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Category Archives: Stem Cells

NIH-CRM Awards Cellular Dynamics up to $7 Million to Produce Human Induced Pluripotent Stem Cells and Differentiated …

Posted: October 28, 2012 at 6:45 am

MADISON, Wis., Oct. 24, 2012 /PRNewswire/ --The National Institutes of Health Center for Regenerative Medicine (NIH-CRM) has awarded Cellular Dynamics International, Inc. (CDI), the world's largest commercial producer of human induced pluripotent stem (iPS) cell lines and tissue cells, a contract to provide human iPS cell lines and terminally differentiated tissue cells from normal or specified patient populations. The contract is worth up to $7.0 million for the three year life of the agreement. This contract follows on two NIH-CRM contracts awarded in September 2011, whereby CDI will generate and genetically engineer iPS cell lines; the company has delivered on several of these cell lines already.

This contract meets a primary goal of the NIH-CRM: to provide researchers with the support needed to move stem cell technology forward. It is expected that these cells will be utilized for preclinical research, including screening compound libraries. As one of the only companies in the world capable of providing iPSC-derived tissue cells in the quality, quantity, and purity required for preclinical research, CDI currently manufactures iCell Cardiomyocytes, iCell Neurons, iCell Endothelial Cells, and iCell Hepatocytes. In addition, the company launched its MyCell Services in June this year, whereby researchers can contract CDI to manufacture iPS cells and tissue cells, as well as do genetic engineering, for patient samples they supply.

"This contract enables NIH researchers to easily access our human iPS cell-derived cells and accelerate the pace of their research," said Chris Parker, chief commercial officer of CDI. "Scientists can now concentrate on their experiments and the data they generate instead of trying to manufacture a consistent and pure supply of human cells. Our expertise is providing the necessary tools human cells so that researchers can focus on discoveries."

Robert Palay, chief executive officer of CDI, continued, "CDI was founded on Dr. James Thomson's vision that the industrial manufacture of human iPS cells and the somatic cells derived from them is critical for discoveries and benefits to human health to be realized. This NIH contract award recognizes CDI's leadership in developing iPSC technology and providing high quality cellular tools to the biological research community in their drive toward improving human health."

About Cellular Dynamics International, Inc.Cellular Dynamics International, Inc. (CDI) is a leading developer of next-generation stem cell technologies for drug development, cell therapy, tissue engineering and organ regeneration. CDI harnesses its unique manufacturing technology to produce differentiated tissue cells from any individual's stem cell line in industrial quality, quantity and purity. CDI is accelerating the adoption of pluripotent stem cell technology, adapting its methods to fit into standard clinical practice by the creation of individual stem cell lines from a standard blood draw. CDI was founded in 2004 by Dr. James Thomson, a pioneer in human pluripotent stem cell research at the University of Wisconsin-Madison. CDI's facilities are located in Madison, Wisconsin. See http://www.cellulardynamics.com.

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NIH-CRM Awards Cellular Dynamics up to $7 Million to Produce Human Induced Pluripotent Stem Cells and Differentiated ...

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Medistem CEO Dr. Alan Lewis to Present at the Stem Cell Meeting on the Mesa

Posted: October 28, 2012 at 6:45 am

SAN DIEGO--(BUSINESS WIRE)--

Medistem announced today Dr. Alan Lewis, the recently appointed CEO of Medistem, will be presenting at the Stem Cells on the Mesa meeting. The company will discuss its ongoing programs at creating effective treatments for cardiovascular diseases using the Endometrial Regenerative Cell (ERC), a stem cell derived from menstrual blood.

The lining of the uterus is unique in its ability to create large numbers of new blood vessels monthly. We found that the cells responsible for creation of new blood vessels, the ER, are shed into the menstrual blood. The ERC have now been cleared by the FDA for clinical trials, said Dr. Lewis. Currently we are pursuing clinical trials in patients with heart failure and critical limb ischemia, an advanced form of peripheral artery disease. In both of these conditions we anticipate the production of new blood vessels will lead to therapeutic responses.

The NIH has recently published that Medistem's ERC possess a unique genetic profile associated with stimulation of new blood vessel growth. The paper may be found at http://www.translational-medicine.com/content/pdf/1479-5876-10-207.pdf

We are excited about the commercialization potential of these cells, given that one donor can generated 20,000 treatment doses, said Thomas Ichim, President and Chief Scientific Officer of Medistem.

