And yet another initiative by mathematicians to put the business of research publications into order. Here is a post by Tim Gowers that explains the details. In a nutshell some funds were found which are necessary to maintain servers for new arXiv overlay journals (i.e., the journals that will provide links to arXiv papers, which were carefully peer-reviewed by community).
As a side remark: arXiv publishes a lot of good papers with mathematical biology flavor. It would be very good to have such arXiv overlay journal for the field of mathematical biology.