CA SB1064

Eliminates the 50-employee maximum for the California Institute for Regenerative Medicine (CIRM) and requires creation of a succession plan for leadership changes in both CIRM and its oversight committee.

Requires CIRM to create a transition plan by January 31, 2012 addressing expiration of current bond funding and submit it to the Governor, Controller, and Legislature.

Adds performance audits every 3 years (in addition to existing annual financial audits) to assess CIRM's economy, efficiency, and effectiveness in operations and compliance with oversight committee policies.

Mandates intellectual property standards requiring grantees to share revenue from licensed inventions (25% of revenues exceeding $500,000) and self-commercialized products (3% annual net revenue plus milestone payments at $250 million and $500 million in annual revenues) with California's General Fund.

Requires grantees and exclusive licensees to submit plans ensuring California residents without other means can access drugs developed with CIRM funding, subject to ICOC waiver authority if development or delivery would be unreasonably hindered.