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Tuesday, August 7, 2007

Governor Corzine Signs Landmark New Jersey Stem Cell Research Bond Act

WEST ORANGE – Governor Jon S. Corzine today signed the New Jersey Stem Cell Research Bond Act, a $450 million bond referendum that will provide financing for stem cell research grants to eligible institutions over a 10 year period.

“New Jersey continues to forge ahead as a pioneer in stem cell research and discovery,” said Governor Corzine. “This ballot initiative represents a landmark economic investment that will create new jobs and spur new business ventures while bringing the potential of revolutionary life-saving treatments and cures to millions afflicted by some of the most devastating diseases and injuries.

“We will be asking the voters for their support, and they can be assured that this funding will be expended and distributed based solely on the scientific merit of projects as judged by an independent review panel,” Corzine said. “At a time when the federal government has taken a step backward, I am proud of our legislative leadership for their support in keeping New Jersey front and center in this promising research that offers hope to so many.”

The Stem Cell Research Bond Act, upon approval by voters, authorizes the sale of State general obligation funds in the amount of $450 million over 10 years. The grants will be awarded by the Commission on Science and Technology subject to evaluation by an independent research review panel and in consultation with the New Jersey Economic Development Authority concerning commercial viability of the projects.

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