Paltry First Stem Cell Royalty Check A ‘Mile Marker’ And Not The Destination, Officials Say
Taxpayers voted to fund the California Institute for Regenerative Medicine to the tune of $3 billion. Years later, the first royalty check is in, and it's not exactly impressing critics.
California Collects First Royalty Check From $3 Billion In Stem Cell Spending
Back in 2004, when California's stem cell agency was little more than an idea in the minds of researchers, its backers predicted a gold rush of royalties that could inject $1.1 billion into state coffers. This month, after more than 13 years, the first stem cell royalty check has finally found its way to the state. The sum: $190,345.87. The stem cell agency has hailed the $190,345.87 payment as historic, but has also declared it is “only a piece of the intended return.” Others described the payment as a “less than a drop in the bucket” and warned of excessive exuberance. (Jensen, 2/27)