COHEN 'NEW JERSEY STEM CELL RESEARCH BOND ACT' RELEASED FROM ASSEMBLY BUDGET COMMITTEE

Measure Would Authorize a $450 Million Bond Initiative to Fund Stem Cell Research Over 10 Years

(TRENTON) - Legislation Assemblyman Neil M. Cohen sponsored to authorize the sale of $450 million in general obligation bonds for the purpose of supporting stem cell research in New Jersey was released today by the Assembly Budget Committee.

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 research that can turn the promise of research into a reality of life-saving medical procedures."

The Cohen legislation - a committee substitute for S-1091/A-3158/A-1891 - would create the "New Jersey Stem Cell Research Bond Act."  If approved by the Legislature, the measure would place a question on the November ballot, asking New Jersey voters to approve the sale of $450 in general obligation bonds for the purposes of funding stem cell research projects over the next 10 years.

"Advancement of this legislation will place New Jersey at the national vanguard of cutting edge research science," said Cohen.

The bill 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.

Before any bonds are issued, the measure would require 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 would be distributed annually and would not exceed $45 million a year.  Any unused grant capacity would 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, have the potential to let New Jersey usher forward truly astounding advancements in human healthcare," said Cohen.  "If voters authorize this program, they will be giving hope to millions of people afflicted with incurable and untreatable injuries and diseases."

Under the legislation, grants authorized by the act would be distributed by the New Jersey Commission on Science and Technology, which would be required to adopt limitations on the amount of funding that could be directed to any one research institution.  The commission also would be required 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 institutional review board.  Additionally, grant recipients would be required to provide the state with a "reasonable return on investments," as determined by the state treasurer and the Economic Development Authority (EDA), should any state-funded research prove financially beneficial.

Cohen noted that the law specifically denies funding for research and attempts at human cloning, which is a crime in New Jersey.

"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 steadfast opposition to virtually all stem cell research, it is left to individual states to blaze trails into 21st Century medicine."

The measure was released from committee 8 to 4.  The bill is scheduled for an Assembly floor vote on Thursday.

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