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7Online.com: New York City and Tri-State News from WABC-TV##

New Jersey Governor Jon Corzine signed a landmark stem cell research bond act Thursday, which calls for 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," Corzine said. "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."
New Jersey voters will decide this November whether to borrow the money to pay for stem cell research in the state.

The Stem Cell Research Bond Act would authorize 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.

Labels: Healthcare, Stem Cell Research