Stem Cell Institute to Get $14 Million
California’s stem cell institute has secured $14 million in funding commitments from philanthropic groups, officials said Tuesday.
Litigation has blocked the state’s ability to issue the $3 billion in bonds that voters approved in 2004. According to Tuesday’s announcement, philanthropists will buy notes that will be repaid if state bonds are issued.
Even if the institute prevails in court, anticipated appeals will continue to block its access to the bond market until at least 2007.
Robert Klein, chairman of the advisory board for the California Institute of Regenerative Medicine, is working to secure an additional $36 million.
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