SAN DIEGO–(BUSINESS WIRE)–Biocom, the association representing the California life science industry, today announced the endorsement of California Proposition 14, the Stem Cell Research Institute Bond Initiative. If passed, the initiative would result in California issuing $5.5 billion in general obligation bonds for the state’s stem cell research institute.
In 2004, California voters passed Proposition 71, which issued $3 billion in bonds to finance CIRM. As of July 1, 2019, CIRM has suspended applications for new projects due to the depletion of Proposition 71 funds.
“Since the California Institute of Regenerative Medicine (CIRM) was formed in 2004 following the passage of the historic Proposition 71, CIRM has funded 64 clinical trials dedicated to unlocking the potential of stem cells in a number of disease areas including cancer, diabetes, eye diseases and even COVID-19,” said Joe Panetta, president and CEO of Biocom. “State-sponsored programs such as CIRM are important for California to retain its leadership position in life science research, which is an important driver of many of our local economies. Biocom is therefore proud to endorse Proposition 14.”
Biocom is the leader and advocate for California’s life science sector. We work on behalf of more than 1,300 members to drive public policy, build an enviable network of industry leaders, create access to capital, introduce cutting-edge STEM education programs, and create robust value-driven purchasing programs.
Founded in 1995 in San Diego, Biocom provides the strongest public voice to research institutions and companies that fuel the local and state-wide economy. Our goal is simple: to help our members produce novel solutions that improve the human condition. In addition to our San Diego headquarters, Biocom operates core offices in Los Angeles and the San Francisco Bay Area, satellite offices in Washington, D.C. and Tokyo, and has a continuous staff presence in Sacramento. Our broad membership benefits apply to biotechnology, pharmaceutical, medical device, genomics and diagnostics companies of all sizes, as well as to research universities and institutes, clinical research organizations, investors and service providers.