It is with great sadness that Albert Einstein College of Medicine has learned of the death of Michael F. Price, a member of the Einstein Board of Trustees since 2001. The namesake of our Michael F. Price Center for Genetic and Translational Medicine/Harold and Muriel Block Research Pavilion, Mr. Price was generous in his support of both Einstein and Montefiore and served as a champion of public health in the Bronx community and beyond. Most recently, he served as chair of the Board’s investment committee and a member of the executive and finance committees. He was 70.
Mr. Price was born in Glen Cove, New York. He graduated from the University of Oklahoma in 1973 with a bachelor’s degree in business administration. He began his career as a research assistant at Heine Securities Corporation. In 1982, he became a full partner. In 1988, he purchased the company and became its president and chairman. Mr. Price sold the firm to Franklin Securities in 1996. Two years later, he stepped down from day-to-day fund management duties to form MFP Investors. He remained chairman of Heine Securities until 2001 and later became a managing partner of MFP Partners.
Commitment to Philanthropy
The Price Family Foundation was established to help young people from groups that have been economically marginalized reach their fullest potential. It also aims to advance medicine by investing in promising approaches to treating diseases.
In 2001, the foundation made what was at the time the largest commitment in the history of the College of Medicine to help establish a state-of-the-art center for genetic and translational medicine. Ground was broken in 2004, and the Price Center/Block Pavilion was formally dedicated in 2008. Since then, it has played a pivotal role in advancing Einstein’s tradition of scientific collaboration with other institutions worldwide.
In 2017, Mr. Price and his family announced a transformational pledge of $25 million to establish the Price Family Foundation Fund for Translational Research. In addition, the foundation has provided seed funding to develop the Center for Experimental Therapeutics, operational support for the HealthySteps Program benefiting mothers and infants, and financial support for the renovation of Einstein’s Van Etten Building.
When the COVID-19 crisis struck in 2020, the foundation designated a portion of the pledge to advance work focused on understanding and treating the virus. Most recently, the foundation extended its support to the Albert Einstein Cancer Center.
Generous with his time, Mr. Price served as an adviser to the Johns Hopkins Berman Institute of Bioethics and to the Selfhelp Community Services Foundation. He was also a trustee of the University of Oklahoma Foundation and a member of the university’s College of International Studies’ Board of Visitors. In 2001, Time magazine named Mr. Price one of the 25 most influential people in America.