Authorizes Bonds to Continue Funding Stem Cell and Other Medical Research. Initiative Statute
This is a $5.5 billion bond that will cost approximately $7.8 billion when repaid over 25 years. The bonds will continue funding the California Institute for Regenerative Medicine, which in turn funds research and development of stem cell medicine. CIRM began with Proposition 71 in 2004 and has ramped up both basic stem cell research and has produced 64 clinical trials covering 11 different medical specialties from cancer to macular degeneration. CIRM operating costs are confined to 7.5% of the funding with the rest to research. Work is overseen by a 35-person board.
The Rev Dr Rick Schlosser