PV investor to chair oversight committee on stem cell research PV investor to chair oversight committee on stem cell research (December 22, 2004)

** Woodside venture capitalist also named to committee.

By David Boyce

Almanac Staff Writer

The approval of the $3 billion bond measure to fund stem cell research in California -- state Proposition 71 -- has put a couple of local people in the spotlight.

Portola Valley resident and real estate investor Robert N. Klein II wrote the text of Proposition 71. On Friday, December 17, Mr. Klein was picked to chair the 29-member citizens' committee that will oversee the annual distribution of about $300 million in research and development funding over each of the next 10 years.

Woodside resident and life-sciences venture capitalist Michael D. Goldberg was named as a committee member by state Treasurer Phil Angelides.

The four top elected officials of the state were entitled to name five members each to the committee and nominate candidates for chair and vice-chair. All four officials -- Gov. Arnold Schwarzenegger, Lt. Gov. Cruz Bustamante, Controller Steve Westly of Atherton and Mr. Angelides -- nominated Mr. Klein as chair.
About the nominees

Mr. Klein is president of Palo Alto-based Klein Financial Corp., a real estate investment bank that specializes in arranging financing for affordable housing projects.

Mr. Klein was a principal contributor to the 1975 formation of the California Housing and Finance Agency, an affordable-housing bank run by the state and now overseeing a $6 billion loan portfolio, according to a biography published with his nomination announcement.

His involvement with medical research began when his son Jordan was diagnosed with juvenile diabetes in 2001, the biography says. His mother has been diagnosed with Alzheimer's disease.

Mr. Klein has a bachelor of arts degree in history and a law degree from Stanford University, the biography says.

Mr. Klein, a Democrat, has been an active contributor to politicians and campaigns, according to state campaign finance records. In addition to giving $3.15 million to the Proposition 71 campaign, he has made campaign contributions of $52,400 to Lt. Gov. Bustamante, $19,425 to Mr. Angelides, and $28,695 to Mr. Westly.

Mr. Goldberg heads Jasper Capital and has 20 years' experience as an entrepreneur and investor in life-science industries, including biotechnology, drug development and health services. He contributed $58,256 to the Proposition 71 campaign.
Local support

Of the total of $28.5 million donated to support the Proposition 71 campaign, contributions from local residents other than Mr. Klein and Mr. Goldberg totaled $31,200 from Atherton, $3.1 million from Menlo Park, $69,500 from Portola Valley and $3 million from Woodside.

No one from these towns is on record as having contributed to the $538,000 raised to oppose the measure.

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