SAN FRANCISCO (Reuters) - California officials approved on Monday a $150 million loan offered by the state to fund its stem-cell research institute in San Francisco.
In addition to the loan, the California Institute for Regenerative Medicine has sold $31 million worth of bond anticipation notes to raise money for research into medical applications of stem-cell technology.
Many scientists believe stem cells, either adult cells or ones from embryos, may be used to find treatments and cures for serious diseases such as cancer and diabetes.
Voters approved the creation of the institute by passing a statewide measure in 2004 that allows it to sell up to $3 billion in general obligation debt over 10 years, but that bond authority is currently being challenged in court.
To allow the research to move forward, earlier this year Gov. Arnold Schwarzenegger offered the $150 million loan, described by his budget planners as interim financing.
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stem cell funding
Monday, November 20, 2006
California OKs $150 million stem-cell research loan
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