Stem Cell Research Loan Approved
California's effort to fund stem cell research received a hefty infusion of cash today from state government.
Earlier today, state Department of Finance director Mike Genest signed off on a $150 million loan to the California Institute for Regenerative Medicine. That cash will jump start the CIRM's efforts to promote new medical research, while the $3 billion bond approved by voters in 2004.
That lawsuit has left the institute with cash largely provided through donations, and about only $14 million in actual research funds distributed.
Today's transfer of the cash comes after a stem cell research finance committee approved the proposal last week. The loan documents signed by both Genest and Robert Klein, chairman of the stem cell institute's Independent Citizen's Oversight Committee, call for the $150 million to be paid back to the state once the bonds are actually sold. Of course, there's a chance bond opponents will prevail in court. That would pretty much mean the state gets backs zero.
The CIRM has already received hundreds of grant applications from researchers, awaiting funding to begin their work.
