EXCERPT

Back in 2006, we announced the Archon Genomics XPRIZE presented by Express Scripts, which offered $10 million to the first team that could rapidly and accurately sequence 100 whole human genomes to a standard never before achieved at a cost of $10,000 or less per genome. After careful consideration, we decided that the competition was not incentivizing the technological changes that our prize chair, Dr. Craig Venter, our sponsors Stewart and Marilyn Blusson, and the XPRIZE board had intended.

What we realized is that genome sequencing technology is plummeting in cost and increasing in speed independent of our competition. Today, companies can do this for less than $5,000 per genome, in a few days or less – and are moving quickly towards the goals we set for the prize. For this reason, we have decided to cancel an XPRIZE for the first time ever. The decision to cancel the competition fortunately occurred prior to us entering into Master Team Agreements, providing us with the flexibility to return the $10 million prize purse to the Blussons.

EXCERPT

SOURCE