Stem Cell Research Initiative Included on California Ballot for November Election

California voters will have the opportunity to pass a ballot initiative that would provide funding for stem cell research at California medical research facilities.

Currently, there is no state funding for stem cell research in California, and at the federal level there is a significant gap in funding for some of the most promising types of stem cell research. Proposition 71 - the California Stem Cell Research and Cures Initiative - is designed to close this funding gap, authorizing low interest, tax-free bonds that will provide, on average, $295 million per year over ten years to fund groundbreaking stem cell research by scientists at universities and advanced medical research facilities in California.

Proposition 71 is also designed to protect the state budget and taxpayers by deferring repayment of the bond's principal and interest for five years. The state will earn revenue from patents and royalties that result from the research and tax revenues generated by new construction and research jobs. Supporters of this initiative emphasize that, since no new taxes are required to fund its implementation, individual taxpayers will be fully protected.

"This initiative is a win-win for California: funding research into debilitating diseases while investing in the California economy to create thousands of new jobs in a groundbreaking field of medical research. This bond proposal represents a smart investment in California's economy and meets the test of long-term fiscal responsibility," states California State Treasurer Phil Angelides.

Bob Klein, founder of the California Stem Cell Research & Cures Initiative, comments, " California presently has the highest healthcare costs in the nation - more than $118 billion per year. If stem cell research results in a cure that reduces healthcare costs by just one percent, Proposition 71 would pay for itself several times over during the following decade."

Proposition 71 is supported by a growing, broad, and diverse coalition of Nobel Prize-winning scientists, medical experts, families involved in patient advocacy and efforts to cure diseases, and organizations - including the American Society of Hematology.

More information about Proposition 71 can be found on the campaign's Web site, www.YesOn71.com.

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