California's stem cell agency is making contingency plans to raise fresh funds as a global financial meltdown threatens to dry up its stream of bond revenue. The San Francisco Business Times reports that the California Institute for Regenerative Medicine will consider a private placement with philanthropic groups.
The Business Times notes that part-time chairman Bob Klein, who had been working without a salary, has gained $150,000 in annual income from the agency. And that kind of payment is likely to become a lightning rod issue as the CIRM's funding is drying up.
"In this economic environment, it became important that I receive some salary," Klein told the Business Times.
The stem cell agency has awarded $635 million in research-related grants, sparking a boom in new building projects as academic groups gear up to launch an array of new stem cell research projects.
- read the story [1] from the Business Times
Related Articles:
California initiative triggers research spending boom [2]
California- Top 5 Regions Targeting Biotech [3]
California's stem cell boom spurs research bonanza [4]
California institute outlines stem-cell strategy [5]
Links:
[1] http://sanfrancisco.bizjournals.com/sanfrancisco/stories/2008/12/22/story1.html?b=1229922000^1750767
[2] http://www.fiercebioresearcher.com/story/california-initiative-triggers-research-spending-boom/2008-05-13
[3] http://www.fiercebiotech.com/special-reports/california-top-five-regions-targeting-biotech-2008
[4] http://www.fiercebioresearcher.com/story/californias-stem-cell-boom-spurring-research-bonanza/2008-08-12
[5] http://www.fiercebiotech.com/story/california-institute-outlines-stem-cell-strategy/2006-10-05