Stem Cell Firms Bet on Big Payoff

From the LA times via Yahoo! News :

"The massive bond measure known as Proposition 71 is designed to allocate nearly $300 million a year to scientific work with stem cells, particularly those derived from human embryos. The money is intended to transform California into an incubator for stem cell research, offering support to academic institutions and companies toiling in an area shunned by private investors.

A few biotech companies already have said they plan to apply for funds. One of them, Stem Cells Inc. of Palo Alto, is working on treatments for nervous system disorders and other ailments. Another, Advanced Cell Technology Inc., a Massachusetts company that made a splash two years ago when it cloned a human embryo, said it would open a laboratory in California to qualify for funding. "