Medistems presentation will be at 5:30 PM, Monday, October 29th, 2012, Location: Sanford Consortium, 2880 Torrey Pines Scenic Drive, La Jolla, CA.

The 2012 Stem Cell Meeting on the Mesa is aimed at bringing together senior members of the business development and scientific research communities in regenerative medicine to advance stem cell science into cures for debilitating diseases and injuries. The meeting features a nationally recognized Scientific Symposium attended by more than 600 leading scientists and researchers alongside the regenerative medicine industry's premier annual Investor and Partnering.

Cautionary Statement

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of our securities. This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking information. Factors which may cause actual results to differ from our forward-looking statements are discussed in our Form 10-K for the year ended December 31, 2007 as filed with the Securities and Exchange Commission.

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Medistem CEO Dr. Alan Lewis to Present at the Stem Cell Meeting on the Mesa

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Clinical trial attempts to cure autism with cord blood

Posted: October 28, 2012 at 6:45 am

Researchers recently announced the beginning of a FDA-approved clinical trial that uses umbilical cord blood stem cells to cure autism.

Dr. Michael Chez, director of pediatric neurology at Sutter Neuroscience Institute in Sacramento, Calif., said he and his colleagues have been processing the trial for more than a year now, and they have high hopes it will succeed.

- Dr. Michael Chez, director of pediatric neurology at Sutter Neuroscience Institute in Sacramento, Calif.

What we are looking at, is cases that dont have an obvious genetic link, Chez told FoxNews.com. Patients that we presume something went wrong with their brains, which caused a change to autistic features.

Related: Cord blood cures baby's grapefruit-sized tumor

In other words, the trials patients will essentially have no reason to have autism or at least no genetic markers for the disease. This means they must have presumably developed it through another factor, such as the environment or exposure to an infection.

Chez got the idea to treat autism with cord blood stem cells when he observed the cells make a big difference for a little boy who had cerebral palsy.

Related: Cord blood reverses cerebral palsy in Colorado girl

Now, Chez wants to put this boys experience to work for children with autism.

Autism is a developmental disorder that appears in a childs first three years of life, according to the National Institutes of Health. One in 88 U.S. children have it, and it affects one in 54 boys. The condition impacts the brains normal development of social and communication skills sometimes mildly, sometimes extremely.

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Clinical trial attempts to cure autism with cord blood

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National Press Club Celebration of the Publication of “The Grace of Stem Cells” by Jeong Chan Ra, Chairman of RNL BIO

Posted: October 28, 2012 at 6:45 am

SEOUL, South Korea, Oct. 25, 2012 /PRNewswire/ -- The Grace of Stem Cells byDr. Jeong Chan Ra, biomedical scientist and Chairman of RNL BIO, was published by October 24, 2012.At the National Press Club, leaders from around the world and the media gathered to discuss Dr. Ra's claim that huge amounts of peer reviewed data is systematically ignored in order that opponents of ethical stem cell research are able to promote unsuccessful, unsafe embryonic strategies. Dr. Ra is Chairman of RNL BIO, itself a leader in stem cell translational research.

The Grace of Stem Cells is the first comprehensive analysis of adult stem cell interventions to be published in the English language, and was hailed by leaders for its equally profound story of the relationship between Christian faith and a scientific approach to stem cell research.

Dr. Ra's previous work includes dozens of scientific papers and a book that has sold over 30,000 copies and is ranked one of the best-sellers in science books in Asia.

Emeritus President of the Southern Baptist Convention and one of America's most influential religious leaders Dr. Morris Chapman joined others from America and abroad to celebrate the work as, to quote Dr. Chapman, "the most important book for pro-life advocates on this subject to be published ever."

Patients who had received treatment for incurable diseases using their own (autologous) stem cells were both in attendance and spoke of Dr. Ra's story. Chloe Sohl, who lost her hearing to autoimmune hearing loss, told her story. But the discussion pivoted not on the stories of individuals but the huge amount of published data of recent origin and its effect on the huge demand for stem cells.

Dr. Jeong Chan Ra stated, "As much controversy and issues of safety are concerned in the field of stem cells or embryonic stem cells, autologous adult stem cells are derived from cells that already exist in our bodies to help us treat all kinds of diseases, which is a reminder of God's omnipotence."

