ELMSFORD, NY (Mar 20, 2007) - Reveo, Inc. has registered to compete in the $10M Archon Prize for Genomics sponsored by the X-prize Foundation (www.xprize.org). This prize, which is the largest medical prize in history, will be awarded to the first team who can develop an instrument and use it to sequence 100 human genomes in 10 days, costing < $10,000/ genome, having an accuracy of 99.999% with 98% complete coverage. Reveo intends to win this competition through a disruptive technology that was invented by Reveo’s CEO and chairman, Dr. Sadeg M. Faris.
This concept device which is called the Omni Molecular Recognizer Application (OmniMoRA) is based on arrays of nano-knife edge probes that directly and non-destructively read the sequence of 3 billion base-pairs that comprise the human genome. Reveo’s team of engineers and scientists believe this concept can be developed to accomplish and surpass the requirements set forth by the X-Prize by delivering a sequencing instrument with 100% error-free reads and 100% coverage that can read an entire human genome in minutes for pennies per genome.
This significance of having such a fast, affordable and reliable instrument capable of reaching these standards will usher in a new era for personalized medical diagnostic tools to enable physicians a means to discover and treat diseases before they strike. With this disruptive technology, it will be possible to map entire genomes of all living beings to gain the fundamental knowledge on environmental and hereditary influences of all diseases to invent personalized vaccines to eradicate cancers, diabetes, and Alzheimers.
Upon approval from the X-Prize organizing committee, Reveo, Inc. will compete with teams from VisiGen Biotechnologies, Inc., 454 Life Sciences and the Foundation for Applied Molecular Evolution in the quest for developing a revolutionary sequencing instrument for the benefit of global health.