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Oct 7, 2008 12:16 am US/Pacific

$75M Donated To Stanford For Stem Cell Research

STANFORD (AP) ― A philanthropist has pledged $75 million to Stanford University to build a new home for the school's stem cell institute.

The gift from alumnus Lorry I. Lokey, founder of the public relations wire service Business Wire, was announced Monday.

The money will go to Stanford's school of medicine and help build a 200,000-square-foot building.

School officials say they plan to break ground on the facility on Oct. 27 and complete construction by the summer of 2010.

The total cost of the building is approximately $200 million. A grant from the California Institute for Regenerative Medicine and private and university contributions are expected to cover the remaining costs.

(© 2008 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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