Dr. Ra added, "I sincerely hope The Grace of Stem Cells instills faith to people with incurable diseases to be treated." He described the complete commitment of RNL BIO and its partners and friends to bioethics, to protection of life, and to aggressive and systematic research and translational medicine and educational programs. He also discussed the recent and extraordinary growth of RNL BIO and what his plans include for the future.

All royalties from the publications in the United States will be donated to Bethesda Life Foundation in Tennessee, USA. The book is now available in paper as well as e-book at amazon.com.

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National Press Club Celebration of the Publication of "The Grace of Stem Cells" by Jeong Chan Ra, Chairman of RNL BIO

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Solving stem cell mysteries

Posted: October 28, 2012 at 6:45 am

Public release date: 26-Oct-2012 [ | E-mail | Share ]

Contact: Yixian Zheng zheng@ciwemb.edu 410-246-3032 Carnegie Institution

Baltimore, MD The ability of embryonic stem cells to differentiate into different types of cells with different functions is regulated and maintained by a complex series of chemical interactions, which are not well understood. Learning more about this process could prove useful for stem cell-based therapies down the road. New research from a team led by Carnegie's Yixian Zheng zeroes in on the process by which stem cells maintain their proper undifferentiated state. Their results are published in Cell October 26.

Embryonic stem cells go through a process called self-renewal, wherein they undergo multiple cycles of division while not differentiating into any other type of cells. This process is dependent on three protein networks, which guide both self-renewal and eventual differentiation. But the integration of these three networks has remained a mystery.

Using a combination of genetic, protein-oriented and physiological approaches involving mouse embryonic stem cells, the teamwhich also included current and former Carnegie scientists Junling Jia, Xiaobin Zheng, Junqi Zhang, Anying Zhang, and Hao Jianguncovered a mechanism that integrates all three networks involved in embryonic stem cell self-renewal and provide a critical missing link to understanding this process.

The key is a protein called Utf1. It serves three important roles. First, it balances between activating and deactivating the necessary genes to direct the cell toward differentiation. At the same time, it acts on messenger RNA that is the transcription product of the genes when they're activated by tagging it for degradation, rather than allowing it to continue to serve its cellular function. Lastly, it blocks a genetic feedback loop that normally inhibits cellular proliferation, allowing it to occur in the rapid nature characteristic of embryonic stem cells.

"We are slowly but surely growing to understand the physiology of embryonic stem cells," Zheng said. "It is crucial that we continue to carrying out basic research on how these cells function."

###

Non-Carnegie co-authors on the paper include Gangquing Hu, Kairong Cui, Chengyu Liu and Keji Zhao of the National Institutes of Health; and John Yates III and Bingwen Lu of the Scripps Research Institute, the latter of whom is now at Pfizer.

This research was supported by NIH, NHLBI intramural research, HHMI, and the Cystic Fibrosis Foundation Therapeutics Inc.

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Solving stem cell mysteries

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BioTime Makes Bid for Geron’s Stem Cell Assets

Posted: October 21, 2012 at 7:59 am


Biotime, Inc., and two men who were
leading players in history of Geron Corp. today made a surprise,
public bid for the stem cell assets of their former firm.

Michael West
West photo
Tom Okarma
AP file photo
The men are Michael West and Thomas
Okarma
. West founded Geron in 1990 and was its first CEO. West is
now CEO of Biotime. Okarma was CEO of Geron from 1999 to 2011.
Okarma joined Biotime on Sept. 28 to lead its acquistion efforts.
Both Geron, based in Menlo Park, Ca., and Biotime, based in Alameda,
Ca., are publicly traded.
West and Okarma sent an open letter this morning to Geron shareholders and issued a press release making
a pitch for the Geron's stem cell assets. Geron jettisoned its hESC
program nearly a year ago and closed its clinical trial program for
spinal injuries. The move shocked the California stem cell agency,
which just a few months earlier had signed an agreement to loan the
firm $25 million to help fund the clinical trial. The portion of the
loan that was distributed was repaid with interest.
At the time, Geron said it would try to
sell off the hESC program, but no buyers have surfaced publicly.
Personnel in the program have been laid off or found employment
elsewhere.
The West-Okarma letter to shareholders
said that under the deal,

“Geron would transfer its stem cell
assets to BAC(a new subsidiary of Biotime headed by Okarma), in
exchange for which you along with the other Geron shareholders would
receive shares of BAC common stock representing approximately 21.4%
of the outstanding BAC capital stock. BioTime would contribute to BAC
the following assets in exchange for the balance of outstanding BAC
capital stock:

