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Directors of California’s stem cell agency this morning approved financing terms for a proposed, $150 million, public-private company that the agency hopes will accelerate the creation of long-sought stem cell therapies.
The plan to create a stem cell “powerhouse” is likely to be one of the landmark legacies of the state’s $3 billion research effort — for better or worse. Such a partnership would be unique in California history and nationally.
The agency has yet to produce the cures promised to voters in 2004 when they created the research effort and provided the billions in bond funding. Total costs, including interest, will run about $6 billion..
Today’s action set the terms for the $75 million in a loan that the agency — formally known as the California Institute for Regenerative Medicine (CIRM) — would hand out. The funds would go to a private partner that would also put up $75 million.
A joint committee of the directors approved the terms, with virtually no discussion, on an 8-0 vote during a meeting that lasted only 10 minutes.
The aim...