GOVERNOR CORZINE SIGNS LANDMARK NEW JERSEY STEM CELL RESEARCH BOND
ACT

For Immediate Release
July 26th, 2007
Contact Front Office
609-292-6000


WEST ORANGE - Governor Jon S. Corzine today signed the New Jersey
Stem Cell Research Bond Act, a $450 million bond referendum that will
provide financing for stem cell research grants to eligible
institutions over a 10 year period.
"New Jersey continues to forge ahead as a pioneer in stem cell
research and discovery," said Governor Corzine. "This ballot
initiative represents a landmark economic investment that will create
new jobs and spur new business ventures while bringing the potential
of revolutionary life-saving treatments and cures to millions
afflicted by some of the most devastating diseases and injuries.
"We will be asking the voters for their support, and they can be
assured that this funding will be expended and distributed based
solely on the scientific merit of projects as judged by an
independent review panel," Corzine said. "At a time when the federal
government has taken a step backward, I am proud of our legislative
leadership for their support in keeping New Jersey front and center
in this promising research that offers hope to so many."
The Stem Cell Research Bond Act, upon approval by voters,
authorizes the sale of State general obligation funds in the amount
of $450 million over 10 years. The grants will be awarded by the
Commission on Science and Technology subject to evaluation by an
independent research review panel and in consultation with the New
Jersey Economic Development Authority concerning commercial viability
of the projects.
The State Treasurer also must certify that recurring revenues are
available annually to meet the operating costs of the program.
Research grants cannot exceed $45 million per year. Any of the $45
million not awarded in a year can be carried over to subsequent
years.
"The support of each and every voter this November will be crucial
in determining the size and scope of our research and, ultimately,
the size and scope of the cures we find. The bottom line is that
we're not just committed to leading the way tomorrow, but to leading
the way right now. We've set New Jersey on a bold new path and today
we push forward," said Senate President Richard J. Codey (D-Essex).
"Every dollar we invest in stem-cell research holds the promise of
saving lives and achieving significant breakthroughs in human
health," said Assemblyman Cohen (D-Union). "We have a humanitarian
responsibility to do everything possible to encourage the world's
best and brightest minds to conduct stem cell research here in New
Jersey. With President Bush's continued obstinate opposition to
virtually all stem cell research, it is left to us to blaze new
trails into 21st Century medicine."
Last fall, Governor Corzine signed into law a bill providing $270
million to build research facilities. In June, nearly $9.2 million in
predevelopment funding was approved for the Stem Cell Institute of
New Jersey in New Brunswick, the first to be approved from the $270
million authorized under legislation signed by Governor Corzine. The
Stem Cell Institute will receive $150 million of the total amount
authorized.
Recently, $10.5 million in research grants was approved by the
Commission on Science and Technology, with $5.5 million for two core
facilities and nearly $5 million in individual grants to 16
researchers from university and nonprofit institutions in the state.
Sponsors of the legislation (S1091/A3186) were: Senator Dick Codey
(District 27); Senator Barbara Buono (District 18); Assemblyman Neil
Cohen (District 20); Assemblyman John McKeon (District 27);
Assemblywoman Joan Voss (District 38); Assemblyman Michael Panter
(District 12); Assemblyman Upendra Chivukula (District 17);
Assemblyman Mims Hackett, Jr. (District 27).

Be well,

Jim AKA- pigiron308@yahoo.com
http://www.stemcellpals.com