The Ministry of Health and Welfare has approved an application for stem cell research submitted by a team of researchers led by Seoul National University professor Hwang Woo-suk.

Prof. Hwang is credited with the world's first extraction of stem cells from cloned human embryos last year.

Since early this month, the government has begun receiving applications for stem cell research from local research institutes in line with a new bioethics law that went into effect on January 1.

Under the new bioethics law, local scientists will be allowed to conduct research on stem cells extracted from cloned human embryos for the purpose of finding new treatments for rare and incurable diseases, including diabetes, leukemia and Alzheimer's.

Meanwhile, according to the Korea Science and Engineering Foundation, donations for Prof. Hwang's research have exceeded one billion won or around 800,000 US. dollars following the launch of fundraising last April.