SOURCE: INNOCENTIVE, INC.

September 16, 2008 11:06 ET

InnoCentive and FasterCures Align to Seek Help in Finding Innovative Treatments and Cures for Major Diseases

The First Challenge Posted on InnoCentive Will Seek Ideas for Encouraging More Investment and Collaboration on Biomarker Research Within the Biopharmaceutical Industry to Accelerate Medical Solutions

WALTHAM, MA and WASHINGTON, DC--(Marketwire - September 16, 2008) - InnoCentive, Inc., the Global Innovation Marketplace, and FasterCures/The Center for Accelerating Medical Solutions, today announced that they have partnered to seek solutions from the public that advance medical research, encourage faster development of new diagnostics, and enable personalized medical treatments. The just-released Challenge seeks innovative ideas for spurring biopharmaceutical industry investment and collaboration in biomarker research.

News Highlights

-- The first Challenge will seek ideas that encourage companies to invest and collaborate more in biomarker research and qualification.

-- According to the Institute of Medicine, a biomarker is "any characteristic that can be objectively measured and evaluated as an indicator of normal biological or pathogenic processes, or of pharmacological response to a therapeutic intervention."

-- Biomarkers are used by medical professionals to determine proper diagnosis, prognosis and the optimal course of treatment for a patient. Furthermore, biomarkers are widely viewed as a critical technology to personalizing treatment choices and maximizing the impact of medical treatments.

-- Biomarkers are also a pivotal part of biomedical research process and can shave years and millions of dollars from the research and development process.

-- FasterCures is a nonprofit organization whose mission is to identify and implement global solutions to accelerate the process of discovery and clinical development of new therapies for the treatment of deadly and debilitating diseases.

-- This Challenge will be posted in InnoCentive's Global Health Pavilion, a section of the website that focuses on Challenges that contribute to solving some of the world's biggest Health challenges.

-- In support of its mission to change the world and influence the lives of people everywhere, InnoCentive is providing shared funding for this Challenge as its initial philanthropic initiative in open innovation.

-- The partnership will allow FasterCures to reach InnoCentive's network of more than 160,000 Solvers based in 175 countries worldwide.

-- This is one of many partnerships InnoCentive has had with nonprofit organizations to encourage solutions to world problems. Other partners include: GlobalGiving, Prize4Life, the Rockefeller Foundation, the ASSET India Foundation and the Rural Innovations Network.

Executive Quotes

Gregory C. Simon, President, FasterCures

"Accurate and reliable biomarkers can shave years and millions of dollars from the biomedical research process. But the healthcare industry has little incentive to invest in biomarker research and development and keep the results of their investment in the public domain, where it can do the most good. Reducing the 'first-mover disadvantage' in biomarker research and validation can significantly accelerate the search for cures and improved treatments for deadly and debilitating diseases."

Tom Venable, Executive Vice President, InnoCentive, Inc.

"We are excited to announce this partnership as our first philanthropic challenge where InnoCentive is providing award funding as part of our mission to invest in causes that our employees and shareholders are passionate about. We believe FasterCures is a great organization to partner with as any ideas generated will be shared with research organizations across the disease spectrum. Over the years we've found that some of the best solutions have come from the most unexpected sources and by using our solver community, FasterCures will increase its likelihood of finding great ideas to change the economics and speed of biomarker development."

About FasterCures

FasterCures/The Center for Accelerating Medical Solutions is committed to saving lives by saving time in the research, discovery and development of new treatments for deadly and debilitating diseases. FasterCures, a center of the Milken Institute, is nonpartisan, nonprofit and independent of interest groups.

For more information, visit www.fastercures.org.

About InnoCentive

Founded in 2001, InnoCentive built the first global web community for open innovation, enabling scientists, engineers, professionals and entrepreneurs to collaborate to deliver breakthrough solutions for R&D-driven organizations. InnoCentive Seekers, who collectively spend billions of dollars on R&D, submit complex problems to the InnoCentive Marketplace where more than 160,000 engineers, scientists, inventors, business people, and research organizations in more than 175 countries are invited to solve them. Solvers who deliver the most innovative solutions receive financial awards ranging up to US$1,000,000. InnoCentive's Seekers include commercial, government and non-profit organizations such as Procter & Gamble, Pendulum, Eli Lilly and Company, Janssen, Solvay, GlobalGiving and The Rockefeller Foundation.

For more information on InnoCentive, go to: www.innocentive.com.

InnoCentive and InnoCentive Challenge are registered trademarks of InnoCentive, Inc. Other product or service names mentioned herein are the trademarks of their respective owners.

Contact Information

  • For More Information contact:
    InnoCentive, Inc.
    Liz Moise
    Marketing Manager
    978-482-3300
    Email Contact

    FasterCures
    Cecilia Arradaza
    Communications Director
    202-336-8912
    Email Contact