Vote NO on Proposition 71

Prop 71 is funded by the real estate and biotech industries that will profit from its passage

Individuals and special interest groups that stand to gain financially from Proposition 71 have contributed large sums of cash to the campaign.

Real estate special interests

Robert Klein, president of real-estate development company Klein Financial, originally donated $500,0001 and has since donated more than $1,000,000.2 Proposition 71 will fund up to 300 million dollars for real estate development and facilities construction.

Biotechnology special interests

Joseph Lacob, a partner with the firm Kleiner Perkins Caufield & Byers (which funds several healthcare and biotech-related companies),3 contributed $500,000.2 A month earlier, another partner of Kleiner Perkins Caufield & Byers, John Doerr and his wife, contributed a combined total of $974,649.2 Recently, partner Brook Byers and his wife contributed $460,000, respectively.4 William Unger of Mayfield Venture Capital (which also funds biotech companies)5 contributed $50,000, according to campaign finance records.  George Rathmann, who co-founded Amgen and is now chairman of biotechnology company Nuvelo, has contributed $50,000.2 William Rutter, co-founder and chairman of Chiron, contributed $50,000.2 Another biotechnology executive, Gilead Science vice president James Rooney, has contributed $10,000.2

Biotech companies stand to profit financially, with free grants to develop potential therapies. In addition, the company itself will profit from the 25% indirect cost (above and beyond the amount of the grant award) given to them for accepting the grant award. We don't need an initiative that lines the pockets of real estate developers, biotechnology and pharmaceutical companies.

Vote NO on Proposition 71

References

  1. Antonio Regalado. 2004. California Advocates Try to Put Stem-Cell Initiative on Ballot. Wall Street Journal February 9, 2004.
  2. Paul Elias. 2004. Venture capital money backs California stem cell measure, USA Today, from Associated Press.
  3. See Kleiner Perkins Caufield & Byers Portfolio companies: Current investments.
  4. Dan Smith. 2004. The Buzz: Biotech interests boost stem cell initiative effort from the Sacramento Bee.
  5. Mayfield Venture Capital funds biotech companies Amgen, Genentech, Heartstream, Immunex, Millennium Pharmaceuticals, and Tularik (see Mayfield Impact Investments).