Scripps Research Institute projects $21M deficit

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Updated: 7/03/2014 11:03 am

SAN DIEGO (AP) — California's Scripps Research Institute is projecting a $21 million operating deficit for the current fiscal year, which will end on September 30.

U-T San Diego reported Wednesday that La Jolla-based Scripps Research is seeking a partner to help it cope with deep and mounting financial problems.

Institute officials revealed the deficit to a handful of faculty and administrators this week during a meeting to explore ways to deal with a sharp decline in funding from the pharmaceutical industry and stiff competition for grants from the National Institutes of Health.

The newspaper says Scripps Research also is struggling to raise private donations.

President Michael Marletta says the institute has enough funds on hand to continue operating for the foreseeable future.

He says officials are committed to addressing the deficit problem.


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