United States electronics giant General Electric has joined the global fight against obesity in a big way by investing $1 billion in cancer research over the next five years. According to reports, GE chief executive Jeff Immelt and several venture capital partners started the undertaking in order to improved the diagnostic techniques for breast cancer.
In a statement, the company said the money they will pour in for the health program will go toward research and development into technologies and solutions for cancer detection and treatment, beginning with breast cancer. GE said part of the money about $100 million is set aside for the “global open innovation challenge” to provide grants to researchers who develop promising early-detection techniques. The company explained t he contest will focus on triple negative breast cancer, a particularly aggressive kind of breast cancer which is less responsive to standard treatments than other forms of the disease.
The company added the winners will be announced in the first quarter of 2012 after selection by a jury that includes top cancer scientists as well as representatives of GE and its financial partners. Moreover, the partners of GE in this worthwhile initiative were top venture-capital firm Kleiner Perkins Caufield & Byers as well as Venrock, Mohr Davidow and MPM Capital.