California stem cell agency faces cash crisis

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 from the Business Times

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