Google had announced its plans to form a new company to be named Calico. The firm would be headed by Apple and Genentech chairman Art Levinson. The goal of the company is to development technology that would address many health issues associated with the aging process.

The new firm would be run distinctly from Google, the largest internet search engine firm. The focus would be on the elimination of life-threatening and problems that hinder and and hamper mental and physical agility because of the aging process.

According to Google CEO Larry Page in an online post, "While this is clearly a long-term bet, we believe we can make good progress within reasonable timescales with the right goals and the right people."

There were no other information provided by the search engine giant on the new company. Information sought included where it would be based, the number of employees or if Page would play a direct role in the operations. What is known though is Google's investment in Calico is 'significant' and designed to allow the company the leeway to invest in many different projects across many spectrums, according to a source familiar with the matter who shared with Reuters the information.