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.

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