Thursday, March 13, 2014

Only $402 Million Left for California's Stem Cell Agency

Here is the CIRM chart from today's board meeting
The $3 billion California stem cell agency is down to its last $402 million, according to figures released today.

The nearly 10-year-old research effort is scheduled to run out of cash in 2017 and is looking for ways to continue funding, including possibly asking California voters to authorize more borrowing for stem cell research. The agency operates on funds borrowed by the state (bonds). The borrowing roughly doubles the cost of the program to $6 billion because of the interest on the bonds.

The agency has handed out $1.8 billion so far. About $512.5 million more has been approved in concept. That figure is subject to change until the award rounds officially start with the release of an RFA. The remaining amount is for administration of the CIRM program, which is capped by law at 6 percent of spending.

The figures assumed approval of $72 million in new concept proposals today.

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