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Deadline This October: California Stem Cell Agency Seeking Detailed Public-Private Plan for its Future

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The $3 billion California stem cell
agency, which is currently scheduled to go out of business in a few
years, hopes to come up with a detailed plan by this fall for a novel
public-private arrangement that would extend its life.

The rough outlines of the proposal
assume $50 to $200 million in “public investment,” although it is
not clear whether that would be a one-time figure or an annual amount
from presumably the state budget or perhaps another state bond
measure. The concept includes additional private funding of a
yet-to-be-determined nature. (The agency later said that the public investment figures would be a one-time event.)
The broad sketch of the agency's latest
thinking about how to regenerate itself was found in an RFP posted four days ago on its website.
CIRM is seeking a consultant who would
flesh out the general concepts that it has offered. Work would
begin in mid June and be completed in four months, close to the ninth
anniversary of the agency, formally known as the California
Institute for Regenerative Medicine. The RFP did not contain a figure
for the cost of the study, but said that the price would be part of
the criteria for evaluating bids.
CIRM was created in November 2004 when
California voters approved Proposition 71, a ballot initiative. Since
then it has awarded $1.8 billion to 595 recipients. It is funded by
money borrowed by the state (bonds), but cash for new grants is
scheduled to run out in 2017. Interests costs on the bonds raise the
total cost of the agency to roughly $6 billion.
CIRM said in the RFP that the plan for
its future should provide

“...an in-depth analysis of various
public-private funding models with potential to attract private
sector investment to, and facilitate further development of the most
promising CIRM-supported research projects; and recommend a single
preferred approach for achieving this goal, complete with details
relating to the recommended structure and an operational plan.”

The RFP also contained a just-released,
$31,750 study by CBT Advisors of Cambridge, Mass, that examined
mechanisms for financing translational research, which is the key
focus nowadays at the stem cell agency. Such research is aimed at
pushing laboratory findings into the marketplace.
Among other things, the CBT report,
whose lead author was Steve Dickman, said,

“The nature of CIRM as a state agency
is perhaps the biggest weak point (and) has to be addressed politically
and cleared up as soon as possible or raising money will be
unnecessarily challenging.”

The CBT study did not address how that
might be done, which could be a considerable task. Proposition 71
modified the state constitution and state law and can be altered only
by a super, super majority vote of the legislature or by another
ballot initiative.
California is the first state to
provide billions for stem cell research by using borrowed money. It
also is unique in California state government in that its funding
flows directly to the agency and cannot be altered by the governor or
the legislature.
Translating all that into some sort of
public-private arrangement would be novel among state government
departments and could well require legislative or voter approval.
The California Stem Cell Report has
queried the agency concerning the frequency of the assumed “public
investment” and CIRM's budget for the RFP. We will report that
information when we receive it.  (The agency later declined to disclose what it was prepared to pay for the study.)

Source:
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  1. Stem Cell Therapy
  2. Deadline This October: California Stem