mount Sinai Board of Trustees in the fall of 2000. A noted philanthropist, Mr. Icahn has established foundations that serve a diverse range of educational and charitable endeavors. At his alma mater, he established the Carl C. Icahn Laboratory for Princeton University's Institute for Integrated Genomics. At Choate Rosemary Hall, in Wallingford CT., he established the Icahn Scholars Program, as well as the Carl C. Icahn Science Center – Choate's science building. In the Bronx, he founded Icahn House – a home for single mothers and their children, as well as the Carl C. Icahn Charter School for grades K-4. And, just last month, Mr. Icahn announced a $10 million gift for the sponsorship of a new world class track and field stadium on Randall's Island.

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