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Biotech Companies Plan to Move to California

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A 21st-century gold rush is on in California after the voters approved three billion dollars for human embryonic stem cell research.

At least one out-of-state biotech company is already making plans to move to California.

Stem cell start-up businesses are expected to emerge.

University of California officials say the measure will help them attract top stem cell researchers to the state and encourage talented undergraduates to enter the field.

The voters´ approval of the bond measure represents a resounding rejection of Bush administration policy, which has sharply restricted federal funding for research that involves the destruction of human embryos.