Johns Hopkins University in Baltimore has launched the Bloomberg-Kimmel Institute for Cancer Immunotherapy, an institute entirely devoted to researching cancer treatment, with $125 million in donations.

The institute was started with two $50 million donations, one from former New York City mayor Michael R. Bloomberg and the other from philanthropist Sidney Kimmel.

Vice President Joe Biden, who famously spread word of the Obama administration’s “moonshot” to end cancer back in January, spoke at the institute's dedication.

“This institute is going to perfect new therapies and bring hope to millions of people,” Biden said, as quoted by Johns Hopkins in a statement. “I'm convinced, not only will we save millions of lives, we will re-instill in the American public the notion that anything is possible.”

According to another Johns Hopkins statement, the funds will be used primarily for research, but will also help recruit scientists, provide infrastructure, and “enhance partnerships with the private sector.”

“We believe the focused and collaborative research made possible through the Bloomberg–Kimmel Institute for Cancer Immunotherapy will advance immunotherapies to the point where the immune system will ultimately be able to beat 100 percent of cancers,” Drew Pardoll, MD, PhD, the institute's director, said in the statement. “The potential to control or cure even the most advanced, treatment-resistant cancers has been elusive until now.”