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NEWS RELEASE
Acting Governor Richard J. Codey
June 9, 2005
FOR MORE INFORMATION:
Kelley Heck - 609-777-2600
CODEY BILL TO FUND CONSTRUCTION OF WORLD-CLASS STEM CELL RESEARCH FACILITY
Acting Governor Advances Stem Cell Agenda
(TRENTON) - Acting Governor and Senate President Richard J. Codey today introduced legislation allocating $150 million in unused bond capacity for the construction of a world-class stem cell research facility. This funding will not impact the state's operating budget.
"New Jersey continues to be a leader in stem cell research, but other states and countries are catching up," Codey said. "This world-class facility will help attract the best researchers to New Jersey and will keep our state on the forefront of medical advancement. "By investing in stem cell research, we are investing in an opportunity to save lives," Codey said. "This new facility will provide patients throughout our state with easy access to the most cutting-edge treatments and best possible care."
Under the legislation, funding to construct the Stem Cell Institute of New Jersey would come from existing unused bond capacity resulting from cigarette tax revenues. Bonds, backed by the cigarette tax, would be issued by the New Jersey Economic Development Authority. The EDA would oversee the building's construction, which is expected to begin in August. "Advances in stem cell research are being made around the world every day," said Health and Senior Services Commissioner Fred M. Jacobs, M.D., J.D. "We must harness that momentum in our life sciences universities and in our research labs so that some day our grandchildren or their children may not have to suffer the debilitating effects of Alzheimer's and Parkinson's, diabetes and spinal cord injuries."
The legislation is co-sponsored by Sens. Joseph F. Vitale and Barbara Buono. It also allocates $60 million in unused bond capacity to the EDA to finance additional capital investments in biomedical and life science research across New Jersey, and $75 million in unused bond capacity for park improvements."Stem cell research holds the ultimate promise of eradicating diseases previously thought to be incurable," Vitale (D-Middlesex) said. "We cannot afford to lag behind in our support of life-saving medical research, and luckily, New Jersey is moving in the right direction to be at the front of advancement in the quest to find a cure through stem cells."
The Acting Governor originally proposed the $150 million investment in his State of the State address in January.
The facility would be located in New Brunswick - the heart of New Jersey's world-renowned life sciences industry - and would be equipped with state-of-the-art technology to support cutting-edge research.
The building would include clinical facilities, enabling scientists to translate basic research into real-life therapies. Researchers would be able to move easily between laboratory research and treating their patients in the hospital.
The institute, uniquely focused on bringing new therapies to reality, would benefit New Jersey's pharmaceutical and biotech industry, which would ultimately bring these new therapies to market. "These funds," Buono said, "will help us stay on top by building a first-class research facility that will attract leading scientists and encourage pharmaceutical and biotech companies to further invest in research and development in New Jersey."
A companion bill in the Assembly is sponsored by Assemblyman John F. McKeon (D-Essex). "Stem cell research has the potential to save the lives of countless New Jerseyans," said McKeon. "Providing ample funding will further position New Jersey at the forefront of this groundbreaking research."
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