Nov. 6 (Bloomberg) -- Buoyed by Senator Barack Obama's victory and a rousing set by The Who, actor Michael J. Fox presided happily over his foundation's Wednesday night fundraiser for Parkinson's disease research at New York's Sheraton New York Hotel and Towers.

``Let's Barack to the future!'' said the 47-year-old Canadian-born star of the ``Back to the Future'' films and ``Family Ties'' television series of the 1980s.

The eighth annual event, called ``A Funny Thing Happened on the Way to Cure Parkinson's,'' felt the bite of economic turmoil as its total funds raised, $4.3 million, was down from $5.5 million last year.

Patrons and celebrities such as film director Martin Scorsese and actor Ben Stiller chatted about Obama's election victory over a dinner of baked chicken, carrots and green beans. Other attendees included Rachael Ray, Derek Jeter and Scarlett Johansson. The gala drew about 800 attendees.

``The atmosphere around the country is dense with anticipation,'' actor Kevin Kline, one of the evening's hosts, said about Obama, who takes office in January.

The Michael J. Fox Foundation for Parkinson's Research, which the actor founded in 2000 after he was diagnosed with the disease, is optimistic that Obama's presidency will pave the way for more funding and stem-cell research that could help combat the disease, said Katie Hood, the nonprofit's chief executive officer.

``On the stem-cell issue, we say let's move forward,'' Hood said in an interview. ``We need to focus on how to make medical research more efficient. We believe very much in finding a path to a cure.''

Research Support

Ethical concerns, related to the destruction of embryos, have limited research on the cells. In 2001, President George W. Bush put into place a ban on use of federal funding for studying all but a few U.S.-approved cell lines. The Democratically controlled Congress and Obama are expected to offer increased support for stem-cell research.

The foundation has become one of the world's largest private sources of funding for Parkinson's, awarding about $128 million to researchers seeking a cure. The degenerative disease of the motor system results in tremors, body stiffness and loss of reflexes.

The disease didn't hold back Fox, who headed to the stage as The Who neared the end of a vigorous 75-minute set of 12 songs, including the classics ``Pinball Wizard,'' ``See Me, Feel Me'' and ``Who Are You?''

Fox, who has retired from acting and walks with a limp, flashed a broad smile as he strapped on an electric guitar and jammed with the band's remaining founding members, singer Roger Daltrey and guitarist Pete Townshend, on the finale, ``Magic Bus.''

``This is almost worth getting Parkinson's for,'' Fox told the cheering crowd.

To contact the writer of this story: Patrick Cole in New York at pcole3@Bloomberg.net.

Last Updated: November 6, 2008 11:08 EST