Jul 22, 2014 02:59 PM EDT By J Baulkman, UniversityHerald Reporter

The Broad Institute, a biomedical research juggernaut affiliated with Harvard University and the Massachusetts Institute of Technology, received a $650 million gift for psychiatric research, The Boston Globe reported.

The donation from philanthropist and businessman Ted Stanley is the largest ever in psychiatric research. His multi-million dollar commitment will support research by a collaborative network of researchers within the Stanley Center for Psychiatric Research at the Broad Institute, a biomedical research institution that brings together faculty from MIT, Harvard University, the Harvard-affiliated hospitals, and collaborators worldwide.

The gift coincides with the publication of the "largest genomic study of schizophrenia, which identified more than 100 spots in the genome that are associated with the disease," The Boston Globe reported.

Stanley became interested in mental health issues when his son was diagnosed with bipolar disorder. He and his wife, Vada Stanley have been instrumental to the progress made thus far r in identifying the genetic risk factors for schizophrenia and bipolar disorder and the initiation of therapeutic efforts based on those discoveries.

Their gifts made possible the establishment of the Stanley Center at the Broad Institute in 2007 and helped support an international collaboration that today involves scientists in 25 countries. Stanley's new commitment is the culmination of a 25-year personal mission to discover the biology of psychiatric disorders and lay the groundwork for effective therapies.

"Human genomics has begun to reveal the causes of these disorders. We still have a long way to go, but for the first time we can point to specific genes and biological processes. It's now time to step on the gas pedal," Stanley said. "I am devoting my personal wealth to this goal. But it will take all of us -philanthropists, government funding agencies, scientists, patients, and families - working together to achieve it."

The genomic study is the first step toward the ultimate goal of developing treatments that "target the molecular causes of the disease," according to The Boston Globe.

"This is a pivotal moment," Thomas Insel, director of the National Institute of Mental Health at the National Institutes of Health, said in a statement. "We are finally beginning to gain the deep knowledge about these disorders that we have sought for decades."

Stanley's commitment to support the work of the Broad Institute will consist of annual gifts during his lifetime followed by a bequest, with a total current value exceeding $650 million. Taking prior gifts into account, Stanley's philanthropy in support of the Broad Institute's work totals more than $825 million.

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