GE has launched a new initiative aimed at accelerating cancer innovation and improving care for 10 million patients around the world by 2020. As part of Thursday's announcement, GE is sponsoring a $100 million open innovation challenge to identify and bring to market ideas that advance breast cancer diagnostics.

As part of its healthymagination initiative, GE's Chairman and CEO Jeff Immelt, alongside several venture capital partners, announced that GE will invest $1 billion over the next five years on R&D programs to expand its suite of advanced technologies and solutions for cancer detection and treatment, beginning with breast cancer.

"We envision a day when cancer is no longer a deadly disease," said Immelt. "When you add our cutting edge cancer detection technologies to the innovative ideas of our new partners, it's a powerful formula for tackling cancer and helping doctors and researchers improve care."

The $100 million global open innovation challenge that seeks to advance breast cancer diagnostics and help healthcare professionals better understand tumors associated with so-called triple negative cancer, a type of cancer that is less responsive to standard treatments and is typically more aggressive, as well as the molecular similarities between breast cancer and other solid tumors – improving early detection, allowing for more accurate diagnoses and ultimately helping doctors make the best possible treatment decisions based on each patient's unique cancer.

The challenge, open immediately for entries, was launched in collaboration with leading venture capital firms Kleiner Perkins Caufield & Byers, Venrock, Mohr Davidow and MPM Capital. The effort will also feature a special focus on data, in partnership with O'Reilly Media.

Among other announcements from GE on Thursday:

• Investment on the development of a “super database" meant to consolidate clinical, pathology, therapy and outcomes data in one place
• A new mobile mammography concept, SenoCase, that could transform access to screening in underserved areas
• A new imaging technique, SenoBright, that improves accuracy of breast exams and helps doctors better identify patients who need biopsies
• Partnerships in Wyoming, Saudi Arabia and China to expand access to mammography screening and breast cancer technology

"Extraordinary things can happen when you apply imagination to solve big problems," said Nancy Brinker, founder and CEO, Susan G. Komen for the Cure. "This initiative brings new innovation, commitment and significant resources to the table, and we're very excited about its potential to help us end suffering and death, on a global scale, from the most commonly diagnosed cancer in women."

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