Posted on 10/18/2004 7:06:50 AM PDT by ZGuy
The most recent poll on California’s Proposition 71 concerning state funding of embryonic stem cell research indicates that 46 percent of likely voters support the measure, 39 percent oppose it and 15 percent are undecided.
I wonder how those numbers would change if those “likely voters” knew what Proposition 71 was really all about — a transfer of $3 billion from already strapped California taxpayers to already wealthy venture capitalists and researchers by means of emotional extortion. I addressed the dim prospects of embryonic stem cell research in an earlier column.
Consider the case of Dr. Irving Weissman, currently featured in a TV ad sponsored by the advocacy group campaigning for Proposition 71. Weissman should have candidly concluded his plea by disclosing that Proposition 71 could make him a very wealthy man.
StemCells Inc.’s stock price exceeded $15/share in 2000, but is now around $2/share, up from $1.24/share during the summer.
Dr. Weissman’s options are essentially worthless until the share price of StemCells Inc. exceeds $5.25.
When reached for comment, a spokesperson for Californians for Stem Cell Research and Cures said that there was "no need for disclosure" of his connection to StemCells Inc.
One thing seems likely: Dr. Weissman — and probably many others supporting Proposition 71 — will cash out if the measure passes, leaving California taxpayers much the same way as he left Novartis — holding an empty bag.
Proposition 71 isn’t likely to lead to any cures — except for Dr. Weissman’s and others' ailing investments.
(Excerpt) Read more at foxnews.com ...
OK - I'm going to forward this along to my co-workers. We need to talk this up.
This is from Arguments Against Proposition 71: The California Stem Cell Research and Cures Initiative , a very informative site.
The California Stem Cell Research and Cures Initiative purports to fund all manner of stem cell research (adult and embryonic), but a clause in the text prevents funding of any kind of stem cell research other than embryonic stem cell research - regardless of scientific merit. Even if future research shows that embryonic stem cells are not useful in therapy, the initiative locks in embryonic stem cell research as the only funded research.
Three percent of the debt will be used for general administrative costs. Another 3 percent will be used for grant administration costs. In comparison, the National Institutes for Health budget calls for 4% in administrative costs. After all the extraneous costs, only 30% of the money spent will actually fund research.
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