CGS-authored
Having survived 18 months on $22 million in donations and loans, California's groundbreaking stem cell institute now aims to raise $100 million from philanthropists by next spring.
That would be enough to make another round of grants and cover overhead well into 2007 while the institute continues to fight legal changes that have frozen state funding, institute chairman Robert Klein said yesterday in La Jolla.
Within the next 35 days, the state should take receipts of $36 million in philanthropic loans for the stem cell program, Klein told local biotechnology executives at a breakfast before a meeting of the institute's board. That would take the stem cell initiative to the $50 million goal Klein set out to raise several months ago.
The fundraising is necessary because lawsuits that challenge the institute's constitutionality have prevented the state from selling bonds to fund the $3 billion taxpayer-supported initiative that voters approved in November 2004.
Klein said that raising $50 million will show those opposed to California's $3 billion stem cell initiative that they can't shut down the effort by taking it to...
That would be enough to make another round of grants and cover overhead well into 2007 while the institute continues to fight legal changes that have frozen state funding, institute chairman Robert Klein said yesterday in La Jolla.
Within the next 35 days, the state should take receipts of $36 million in philanthropic loans for the stem cell program, Klein told local biotechnology executives at a breakfast before a meeting of the institute's board. That would take the stem cell initiative to the $50 million goal Klein set out to raise several months ago.
The fundraising is necessary because lawsuits that challenge the institute's constitutionality have prevented the state from selling bonds to fund the $3 billion taxpayer-supported initiative that voters approved in November 2004.
Klein said that raising $50 million will show those opposed to California's $3 billion stem cell initiative that they can't shut down the effort by taking it to...