Gund pledges $50 million for blindness research

Businessman and philanthropist Gordon Gund is pledging $50 million in matching donations as part of an effort to restore vision for some blind people.

Gund is chairman of the Foundation Fighting Blindness, based in Columbia, Maryland. The 74-year-old former owner of the Cleveland Cavaliers lost his sight to a degenerative retinal disease at age 30.

On Saturday, the foundation announced that Gund will match $50 million or more in contributions to fund research to cure retinal diseases that cause blindness. The goal is to raise $100 million total by 2020.

Gund says the foundation has already made significant advances toward its and that the funding will help maintain its momentum. Research from the foundation helped lead to the commercial launch of the first "bionic retina."

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