CIRM approves $20M award - with a catch - for StemCells Alzheimer's research

StemCells Inc. and three other research projects won a total of $63 million in funding Wednesday night from California's stem cell research funding agency. But the $20 million earmarked by the California Institute for Regenerative Medicine for StemCells (NASDAQ: STEM) -- the Newark company's second award in two months -- comes with a catch. StemCells must satisfy CIRM staff of "the company's ability to access the capital needed to fund the project."