Geron halting stem cell research, laying off staff

Source: Associated Press

By LINDA A. JOHNSON, AP Business Writer – 2 hours ago

TRENTON, N.J. (AP) — The company doing the first government-approved test of embryonic stem cell therapy is discontinuing further stem cell work, a move with stark implications for a field offering hope of future medicines for conditions with inadequate or no current treatments.

Geron Corp., a pioneer in stem cell research that has been testing a spinal cord injury treatment, said late Monday that it's halting development of its stem cell programs to conserve funds. It is seeking partners to take on the programs' assets and is laying off much of its staff.

The news sent Geron shares down sharply in after-hours trading. They fell 38 cents, or 17.3 percent, to $1.82.

The company is eliminating 66 full-time jobs, or 38 percent of its staff, a process that will bring about $8 million in costs — about $5 million in the current quarter and about $3 million in the first half of 2012. Geron said it expects to end this year with more than $150 million in cash and investments.

Read more: http://www.google.com/hostednews/ap/article/ALeqM5iBQ8Ee6v-JS3D27Vnhr7u-CBentw?docId=4cc7b50588344779b60345c6a6e939ab

This part is troubling: ...using stem cells from embryos has long been controversial and is opposed by some groups for religious and moral reasons.

Brozak called Geron's move a sad delay in the development of embryonic stem cell therapies in the U.S.

"It could be outsourced to a place like China very easily," he added. "In that case, this would be the de facto abdication of U.S. leadership in biotechnology."



And so recently we've had some incredible news vis a vis stem cell (though not embryonic in this case). You'd think we'd be trying to take the lead on this shit:


http://www.cbsnews.com/8301-18563_162-57324592/stem-cells-help-regenerate-damaged-heart/

I don't care who leads the way in this research, so long as they use it to the benefit of humanity. That of course, is probably a little too naive. I expect some will be involved for altruistic reasons... others for reasons that are... not.

I think there is amazing potential in what we've seen from stem cell research, I'm sad it's getting downsized - that we're laying off staff in America who are working on much needed projects and research. I hope that someone, somewhere, will realize the possibilities and use them wisely. The genie is now out of the bottle, it can't be put back in. There are dangers with stem cell research as with many forms of research, the possibilities simply boggle my mind - and I know very little about it.

Source: The Telegraph

The decision immediately sparked 'disgust’ from spinal injury charities and others hoping to benefit from the research.

Geron, a pioneer in stem cell research, said it was ending its landmark stem cell project after a strategic review of the costs involved. The move has stark implications for a field of medical research that offers hope of future medicines for a wide array of conditions with inadequate or no current treatments.

The California-based company’s trial on patients with recent spinal cord injuries, the first on humans to be approved by the US Federal Drug Administration, began in October 2010 and four people have so far been treated.

Read more: http://www.telegraph.co.uk/health/healthnews/8892403/US-drug-company-halts-worlds-first-official-human-embryonic-stem-cell-clinical-trial.html

and someone will swoop in, buy it for pennies on the dollar, and make a killing. because there is a LOT of money to made in stem cell research. i wonder which big drug company that will be the purchaser?

it could be very well choreographed. especially with computer driven sells and purchases...

hmmmm...............

:shrug:

ok, i'm a cynical piece of shit...