As directors of the $3 billion California stem cell agency are scheduled to meet later this morning, narrow voter approval of a ballot measure aimed at saving the agency's financial life is nearing a conclusion.
The latest count by state election officials at 8:18 a.m. PDT today continues to show Proposition 14 holding steady with 51.1 percent of the vote, a figure that has been virtually unchanged since last week. The percentage translates to 7.9 million votes.
Negative votes are running at 48.9 percent or 7.6 million. State election officials are estimating that "unprocessed" ballots are running at 1.5 million. The figure is the latest from the state. H however, it is old, dating back to Tuesday at 6 p.m. PDT.
The agency is running out of the $3 billion originally provided by voters in 2004. Proposition 14 would provide the agency with $5.5 billion more over the next 10 to 15 years and make major changes in the agency, including a significant expansion in what it can fund. The money would be borrowed by the state. No provision for funding the agency is provided after the money runs out again.
The new ballot measure will not go into effect until after it is officially certified, which may not happen for another 28 days.
The meeting of the stem cell agency's board begins at 10 a.m. PDT today and is open to the public, including questions. Its agenda includes the award of as much as $21.7 million in clinical level grants and $2.5 million for basic research. Several researchers have sent letters to the board appealing rejection of their applications by reviewers, who make the de facto decisions on the awards.
The meeting agenda also includes a proposal involving a possible loan to Viacyte, Inc., of San Diego. The agency has already pumped $52 million into the firm. Information on the meeting agenda concerning the loan is a bit laconic. The California Stem Cell Report has queried the agency for more details.
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