Proposition 71, the California Stem Cell Research and Cures Act, was approved by California voters on November 2, 2004, providing $3 billion in general obligation bond funding for stem cell research conducted at California universities, research institutions, and companies, and calling for the establishment of a new state agency to make grants and provide loans for stem cell research, research facilities, and other vital research opportunities. The California Institute for Regenerative Medicine (Institute) was established in 2005.
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