In End Run Around Legal Challenge, CA Gives Out Stem Cell Research Grants

[DeepModem Mom]

NYT: In End Run Around Legal Challenge, California Gives Out Stem Cell Research Grants
By CAROLYN MARSHALL
Published: April 11, 2006

SAN FRANCISCO, April 10 — California's program to study embryonic stem cells awarded its first round of grants Monday, drawing on money put up by state business leaders trying to move the program forward despite legal challenges.

The program is in limbo because of lawsuits by opponents of embryonic stem cell research who challenge its constitutionality. As a result, it has been prevented from distributing any of the $3 billion in bonds approved by voters in 2004.

Instead, officials have sold $14 million in so-called bond anticipation notes. They awarded $12.1 million of that money on Monday.

The grants were given to 16 California nonprofit research institutions to train what program officials have called the next generation of stem cell researchers. The program, the California Institute for Regenerative Medicine, is raising an additional $32 million in bond anticipation notes, its chairman, Robert N. Klein, has said....

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The bonds, approved by the state last week, were bought by some of the state's wealthiest business leaders, including the venture capitalist L. John Doerr and the Qualcomm co-founder Irwin Jacobs....

http://www.nytimes.com/2006/04/11/us/11cell.html

[Xithras]

1. It's not just "embryonic research opponents" who are fighting this.

The bond contained an exemption which prevents any kind of public oversight, input, or influence over how the money is spent or who gets access it it. The oversight committee, completely independent at this point, is run by a small group of elitist academics and business interests who have already demonstrated a lack of interest in spending bond money on unconventional ideas, preferring to keep it for the large corporations and universities. Since the bond also banned the governor and legislature from overseeing the bond project, the advisory committee essentially has carte blanche to spend the cash however they want.

I supported the idea behind the bond, but I voted against it because I didn't agree with an appointed aristocracy having total control over $3 billion taxpayer dollars. Most voters apparently didn't get that part, and very few continue to support it after this is explained to them.

This sale is a perfect example of the problems with the current system. These bond anticipation notes give the holders a lot of influence over the advisory committee, and wouldn't you know it, the big buyers are venture capitalists who have their money in biotech companies! This kind of conflict of interest would have never been permitted if the advisory board was answerable to the people.