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Lorraine Egan, the executive director of the Damon Runyon Cancer Research Foundation, is very concerned that with the flat lining of funding from the National Institutes of Health – amounting to a reduction of 16 percent specifically in cancer research – lifesaving work will be lost.

"The discoveries themselves are going to slow down and the translation of those discoveries to patients will definitely slow down," said Egan.

That's why Damon Runyon has been the lifeline for hundreds of young scientists, enabling them to pursue innovative research that might not receive government funding.

Dr. Jedd Wolchok, a current recipient, is testing a DNA vaccine that he hopes will spur the immune system to prevent melanoma or skin cancer. His Damon Runyon award enabled him to do clinical tests on 100 patients with melanoma.

"In my career development, this has been the single-most important factor for the development of my research program," he said. "And importantly, this was a five-year award, which means that for most of that period of time, there was no concern with writing the next grant."

To date, the charity can claim credit for 11 Nobel Prize-winning discoveries made by scientists it has funded.

Another important discovery from a Damon Runyon fellow is a diagnostic test using saliva to detect throat cancer. This finding was especially significant to the history of the foundation considering that Damon Runyon himself died of throat cancer.

The Damon Runyon foundation began 62 years ago, when Runyon, whose short stories inspired the musical "Guys and Dolls," died. His friend, the radio personality Walter Winchell used his notoriety to drum up support for cancer research.

In later years, the foundation sustained itself by selling Broadway tickets at inflated prices.

With funds in diminishing supply, Damon Runyon must be very selective. Only the best and brightest are given awards.

"Last year for our innovation award, for example, we received 400 applications and we only funded three from that group," explained the Damon Runyon Foundation's Yung Lie.

Damon Runyon has since seen a reduction in applications, signaling that fewer people are choosing bio-medical research careers. Fewer scientists means fewer discoveries and ultimately fewer cures.

"What really we sacrificing then is those bold new ideas," Egan said.

This is a sacrifice that may keep scientists from discovering a cure for cancer.

For more information about the Damon Runyon Cancer Research Foundation, go to DamonRunyon.org.