  • “$40 million in BioTime common
    shares;
  • “Warrants to purchase BioTime
    common shares (“BioTime Warrants”);
  • “Rights to certain stem cell
    assets of BioTime, and shares of two BioTime subsidiaries engaged in
    the development of therapeutic products from stem cells.”
The letter asked Geron shareholders to
write the firm's board of directors to urge them to approve the
offer.
Geron had no immediate response to the
proposal. Asked for comment, Kevin McCormack, spokesman for the
California stem cell agency, said the deal “had nothing to do with
us.” However, in the past, CIRM has indicated that it could find a
way to transfer the loan to an entity that would continue spinal
injury clinical trial. CIRM President Alan Trounson was also involved
at one point in trying to assist in a deal.
Geron's shares rose 12 cents to $1.54
today while Biotime's shares lost four cents to $3.95.
Here are links to the two news stories
that have appeared so far on the proposed deal: Associated PressMarketwatch.

Source:
http://feedproxy.google.com/~r/blogspot/uqpFc/~3/v1bas6eGZF0/biotime-makes-bid-for-gerons-stem-cell.html

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Los Angeles Times: StemCells, Inc., Award ‘Redolent of Cronyism’

Posted: October 21, 2012 at 7:59 am


The Los Angeles Times this
morning carried a column about the “charmed relationship” between
StemCells, Inc., its “powerful friends” and the $3 billion
California stem cell agency.

The article was written by
Pulitzer prize winner and author Michael Hiltzik, who has been
critical of the agency in the past. The piece was the first in the major
mainstream media about a $20 million award to StemCells, Inc., that was approved in September by the agency's board. The bottom line of the
article? The award was “redolent of cronyism.”
Hiltzik noted that
StemCells, Inc., now ranks as the leading corporate recipient of cash
from the agency with $40 million approved during the last few months.
But he focused primarily
on September's $20 million award, which was approved despite being
rejected twice by grant reviewers – “a particularly
impressive” performance, according to Hiltzik. It was the first
time that the board has approved an award that was rejected twice by
reviewers.
Hiltzik wrote,

What was the company's
secret? StemCells says it's addressing 'a serious unmet medical need'
in Alzheimer's research. But it doesn't hurt that the company also
had powerful friends going to bat for it, including two guys who were
instrumental in getting CIRM off the ground in the first place.”

The two are Robert Klein,
who led the ballot campaign that created the agency and became its
first chairman, and Irv Weissman of Stanford, who co-founded
StemCells, Inc., and sits on its board. Weissman, an internationally
known stem cell researcher, also was an important supporter of the
campaign, raising millions of dollars and appearing in TV ads. Klein,
who left the agency last year, appeared twice before the CIRM board
this summer to lobby his former colleagues on behalf of Weissman's
company. It was Klein's first appearance before the board on behalf
of a specific application.
The Times piece continued,

But private enterprise
is new territory for CIRM, which has steered almost all its grants
thus far to nonprofit institutions. Those efforts haven't been
trouble-free: With some 90% of the agency's grants having gone to
institutions with representatives on its board, the agency has long
been vulnerable to charges of conflicts of interest. The last thing
it needed was to show a similar flaw in its dealings with private
companies too.”

Hiltzik wrote,

(Weissman) has also
been a leading beneficiary of CIRM funding, listed as the principal
researcher on three grants worth a total of $24.5 million. The agency
also contributed $43.6 million toward the construction of his
institute's glittering $200-million research building on the Stanford
campus.”

CIRM board approval of the
$20 million for StemCells, Inc., came on 7-5 vote that also required
the firm to prove that it had a promised $20 million in matching
funds prior to distribution of state cash.
Hiltzik continued,

The problem is that
StemCells doesn't have $20 million in spare funds. Its quarterly
report
 for the period ended June 30 listed about $10.4
million in liquid assets, and shows it's burning about $5 million per
quarter. Its prospects of raising significant cash from investors
are, shall we say, conjectural.

As it happens, within
days of the board's vote, the
firm downplayed
 any pledge 'to raise a specific amount of
money in a particular period of time.' The idea that CIRM 'is
requiring us to raise $20 million in matching funds' is a
'misimpression,' it said. Indeed, it suggested that it might count
its existing spending on salaries and other 'infrastructure and
overhead' as part of the match. StemCells declined my request that it
expand on its statement.
 

