Why does CIRM require Grantees and Loan Recipients to keep CIRM informed about intellectual property developments and to share revenues with the State of California?
Proposition 71 requires CIRM to balance the benefit of receiving revenues for the state of California from inventions made in whole or in part from CIRM funding with the need to ensure that essential research is not unreasonably hindered by CIRM regulations. The IP regulations strike that balance by ensuring that our Grantees own the intellectual property they create and allowing them to determine how best to exploit new technologies, while simultaneously ensuring that California taxpayers receive a fair return on their investment. This balance is based on two important principles: 1) The greatest economic return to the state’s general fund and its citizens will result from the discovery of therapies and cures; and 2) The involvement of the private sector is an essential element in developing a therapy or cure.
