For Immediate Release
June 3, 2004
Westly Backs Stem Cell Initiative
SACRAMENTO -- California State Controller Steve Westly announced
today his support for the California Stem Cell Research and Cures Initiative
as a way to close the critical gap in research funding, reduce healthcare costs,
and save lives.
"This measure is good for California," Westly said. "Stem-cell research offers enormous potential for curing disease, cutting the cost of health care and improving our economy for decades to come."
Westly said that passage of the initiative would bolster California's position at the leading edge of biotechnology, an industry widely seen as a key to the state's economic future.
"This initiative gives California a unique opportunity to become a global leader in the development of stem-cell therapies, reinforcing California's biotech sector as a vital economic engine for the future," Westly said.
The initiative, which has now qualified for the November 2004 ballot, would use state bonds to provide $295 million a year over 10 years to support life-saving stem cell research, which medical experts believe is the breakthrough medical technology of the 21st Century.
Controller Westly noted that the initiative has the potential to generate new state revenues from patents and royalties that will benefit our state budget for decades to come.
Paid for and authorized by Friends of Steve Westly * ID#1230847 * Kinde Durkee, Treasurer