Best Buy founder Richard Schulze and his family foundation will give $40 million to University of Minnesota researchers who are intent on finding a cure for Type 1 diabetes, the university announced Thursday.
The money, the second largest gift in university history, will be paid over five years and provide about half the $20 million the university will spend annually on diabetes research. Officials said they hope it will provide the financial boost needed to defeat the disease.
"We must not settle for anything less than a cure," said Dr. Bernhard Hering, who will head the project. "We only need to declare it possible."
Schulze and his daughter, Debra Schulze, 40, who has had Type 1 diabetes for 28 years, said they chose the university's program over a number of other research organizations, both public and private, after studying programs around the world. They chose the university because it seemed to be closest to finding a cure and was less focused on finding new treatments for symptoms, she said.
As many as 3 million people in the United States live with Type 1 diabetes, in which the immune system attacks islet cells in the pancreas, destroying the body's ability to produce insulin and regulate blood sugar.
"They are approaching it from all different angles," she said of the university. "It's the best of all worlds."
The family has also provided major gifts for cancer research in memory of Schulze's first wife, Sandra, who died eight years ago of cancer. In 2000 it gave a gift of $50 million to the University of St. Thomas.
Hering said the funds will be used to develop three approaches to diabetes: transplanting insulin-producing islet cells from donated human organs, developing islet cells from pigs that can be used in humans and developing islet cells from human stem cells.