California Prop. 38 would fund $8.4B immunology research with half to one nonprofit

California voters will decide on Proposition 38 next week, a measure to raise $8.4 billion through state bonds to fund immunology and immunotherapy research, CBS News Bay Area reported.

Half of the funds, about $4.2 billion, would be allocated to research on cancer, heart disease, and Alzheimer's, focusing on treatments that use the body's immune system. The measure aims to address federal funding cuts in this area.

A significant backer of the initiative is Dr. Gary Michelson, a philanthropist who plans to develop a research facility called the California Institute of Immunology and Immunotherapy. Michelson's foundation has contributed around $40 million to support the campaign.

The proposition's language dedicates half of the funding to a single, unnamed nonprofit, with selection criteria that appear to favor Michelson's interests, raising questions about the use of public funds for private initiatives.

If passed, the bond sale could have a substantial impact on California's finances, as noted by analysts, while advancing cutting-edge medical research in the state.