For that most recent organism, Venter didn't cut and paste, he synthesized the genes from scratch (they were copies of the bacterial genes):That cutting and pasting extant genes wasn't really what I had in mind.
"Venter, together with his close colleagues Clyde Hutchison and Hamilton Smith and their team, set out to build a minimal genome from scratch, by joining together chemically synthesized DNA segments."
They're not certain of the function of about 1/3 of the synthetic genes that proved to be necessary, but once they've worked out what they all do, they will be able to create new organisms without using an existing bacterium as a guide.
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