In June three well-known research organizations, The Howard Hughes Medical Institute, the Max Planck Society and the Wellcome Trust, announced they intend to start a new top-tier open access biomedical and life sciences journal.
From the June 27, 2011 press release:
"All research published in the journal will make highly significant contributions that will extend the boundaries of scientific knowledge.
A team of highly regarded, experienced and actively practising scientists will ensure fair, swift and transparent editorial decisions followed by rapid online publication. The first issue of the journal, whose name has yet to be decided, is expected to be published in the summer of 2012."
"The journal will be an open access journal: the entire content will be freely available for all to read, to reproduce and for unrestricted use. This open access system will also enhance opportunities to share content and to more directly engage the reader."
And from the July 11, 2011 press release:
"Randy Schekman, a distinguished cell biologist and the 14th editor of ‘Proceedings of the National Academy of Sciences’, has been named the first editor of a new journal"