California Institute of Regenerative Medicine (CIRM): $684 Million Reasons

The California Institute for Regenerative Medicine (CIRM) released a transition plan outlining ideas for continued funding after the expiration of the $3 billion in original funding authorized by Proposition 71 in 2004.

CIRM has $864 million remaining for new awards. The institute said it plans to make final awards around FY2016-17 and distribute its last funds around FY2020-21. CIRM said it will develop a detailed transition plan for transferring authority for monitoring third party obligations, including repayment of loans, before the final awards are closed.

CIRM said it is exploring a number of possibilities to continue funding beyond 2021, including collaborative opportunities with disease foundations; federal funding; venture philanthropy; a biopharma investment fund; and state funding. The institute said it would be "premature" to consider another state bond measure, and that such a move would depend on its ability to make a "compelling scientific and economic case" that additional funding is warranted.

CIRM's funding was provided through general obligation bonds issued by California. In 2004, the State Treasurer and the Legislative Analyst's Office estimated that the bonds could accrue up to $3 billion in interest. CIRM said on Thursday that repayment of the bonds plus interest will come from the state's General Fund, not from CIRM