Geron Quits Stem Cell Research – A leader in the field of stem cell research, and in the midst of the world’s first clinical trial using embryonic stem cells, Geron Corporation abruptly announced that it is leaving the stem cell business entirely.
This bombshell comes in the midst of a terrible year for the California-based biopharmaceutical company in which the company stock has dropped about 70%. In the wake of the announcement, the stock dropped to another 52 week low today of $1.58 per share.
The decision to cease stem cell trial, which held promise for those with spinal cord injuries, was reportedly a financial decision, as the company said it would focus on more lucrative projects including cancer treatments.
However, critics wonder if this decision was really based primarily on money. “This company would not walk away from this trial in the absence of an unexpected complication or safety concern, if there was any evidence that it was working,” said Dr. Daniel Salomon of the Scripps Research Institute in San Diego.
Many are left to wonder whether embryonic stem cell research has been abandoned entirely in the U.S. Read the story from ABC News
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