Hedge funder offers $1 million to cure...aging?

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A hedge fund manager is the latest to embark on one of the most ancient of human quests: immortality.

Joon Yun, president of $1 billion health care-focused Palo Alto Investors, announced a new prize last week that will award $1 million to researchers who can "hack the code of life and cure aging."

"The current health care system is doing a remarkable job addressing the diseases of aging," Yun, also a trained doctor, said in a statement. "However, doing so without solving the underlying process of aging produces escalating effects on health care spending. We need a paradigmatic revolution. The aim of the prize is to catalyze that revolution."

Yun, 46, doesn't lack pedigree. He's board-certified in radiology and served on the clinical staff at Stanford Hospital from 2000 to 2006. Yun received his bachelor of arts in biology from Harvard University and his doctorate from Duke University School of Medicine.