Tuesday, October 27, 2009

Brighter Financial Outlook for CIRM

The California stem cell agency began 2009 with an alarming and surprising report about its financial condition. Today the picture is much brighter.

John Robson, vice president for CIRM operations, is scheduled to brief the agency's directors this afternoon about the current state of CIRM finances.

His best news will be about the $118 million CIRM received from the recent California bond sale. The cash will provide funding up to about June of 2011. Unless something truly catastrophic happens, California is likely to sell billions in more bonds between now and then, some of which will keep CIRM research funds flowing.

In response to a query, Don Gibbons, CIRM's chief communications officer, also told us a few days ago that $14.8 million of previous CIRM(state) debt has been reclassified as tax-exempt bonds. That means lower interest costs for the state.

You can find Robson's Power Point presentation (slide 36) here. Sphere: Related Content

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