University in California receives 10 million dollars for stem cell research

University in California receives 10 million dollars for stem cell research

About US$2 million  will be allocated to support human embryonic stem cell research at the university, said Bill Gross of Newport Beach, founder and chief investment officer of Newport Beach-based investment firm PIMCO.

Another US$8 million  will be a matching gift for a proposed stem cell research center, he said.

Scientists hope stem cell research will lead to cures to diseases that afflict millions of people, but social conservatives liken the research to abortion because the process of extracting stem cells from a days-old embryo results in its death, the AP reports.

The gift is a big lift to the university's efforts to compete with science centers in San Diego and Los Angeles.