CIRM To Seek $400M in Private Bond Placement

The California Institute of Regenerative Medicine plans to seek $200 million in a private bond placement this year and an additional $200 million next year to address a cash-flow crunch. The state's budget crisis and the bond market has forced state Treasurer Bill Lockyer (D) to halt bond sales, leaving CIRM with cash reserves of only $160 million. On its Web site, the stem cell funding agency said it is working with Lockyer's office to sell the general obligation bonds on the private market.

• "Stem Cell Agency To Seek $400M in Private Bond Placement" (Leuty, San Francisco Business Times, 2/17).