And it will happen at my alma mater, as a matter of fact.

From the Catholic Review in Baltimore:

The Vatican is expected to contribute several million dollars to an international consortium for adult stem-cell research, an effort that will be led by the University of Maryland School of Medicine in Baltimore.

The Associated Press reported the Vatican’s anticipated initial contribution as being 2 million euros ($2.7 million).

The new venture was announced April 23 at a news conference in Rome.

According to a news release from the university medical school, representatives of the Vatican and the Istituto Superiore di Sanita, the Italian equivalent to the National Institutes of Health, attended the news conference.

Participants included Cardinal Renato Martino, retired head of the Pontifical Council for Justice and Peace, and University of Maryland School of Medicine officials, including Dr. Alessio Fasano, professor of pediatrics, medicine and physiology and director of the Mucosal Biology Research Center and the Center for Celiac Research.

Fasano told The Catholic Review in a brief telephone interview that the consortium has been months in the making.

“We started discussing this a few months ago,” Fasano said. “It extended from discussions I had with Cardinal Martino. He liked the idea, and submitted it to the Holy Father (Pope Benedict XVI). The Holy Father loved it. This is unprecedented.”

The Catholic Church opposes embryonic stem-cell research, and supports adult stem-cell research.

“This is yet another example of the Catholic Church stepping up to the plate to fill a need that the government either won’t fill or isn’t capable of filling,” said Nancy Paltell, the Maryland Catholic Conference’s associate director for respect life.

“The Church has been a consistent supporter of stem-cell research using ethical adult stem cells.”

UPDATE: The Vatican is now saying reports of funding the venture are not true:

Jesuit Father Federico Lombardi, the Vatican spokesman, said news reports of a Vatican contribution of 2 million euros ($2.7 million) to the project were inaccurate. In an e-mail to Catholic News Service April 25, Father Lombardi said no funding commitment had been given by any Vatican institution.

“This aspect must be further studied,” he said.

“It is true, however, that institutions such as the Bambino Gesu Hospital are connected with the Holy See, and therefore its concrete participation in the research can be seen as a ‘Vatican’ contribution, but the precise extent of this participation has not yet been defined,” he said.