The Economist Names ISB's Dr. Leroy Hood Innovation in Bioscience Award Winner; Hood Recognized for Contribution to Human Genome Project.

Business Editors, Health/Medical Writers

SEATTLE--(BUSINESS WIRE)--Sept. 18, 2002

Dr. Leroy Hood, president and director of the Institute for Systems Biology (ISB), a non-profit research institute dedicated to predicting and preventing diseases, has been named The Economist's inaugural Innovation Award winner in Bioscience for his contribution to the Human Genome Project.

"Lee Hood's automated sequencing technology galvanized the international medical community in its quest to map the human genome in the late 1990s," stated Nick Valery, editor, The Economist Technology Quarterly. "The successful completion of this ambitious endeavor has huge implications for human health, the biotech industry, and the field of medical ethics. Dr. Hood's work has spawned an entirely new industry and brought humanity closer to understanding the nature of its very being; as such, The Economist is honored to recognize his efforts."

At a ceremony this evening, awards will be presented to individuals driving leadership and value through innovation in bioscience, communications, computing, energy and the environment, and nanotechnology. A surprise sixth "no boundaries" award will also be presented. The judging committee, chaired by Nick Valery, the editor of The Economist Technology Quarterly, relied on specialized knowledge in each of the categories and used three main criteria to select the final award winner.

"I am honored to receive the Innovation Award in Biosciences," stated Dr. Hood. "This award for the automated DNA sequencer, the instrument that made the Human Genome Project possible, represents the combined efforts of several colleagues, including Lloyd Smith and Mike Hunkapiller." Dr. Lloyd Smith currently serves as professor of Chemistry at the University of Wisconsin -- Madison, and Dr. Michael Hunkapiller is now president of Applied Biosystems.

"In my view, innovation in the Biosciences must be driven by the perceived needs of biology," stated Hood. "It also requires intuition in selecting appropriate problems; thinking out of the box; conviction that anything is possible; ability to accomplish challenging tasks; and capacity to persuade key individuals that what you have done is worthwhile."

These are the concepts on which Dr. Hood co-founded a non-profit research institute -- the Institute for Systems Biology in Seattle in 2000. The Institute is innovating a systems approach to biology -- studying, integrating and modeling the behaviors of all the elements in a biological system to gain deep insights into their systems behaviors. "This approach, requiring the integration of biology, medicine, technology and computation, I predict, will dominate 21st century biology and medicine," Hood continued. "My thanks to The Economist for highlighting the critical importance of innovation in science, technology and business."

Award candidates were nominated based on their effect on a marketplace or the creation of a new market; impact on an emerging branch of science and technology; and impact on revenue of the sponsoring organization or enterprise over the past decade. Nominations were solicited from key science and technology writers at The Economist, The Economist Technology Quarterly readership and a judging panel of industry, academic, and investment luminaries.

About the Institute for Systems Biology

Systems Biology is an emerging discipline that takes a more global look at complex biological functions. The Institute for Systems Biology is one of the most visible and pioneering research organizations in the world dedicated to this new approach that requires the integration of science, technology and bioinformatics in ways that would have been impossible only a few years ago. The Institute is also committed to pioneering new approaches to science education and increasing public awareness of biotechnology issues.

The Institute was founded by Dr. Leroy Hood, Dr. Ruedi Aebersold and Dr. Alan Aderem in 2000 and rapidly grew to a faculty of eight and a staff of more than 170.

Hood, the Institute's president and director, led the development of the automated DNA sequencing technology that enabled the Human Genome Project and was among the small group that advocated for the effort in 1985. Associate Director Alan Aderem, a prominent immunologist and cell biologist and pioneer in the study of innate immunity, has provided scientists with fundamental insights into the functioning of the macrophage. Aebersold, who is widely recognized for his work in analytical protein biochemistry and proteomics, leads a research group at the ISB that is focused on developing new methods and technologies for understanding the structure, function and control of complex biological systems.

About The Economist Awards and Summit

The Awards and Summit, developed in cooperation with Phocas Partners and sponsored by Scottish Development International and Burson-Marsteller, bring together a prestigious speaker faculty with diverse backgrounds offering new ways to look at innovation. While many of the world's most successful businesses look to innovation as a driving force, helping them to reduce costs, increase ROI and, ultimately, maximize shareholder value, a sustainable innovation-centric culture is not created overnight. The Summit explores the issues involved, drawing on the full weight of The Economist's intellectual capital -- in particular its Technology Quarterly.