Saturday, June 03, 2006

Klein Still Hard on the Money Trail

The California stem cell agency intends to raise $100 million from philanthropists over the next 12 months, according to its chairman, Robert Klein.

Reporter Terri Somers of the San Diego Union-Tribune wrote about CIRM's plans today, noting that the funds would cover grants and other expenses well into next year as the agency deals with litigation against it.

Klein also said in a speech to biotech executives that CIRM expects to take in another $36 million within the next 35 days in the form of bond anticipation notes, which would not be repaid if CIRM loses the lawsuits.

That is why the agency is pitching the notes to philanthropies instead of regular investors.

While the execs applauded the fundraising news, Somers wrote that "taxpayer advocates said there's a limit to philanthropists' generosity."

Her article continued,
"'You can only get so much juice from that fruit,' said Jesse Reynolds, of the Oakland-based Center for Genetics and Society."
Somers also wrote a piece published on Friday concerning Sen. Deborah Ortiz, D-Sacramento, and the California stem cell initiative. Noting that Prop. 71 was Ortiz's brainchild, Somers said Ortiz supported it despite "gaps that troubled her."
Somers quotes several critics of Ortiz, including John Reed, who heads the Burnham Institute in La Jolla.
"To me (SB401) is death by 1,000 cuts," he said.
As for Ortiz, Somers wrote,
"For all the criticism I've received, it would have been politically smart of me to just shut up and embrace and defend Proposition 71 and raise lots of money from biotech interests. But I chose not to do that,' said Ortiz, whose campaign has collected more than $500,000 in contributions."
Other than Somers' story on fundraising, we have not see any stories that might be connected to the Friday meeting of the Oversight Committee in La Jolla. However, Saturday papers are small and sometimes marginal news is held for later publication. In this case, marginal means news that is not connected to next Tuesday's California elections. Sphere: Related Content

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