$3 Billion State Stem Cell “Flop” Now Wants $5.5 Billion More

This month, the California Institute for Regenerative Medicine (CIRM), California’s state stem-cell agency, hands out its final grants. By the count of Anna Ibarra of California Health Line, that marks $3 billion CIRM has spent—“6 billion with interest”—with scant returns for California taxpayers. In 2004 Proposition 71, which authorized CIRM, promised a host of life-saving cures for cancer, Alzheimer’s and other diseases, but the FDA has yet to approve “any treatments funded by CIRM.” 
In similar style, founder Robert Klein, a wealth real-estate developer, promised a stream of fees and royalties that would make CIRM self-supporting. The stem-cell agency reported no

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