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The Archon X Prize in genomics, the second X Prize to be awarded by the X Prize Foundation, based in Santa Monica, California, was announced October 4th, 2006. The Archon X Prize in genomics is a joint effort of the X Prize Foundation and the J. Craig Venter Science Foundation.

The $10 million prize (US), donated by diamond prospector Stewart Blusson, is to be awarded to "the first Team that can build a device and use it to sequence 100 human genomes within 10 days or less, with an accuracy of no more than one error in every 100,000 bases sequenced, with sequences accurately covering at least 98% of the genome, and at a recurring cost of no more than $10,000 (US) per genome."

In comparison, the Human Genome Project, was completed at an overall cost of some $3 billion (US), in 2003, by the joint effort of several teams, one of which was that of Dr. J. Craig Venter, who led the first private team to successfully sequence a complete human genome. In preceding decades, combined governmental and private funding efforts spent hundreds of millions of dollars to develop the instrumentation required. It took the Venter team hundreds of millions (US) and nine months to achieve their historic accomplishment

The J. Craig Venter Science Foundation offered the $500,000 (US) Innovation in Genomics Science and Technology Prize in September 2003 aimed at stimulating development of less expensive and faster sequencing technology. To attract even more resources to this exceptionally worthy goal, Dr. Venter joined forces with the X PRIZE Foundation, wrapping his competition and prize purse into the new Archon X PRIZE for Genomics.

The purpose of Archon X PRIZE competition is to develop radically new technology that will dramatically reduce the time and cost of sequencing genomes, and accelerate a new era of predictive and personalized medicine. The X PRIZE Foundation aims to enable the development of low-cost diagnostic sequencing of human genomes.

If more than one Team attempts the competition at the same time, and more than one Team fulfills all the criteria, then Teams will be ranked according to the time of completion. No more than three teams will be ranked and will share the purse in the following manner: $7.5 million to the winner and $2.5 million to the second place team if two teams are successful, or $7 million, $2 million and $1 million if three teams are successful.

Actual competition events will take place twice a year with all eligible teams given the opportunity to make an attempt, starting at precisely the same time as the other teams.

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