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Close Scrutiny Needed as First Stem Cell Grants Offered to For-Profit Companies, Consumers Say
Date:11/30/2007

mportant role in stem cell research," said Simpson. "Californians voted to allow them to seek CIRM funds, but at the same time they didn't authorize a blank check for biotech. We will continue to watch CIRM and the oversight committee closely and work to ensure that those who are paying for this research -- the people of California -- have affordable access to any discoveries that are made."

This week Controller John Chiang announced that he planned to audit CIRM. He also asked the Fair Political Practices Commission to investigate board member John Reed's intervention in a grant application from the Burnham Institute for Medical Research where he is president. "I am delighted to see Controller Chiang exercising his oversight responsibility so effectively," said Simpson.

FTCR's Stem Cell Oversight and Accountability Project is working to ensure that California's landmark stem cell research program offers accessible and affordable cures and treatments to the taxpayers who have funded it. The program will award $3 billion in grants over a decade. Bond financing charges mean the project, the largest source of stem cell research funding in the world, will cost California taxpayers $6 billion.

The Foundation for Taxpayer and Consumer Rights is California's leading non-profit and non-partisan consumer watchdog group. For more information visit us on the web at: http://www.ConsumerWatchdog.org.


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SOURCE Foundation for Taxpayer and Consumer Rights
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