CIRM spokesman Kevin
McCormack
says the agency is currently scrutinizing StemCells'
finances 'to see what it is they have and whether it meets the
requirements and expectations of the board.' The goal is to set
'terms and conditions that provide maximum protection for taxpayer
dollars.' He says, 'If we can't agree on a plan, the award will
not be funded.'"

Hiltzik wrote,

The agency shouldn't be
deciding on the spot what does or doesn't qualify as matching funds.
It should have clear guidelines in advance.

Nor should the board
overturn the judgment of its scientific review panels without
clear-cut reasons....The record suggests that the handling of the
StemCells appeal was at best haphazard and at worst redolent of
cronyism.” 

Source:
http://feedproxy.google.com/~r/blogspot/uqpFc/~3/6qvBfSLP3RE/los-angeles-times-stemcells-inc-award.html

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California Stem Cell Agency Boosting Disease Team Program to $543 Million

Posted: October 21, 2012 at 7:59 am


Directors of the California stem cell
agency are set to give away $20 million next Thursday and authorize
a handsome addition to their signature disease team effort, bringing
its total to $543 million.

It is all part of the $3 billion
agency's push to develop therapies prior to running out of money for
new grants in 2017.
The $20 million is expected to go to
the first two winners in the agency's new strategic partnership
program. CIRM says the effort is aimed at
creating “incentives and processes that will: (i) enhance the
likelihood that CIRM funded projects will obtain funding for Phase
III clinical trials (e.g. follow-on financing), (ii) provide a source
of co-funding in the earlier stages of clinical development, and
(iii) enable CIRM funded projects to access expertise within
pharmaceutical and large biotechnology partners in the areas of
discovery, preclinical, regulatory, clinical trial design and
manufacturing process development.”
CIRM reviewed six applications with two winning approval. The agency's governing board is expected to ratify the decision next week. None of the applicants have been identified by the agency, which routinely withholds that information prior to
board action even when applicants have identified themselves.
Addition of a new $100 million
disease team round will come on top of the second, $213 million disease
team awards approved last this summer. The first round, awarded in
2009, totaled $230 million.  The size of the new round could be altered by CIRM directors prior to approval. Also before the board is a $40 million
proposal to expand the industry-friendly strategic partnership effort
into a second round.
The thrust of the disease team effort
is to speed the process of establishing clinical trials and to finance
efforts that might founder in what the biotech industry calls a
valley of death – a high risk financial location, so to speak,
where conventional financiers fear to tread.
The new disease team round will require
“co-funding” from applicants but the agency did not specify what
it means by the term. The matter of matching funds has become an issue in awards to StemCells, Inc., of Newark, Ca., in this summer's
disease team round.
Next week's agenda additionally
contains a plan to tighten review of proposed research budgets in
grant applications, making it clear that CIRM staff will be
negotiating such matters even after the board approves grants and
loans.
So far no researchers have testified in
public on the budget plan although it could well have a significant
impact on their future efforts.
Additional matters will discussed as
well at the meeting in Burlingame, which also has a teleconference
location in La Jolla that will be open to the public. The address
and additional material can be found on the agenda.  

Source:
http://feedproxy.google.com/~r/blogspot/uqpFc/~3/1gFmBSDEYCU/california-stem-cell-agency-boosting.html

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Researcher Alert: Stem Cell Agency to Take Up Grant Appeal Restrictions

Posted: October 21, 2012 at 7:59 am


The move by the $3 billion California
stem cell agency to curtail its free-wheeling grant appeal process
will undergo its first public hearing next week.

