Yup. Private funding is low, from what I understand, because ESC research isn't promising. But the culture of death still wants to fund research on human embryos.
Ask yourself this: How much private funding was there for adult stem cell research when those cells were first isolated back in the 1960s? Embryonic weren't isolated until November of 1998....
Private funding is low whenever corporations cannot capitalize on research in the near-term. 30 and 40 year horizons will almost never get private funding. Because of much research in the past, adult stem cell research now shows the potential to derive therapies in the near future. That's the return horizon corporations want and will fund.
This is entirely a moral argument at this point. There is little sound scientific argument yet against embryonic stemm cell research, and we should focus entirely on the morals. Otherwise it is like saying man should have given up on human flight when Leonardo's flying machines didn't work in the 1400s....