Cystic Fibrosis Foundation President Rings Bell to Close New York Stock Exchange
Federal Realty Investment Trust Invites Foundation to celebrate scientific advancements that have fueled longer life for people with CF
May 13, 2008
(Bethesda, M.D.)—To celebrate remarkable progress in treating cystic fibrosis—a fatal genetic disease—Federal Realty Investment Trust invited the Cystic Fibrosis Foundation to join the company as honored guests of the New York Stock Exchange (NYSE) today.
Life expectancy for people with CF has more than doubled in the past 25 years, as a result of scientific advances fueled by the Foundation. When the Foundation was established in 1955, few children with the disease lived to attend elementary school. Today, the median predicted age of survival for people with CF is 37 years.
In recognition of the Foundation’s achievements and National CF Awareness Month, Robert J. Beall, Ph.D., president and CEO of the Foundation and Donald Wood, president and CEO of Federal Realty Investment Trust, rang the NYSE bell signaling the close of the market at 4:00 p.m. today.
“We are pleased and honored to take part in this distinguished NYSE tradition,” said Beall. “People with cystic fibrosis are living longer than ever, and we are excited about this tremendous progress. At the same time, there is much work to be done in the fight against this devastating disease.”
To advance the search for a cure, the Foundation has built a “pipeline of promise” with more than 30 therapies in development for cystic fibrosis, and invested nearly $300 million in CF research in the biotech industry since 1998. For the first time in the history of the disease, the Foundation’s pipeline has drugs under development that target the root causes of cystic fibrosis—not just the symptoms. If successful, these therapies will add decades of life for people with CF.
Virtually every approved CF drug available today was made possible because of Foundation support. Since the 1980s, the Foundation has played an integral role in the development of Pulmozyme, TOBI, azithromycin and hypertonic saline for use as CF treatments.
“This is truly an exciting time for the CF community, with so many promising therapies in development,” said Federal Realty Investment Trust president and CEO Donald Wood. “We are more passionate than ever about the Foundation’s critical work to cure and control cystic fibrosis.”
Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT.
About the Cystic Fibrosis Foundation
The Cystic Fibrosis Foundation is the leading organization in the United States devoted to curing and controlling cystic fibrosis. Headquartered in Bethesda, Md., the Foundation has more than 80 chapters and branch offices throughout the country and supports and accredits a nationwide network of 115 care centers, which provide vital treatments and other CF resources to patients and families. For more information, visit www.cff.org.
- Laurie Fink, Director of Media Relations: 301-841-2602; email@example.com