Stanford Professor Wins $500K MIT Invention Prize

A Stanford University professor has won a $500,000 award from a Massachusetts Institute of Technology program in recognition of his inventions.

In awarding the 2012 Lemelson-MIT Prize, school officials called Stephen Quake "a prolific inventor with a fearless ability to explore and work across disciplines."

Quake invented a chip, similar to those in electronic devices, that lets scientists take nearly 10,000 different measurements at once.

Pharmaceutical companies and researchers are using the rubber chip technology in developing cancer drugs.

Quake's research has led to the creation of four companies and 82 patents.

The 43-year-old professor of bioengineering and applied physics also created a non-invasive prenatal testing method for detecting Down syndrome.

Quake says he is "incredibly excited and humbled" by the prize, which has been dubbed the "Oscar for inventors."