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Individuals grab $68 million in stem cell bonds
By Jim Downing - Bee Staff Writer
Last Updated 5:59 pm PDT Wednesday, October 3, 2007
Individual investors on Wednesday snapped up $68.6 million in bonds to fund California's stem cell initiative, more than twice the $30 million anticipated by state Treasurer Bill Lockyer's office.
Based on that response, Lockyer extended the individual order period for the bonds, which was to have closed Wednesday, until 10:30 a.m. Thursday. After that, the issue will be open to institutional investors.
The $250 million bond issue is the first installment of the $3 billion in funding authorized under Proposition 71, the 2004 ballot measure that created California's stem cell institute.
Individuals interested in purchasing the bonds can visit www.buycaliforniabonds.com. The minimum buy-in for individual investors is $5,000. Purchasers must have an account with one of the 16 brokerage firms participating in the issue.
About the writer:
- The Bee's Jim Downing can be reached at (916) 321-1065 or jdowning@sacbee.com.
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