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PIMCO co-founder puts his funds into stem-cell research
California's public sector is in a certified mess, but there is much different and better news on many fronts in the private sector of this state. Same is true about the leading-edge research that the private sector has forged with many of California's highly-regarded universities and research centers like UCI.
The first-of-its kind stem cell research facility opened Friday at UC Irvine, with leading scientists and state officials on hand to do the honors.
UC Irvine's Sue and Bill Gross Hall: A California Institute for Regenerative Medicine (CIRM) is the first of seven such facilities the state agency plans to open for stem cell research at California universities.
The statewide regenerative medicine agency was created after passage of Proposition 71 in 2004 by 59% of voters, who supported new funding sources for stem cell research after then-President George W. Bush banned federal funding to develop new stem cell lines.
With a $10-million gift from Bill Gross, co-founder of PIMCO, an investment management company, UC Irvine was able to attract a $27.2-million grant from the regenerative medicine agency. The rest of the institute's $80-million cost came from private funding and the UC system.