Their findings are published in the Lancet.

The researchers found three genetic variations in the same region on chromosome 1 which were all linked to levels of LDL-cholesterol in the blood.

Teams from the Medical Research Council Epidemiology Unit, the Wellcome Trust Sanger Institute, Cambridge University and GlaxoSmithKline, studied data from large numbers of people across Europe. They looked at genome-wide scans of more than eleven thousand people to find out which genes affect LDL-cholesterol levels.

Dr Manjinder Sandhu, from the MRC Epidemiology Unit and Department of Public Health & Primary Care, Cambridge University, and lead researcher for the study said: While therapies exist to lower cholesterol levels in people whose levels are too high, much is still unknown about the mechanisms that underlie cholesterol regulation and why some people seem to produce more than others.He went on: Although what you eat is definitely a factor in your cholesterol levels and some bad cholesterol is dietary in origin, the majority of LDL-cholesterol is produced by the body. Performing a genome-wide study, looking for areas which are associated with cholesterol levels helps us to find out why some people produce more than others.We might be able to use this information to identify which people are particularly at risk of developing cholesterol problems. We can also look at the function of the genes involved and find out in what way someone may be having problems regulating bad cholesterol levels. This could help us to design more specific and appropriate treatments, says Dr Sandhu.Professor Nick Wareham, director of the MRC Epidemiology Unit explained the scale of the study: This represents a mammoth statistical effort by teams in publicly-funded research establishments, the charitable sector and industry.The collaborative spirit in which the research was carried out and the access to the data and expertise of academic and industry scientists has made this a particularly exciting project, generating solid data that provides novel insights into the regulation of cholesterol.Professor Paul Matthews, Vice-president of Clinical Pharmacology and Discovery Medicine, GlaxoSmithKline, emphasised the importance of a new partnership in genetics research between GSK and the MRC to find causes for common diseases: GSK is looking for innovation to bring better medicines to patients. Breakthroughs when dealing with big clinical problems can only come out of open, highly collaborative science like this. GSK is committed to this partnership which it is hoped will yield further results.

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Although 10-15% of men will have high enough PSA levels to warrant carrying out a prostate biopsy, only 2-3% will require any treatment.

Researchers from Iceland's Decode Genetics Inc. also discovered two new genetic changes and Steven Chanock of the National Institutes of Health in the United States and his team also detected three genetic changes in their study of more than 1,100 men with prostate cancer and those without the disease.

Biotechnology company Decode Genetics Inc says a screening test will soon be available at a cost of $500 available through doctors.

Experts say the new information will greatly improve the understanding of how prostate cancer develops and target screening for prostate cancer towards men known to have higher risk of developing the disease.

Of the 680,000 men diagnosed with prostate cancer each year about 220,00 will die from it; the new information could lead to improved screening and targeted drugs to treat the disease.

Prostate cancer affects one in 11 men in Australia.

The new research is published in Nature Genetics.