Tuesday, November 21, 2006

CIRM Nearly Awash in Cash -- Sort Of

The cash will start rolling into the California stem cell agency by the end of the year – some $181 million that will go for financing its first research grants more than two years after voters approved the creation of CIRM.

Most of the money comes from a $150 million loan of state funds authorized by the governor of California. The additional funds will come from the private sector. None of it will be repaid if the agency loses its legal battles, which is considered to be an unlikely event.

Details of the terms of the loans were not immediately available. But CIRM released a brief synopsis of the private lending: Gordon and Betty Moore Foundation, $10 million; The David and Lucille Packard Foundation, $5 million; Gordon E. Moore, $5 million; The Sandler Family Supporting Foundation,$5 million; H&S Investments I, LP. $2 million; Jewish Community Endowment Fund, $1 million; Seventh Street Warehouse Partnership, $1 million; Steven L. and Mary Green Swig, $1 million, J. Taylor Crandall, $1 million.

News coverage was light. Here are links to stories by Maria La Ganga in the Los Angeles Times, Jim Wasserman in The Sacramento Bee and The Associated Press.

(Editor's note: An earlier version of this item carried incorrect figures (supplied by CIRM) for the individual BANs purchases. Those figures have been corrected in this item and on the CIRM website.)

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