The Money Trail at California's Stem Cell Program: How the Billions Are Rationed
An unusual financial structure that shapes what CIRM does
California’s multibillion-dollar, stem cell program is sort of a “trust fund baby” -- theoretically it has a lot of cash but is -- at the same time -- on an allowance.
The stem cell agency, officially known as the California Institute for Regenerative Medicine (CIRM), cannot spend all of its current $5 billion in one or eve…
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