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p>LANDMARK 'STEM CELL RESEARCH BOND ACT'
SIGNED INTO LAW
Measure Authorizes Ballot Question for $450 Million Bond Initiative
To Fund Stem Cell Research Over 10 Years

(WEST ORANGE) - Legislation Assembly members Neil M. Cohen, John F. McKeon, Joan Voss, and Mike Panter sponsored to allow voters to authorize the sale of $450 million in general obligation bonds for the purpose of supporting stem cell research in New Jersey was signed into law by Governor Jon S. Corzine today at the Kessler Medical Rehabilitation Research and Education Corporation (KMRREC) - one of the state's leading stem cell research and treatment centers.

Cohen (D-Union) has been one of the most vocal proponents of stem-cell research in the New Jersey Legislature, sponsoring the 2004 law that made New Jersey the second state in the nation to authorize embryonic and adult stem cell research.  He also sponsored the state's landmark 2006 legislation directing $270 million to build stem cell and biomedical research centers throughout New Jersey.

"Every dollar we invest in stem-cell research holds the promise of saving lives and achieving significant breakthroughs in human health," said Cohen.  "These investments will advance groundbreaking studies that can turn the promise of research into a reality of life-saving medical procedures."

The measure was signed a little more than a month after President Bush used his third presidential veto to stop embryonic stem-cell research at the federal level.

The new law (S-1091/A-3186/A-1891) creates the "New Jersey Stem Cell Research Bond Act."  It places a question on the November ballot, asking New Jersey voters to approve the sale of $450 million in general obligation bonds for the purposes of funding stem cell research projects over the next 10 years.

"With voter approval, we will once again leap to the forefront of cutting edge research science," said McKeon (D-Essex).  "The potential advancements in stem cell research and pharmaceutical applications these grants promise will ensure our state remains 'the medicine chest of the world.'"

According to a 2005 analysis by Rutgers University, New Jersey's stem-cell initiatives will reap an estimated $1.4 billion in new economic activity for the state and create upwards of 20,000 new jobs over the next 20 years.

The law defines stem cell research projects as any scientific or medical research that includes:

• Analysis of basic stem cell biology, using adult or embryonic stem cells;
• Recovery and collection of biomaterials, such as umbilical cord or placenta blood;
• Translational and clinical work;
• Development of regenerative therapies; or
• Development of pharmacologies and treatments through clinical trials that advance cures or treatments for major diseases and injuries.

Prior to the issuing of bonds, the law requires the state treasurer to certify that recurring revenues are available to satisfy the debt obligation incurred by the bond sale.  Grants derived from these bond sales will be distributed annually and will not exceed $45 million a year.  Any unused grant capacity will carry over to the next year without affecting the grant cap.

"These research grants, coupled with last year's creation of a statewide laboratory for stem cell research, lay the groundwork to allow New Jersey to usher forward truly astounding advancements in human healthcare," said Voss (D-Bergen).  "If voters authorize this program, they will be giving hope to millions of people afflicted with incurable and untreatable injuries and diseases."

Under the law, grants authorized under the New Jersey Stem Cell Research Bond Act will be distributed by the New Jersey Commission on Science and Technology.  It requires the commission to adopt limitations on the amount of funding that could be directed to any one research institution.  The new law also requires the commission to designate two independent review panels: a research review panel composed of nationally recognized experts in relevant medical and scientific fields; and an ethics review panel composed of bioethicists, members of the academic and religious community, and at least one member of an institutional review board.

Before any grant is awarded, eligible projects must receive final approval from the ethics review panel as well as the researcher's own field-specific institutional review board.  Should any state-funded research prove financially beneficial, grant recipients will be required to provide the state with a "reasonable return on investments," as determined by the state treasurer and the Economic Development Authority (EDA).

The sponsors noted that while the new law provides grants for stem cell research, existing New Jersey statute specifically denies funding for research and attempts at human cloning.

"Stem cell research holds the key to making science fiction medical fact," said Panter (D-Monmouth).  "If our investment pays dividends for even one person with incurable diseases or injuries, it will have been money well spent."

"We have a humanitarian responsibility to do everything in our power to encourage the best and brightest minds in the world to conduct stem cell research here in New Jersey," said Cohen.  "With President Bush's continued obstinate opposition to virtually all stem cell research, it is left to individual states to blaze trails into 21st Century medicine."

The KMRREC is a premier medical research organization that conducts rehabilitation research in the hopes of creating treatments to improve the health of people with physical disabilities and musculoskeletal or neurological conditions.  Coupled with the Kessler Institute for Rehabilitation - one of the nation's leading providers of advanced medical rehabilitation for individuals with traumatic brain or spinal cord injuries, amputations, stroke, surgical complications, and similar disorders - the KMRREC researches, develops, and applies cutting-edge stem cell treatments to a variety of previously untreatable or incurable ailments.

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