Recession hampers California's stem cell building boom

The once red-hot California market has turned ice cold, and the sudden change in the economic climate on the West Coast has afflicted the state's ambitious plans to boost stem cell research work.

Afraid that the Great Recession has ensured that the good times won't be returning to California anytime soon, officials at UC Berkely are delaying plans to recruit 15 of the top researchers in the field. Another case: San Diego's new stem cell consortium has had to delay construction of a $110 million research center after wary lenders balked at their lack of a financial track record. And in Santa Cruz the state's university system had to come to the rescue to bail out their stalled building project.

The CIRM, though, isn't planning to hold back on their plans to woo new scientists, though. The group, backed by $3 billion in state bonds, approved the use of $40 million in late August to help lure top talent to the state.

- read the report from Nature

Related Articles:
California's stem cell agency is running out of cash
Stem cell agency forced to delay $58M in grants
California's stem cell boom spurs research bonanza