Imperial Valley News

Sacramento, California - Governor Schwarzenegger toured Invitrogen Corporation in Carlsbad where he discussed how biotechnology and stem cell research are pumping up the state's economy while working toward saving lives. California-based Invitrogen employs more than 4,300 people and conducts business in over 70 countries worldwide. In addition to supporting disease research, drug discovery, and commercial bio-production, Invitrogen has also started a stem cell research department.

 

California's robust biotechnology industry is stimulating the state's economy and driving potentially life-saving medical breakthroughs.

 

Creating jobs. From 2005 to 2006, California's biomedical industry created approximately 7,000 new jobs and generated a 17 percent increase in revenue. 

The state's biomedical businesses and research institutions employ more than 235,000 workers.

 

Attracting record investment. California's share of biotechnology venture capital accounts for almost half of all biotechnology venture capital investment in the U.S.

Total venture capital invested in California life sciences companies increased to $3.2 billion in 2006, up from $2.97 billion in 2005.

 

Continuing to grow.In thethird quarter of 2007 alone, there were 159 new start ups in biomedicine and biotechnology in California.

 

Finding cures.Public biomedical companies doing business in California invested an estimated $27 billion in the research and development of new products for unmet medical needs in 2006.

 

There are approximately 953 new medicines in California's research and development pipeline, with 471 being evaluated in clinical trials, an increase of more than 30 percent over last year.

 

California's investment in biotechnology and stem cell research and innovation is unparalleled. With the passage of Proposition 71 in 2004, California has become the largest single source of funding for human embryonic stem cell research in the world.

 

Proposition 71 authorizes $3 billion in state bonds to be allocated over 10 years. These funds go toward research at California's world-renowned universities and research institutions.

 

The Governor has taken action to make sure stem cell research moves forward. On top of championing Proposition 71 in 2004, when funding stalled due to litigation, the Governor jump-started research by directing the Department of Finance to issue a $150 million loan in July 2006.