U.S. stem-cell center gets $10M gift

July 5, 2006 at 12:37 PM
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IRVINE, Calif., July 5 (UPI) -- A wealthy California bond trader and his wife reportedly are donating $10 million to the University of California-Irvine's Stem Cell Research Center.

Bill and Sue Gross of Newport Beach, one of California's richest couples, gave UCI $2 million for equipping, staffing and operating the center, as well as pledging an additional $8 million, the Orange County (Calif.) Register reported Wednesday.

Bill Gross, founder and chief investment officer of PIMCO, which manages more than $600 billion in assets worldwide, told the Register: "Despite its understandable controversy, there is so much promise in stem-cell research. Scientists hope to use stem cells to better understand disease; foster the development of new, more effective drugs; and even generate healthy cells and tissues to replace those damaged by disease or injury.

"We're just doing our part in making strides toward saving the lives of the more than 100 million children and adults who are battling incurable illnesses around the world."

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