State Stem Cell Agency Hasn't Lived up to its Hype

The California Institute for Regenerative Medicine has funded more than 1,750 published discoveries related to stem cell research, created hundreds of millions of dollars worth of research space for scientists, and supported 10 projects that are in or have been in clinical trials.

The agency, which was established in November 2004 when voters approved Proposition 71, just selected a new president, C. Randal Mills, the former president of Osiris Therapeutic, a stem cell research company (outgoing President Alan Trounson is returning to Australia).

The selection of the business-minded Mills suggests that the agency is looking for ways to remain viable going forward. (It will continue making new research awards until 2017, but the voters approved bonds for only 10 years.)

As far as the public is concerned, nagging questions remain: Has the institute been effective enough? How good should California taxpayers feel about the institute's use of their $3 billion?

The answer is a decidedly mixed one.

Part of the problem is that California taxpayers had outsize expectations when they passed Prop. 71.

Looking back at the advertisements for Prop. 71, we see...