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AUSTIN -- A $50 million donation from the Austin-based Livestrong Foundation will establish an innovative cancer unit at the Dell Medical School at the University of Texas at Austin.

The gift put UT over its goal for raising $3 billion during the eight-year "Campaign for Texas" fundraising campaign, which ends Aug. 31.

According to UT, the Livestrong Cancer Institutes will focus on developing and promoting a broad approach to helping patients and their loved ones navigate the disease, such as understanding insurance, signing up for clinical trials and connecting with other patients dealing with similar issues.

"The Livestrong Cancer Institutes will bring to the Dell Medical School the cause of patient-centered care that has been at the heart of the foundation's work since its beginning 17 years ago. I am so thankful to Liverstrong and so excited about the groundwork this lays within the Dell Medical School," said UT Austin President Bill Powers in a statement. "Revolutionary advances will flow from this partnership. Lives will be saved, and lives will be made far better because of the Livestrong Foundation's generosity and strategic vision."

According to KVUE's partners at the Austin American-Statesman, the foundation's gift will be paid over a 10-year period.

Funds from the Austin-based Livestrong Foundation are earmarked for the Dell Medical School to establish the Livestrong Cancer Institutes. The Dell Medical School will enroll its first class in the summer of 2016.

Disgraced cycling great Lance Armstrong in October 2012 stepped down as chairman of his cancer-fighting charity. He later admitted to doping.

The original Lance Armstrong Foundation changed its name to the Livestrong Foundation. Armstrong no longer has ties to the charity that turned a little yellow wristband into a global symbol for cancer survivors - including him.

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