CGS-authored
Robert Klein of Portola Valley, the financier who runs the state's new stem cell research institute, reported that his company earned more than $6.6 million from real estate-related investments and businesses last year, according to an economic disclosure statement he filed Tuesday.
And the vice chairman of the institute, Edward E. Penhoet of Berkeley, reported considerable holdings in several biotech companies, including Chiron in Emeryville, which he helped found in 1981 and where he still serves on the board of directors.
News of their wealth and investments created unease in critics of the program, who have pushed for more openness and tougher conflict-of-interest standards.
Much of the early stages of the program, created in November by Proposition 71, will focus on real estate, as the institute selects a site for its headquarters. The program is expected to generate many new lease agreements and construction projects, benefiting real estate developers, construction companies, bond counsel, insurers and similar businesses. The institute's headquarters will be rather modest, housing fewer than 50 employees and no lab space. But to do the type of science...
And the vice chairman of the institute, Edward E. Penhoet of Berkeley, reported considerable holdings in several biotech companies, including Chiron in Emeryville, which he helped found in 1981 and where he still serves on the board of directors.
News of their wealth and investments created unease in critics of the program, who have pushed for more openness and tougher conflict-of-interest standards.
Much of the early stages of the program, created in November by Proposition 71, will focus on real estate, as the institute selects a site for its headquarters. The program is expected to generate many new lease agreements and construction projects, benefiting real estate developers, construction companies, bond counsel, insurers and similar businesses. The institute's headquarters will be rather modest, housing fewer than 50 employees and no lab space. But to do the type of science...