The proposals will mean that scientists
whose applications are rejected by reviewers will have fewer avenues
to pursue to overturn those decisions. The changes could take effect
as early as next year.
The move comes in the wake of a record
number of appeals this summer that left the board complaining about
“arm-twisting,” lobbying and “emotionally charged presentations.”
Among other things, the new "guidelines" attempt to define
criteria for re-review – “additional analysis” – of
applications involved in appeals, also called “extraordinary
petitions.” The plan states that re-review should occur only in
the case of a material dispute of fact or material new information.
(See the end of this item for agency's proposed definitions.)
In addition to alterations in the
appeal process, the CIRM directors' Application Review Task Force
will take up questions involving “ex parte communications.” The
agenda for the Oct. 24 meeting did not contain any additional
information on the issue but it likely deals with lobbying efforts on
grants outside of public meetings of the agency. We understand that
such efforts surfaced last summer involving the $$214 million disease
team round and Robert Klein, the former chairman of the stem cell
agency.
Klein appeared twice publicly before
the board on one, $20 million application by StemCells, Inc., the
first time a former governing board member has publicly lobbied his former
colleagues on an application. The application was rejected twice by reviewers – once
on the initial review and again later on a re-review – but it was
ultimately approved by directors in September on a 7-5 vote.
The board has long been troubled with
its appeal process but last summer's events brought the matter to a
new head. The issue is difficult to deal with because state law
allows anyone to address the CIRM governing board on any subject when
it meets. That includes applicants who can ask the board to approve
grants for any reason whatsoever, not withstanding CIRM rules. The board can also approve a grant
for virtually any reason although it has generally relied on
scientific scores from reviewers.
The proposals to restrict appeals are
designed to make it clear to scientists whose applications are
rejected by reviewers that the board is not going to look with favor
on those who depart from the normal appeals procedure.
While the board almost never has
overturned a positive decision by reviewers, in nearly every round it  approves some applications that have been rejected by reviewers. That has
occurred as the result of appeals and as the result of motions by
board members that did not result from public appeals.
Ten of the 29 board members are classified as patient advocates and often feel they must advance the cause of the
diseases that they have been involved with. Sometimes that means
seeking approval of applications with low scientific scores.
Here is how agency proposes to define
“material dispute of fact:”

“A material dispute of fact should
meet five criteria:(1) An applicant disputes the accuracy of a
statement in the review summary;(2) the disputed fact was significant
in the scoring or recommendation of the GWG(grant review group); (3) the dispute pertains
to an objectively verifiable fact, rather than a matter of scientific
judgment or opinion;(4) the discrepancy was not addressed through the
Supplemental Information Process and cannot be resolved at the
meeting at which the application is being considered; and
(5) resolution of the dispute could affect the outcome of the board’s
funding decision."

Here is how the agency proposes to
define “material new information:”

“New information should: (1)be
verifiable through external sources; (2) have arisen since the
Grants Working Group(grant review group) meeting at which the application
was considered; (3) respond directly to a specific criticism or
question identified in the Grants Working Group’s review; and (4)
be submitted as part of an extraordinary petition filed five business
days before the board meeting at which the application is
being considered."

Next week's hearing is scheduled for
Children's Hospital in Oakland with a teleconference location at UC
Irvine
. Addresses can be found on the agenda.

Source:
http://feedproxy.google.com/~r/blogspot/uqpFc/~3/6sbxGqQJ77Y/researcher-alert-stem-cell-agency-to.html

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BioTime Makes Bid for Geron's Stem Cell Assets

Posted: October 21, 2012 at 7:57 am


Biotime, Inc., and two men who were
leading players in history of Geron Corp. today made a surprise,
public bid for the stem cell assets of their former firm.

Michael West
West photo
Tom Okarma
AP file photo
The men are Michael West and Thomas
Okarma
. West founded Geron in 1990 and was its first CEO. West is
now CEO of Biotime. Okarma was CEO of Geron from 1999 to 2011.
Okarma joined Biotime on Sept. 28 to lead its acquistion efforts.
Both Geron, based in Menlo Park, Ca., and Biotime, based in Alameda,
Ca., are publicly traded.
West and Okarma sent an open letter this morning to Geron shareholders and issued a press release making
a pitch for the Geron's stem cell assets. Geron jettisoned its hESC
program nearly a year ago and closed its clinical trial program for
spinal injuries. The move shocked the California stem cell agency,
which just a few months earlier had signed an agreement to loan the
firm $25 million to help fund the clinical trial. The portion of the
loan that was distributed was repaid with interest.
At the time, Geron said it would try to
sell off the hESC program, but no buyers have surfaced publicly.
Personnel in the program have been laid off or found employment
elsewhere.
The West-Okarma letter to shareholders
said that under the deal,

“Geron would transfer its stem cell
assets to BAC(a new subsidiary of Biotime headed by Okarma), in
exchange for which you along with the other Geron shareholders would
receive shares of BAC common stock representing approximately 21.4%
of the outstanding BAC capital stock. BioTime would contribute to BAC
the following assets in exchange for the balance of outstanding BAC
capital stock:

  • “$40 million in BioTime common
    shares;
  • “Warrants to purchase BioTime
    common shares (“BioTime Warrants”);
  • “Rights to certain stem cell
    assets of BioTime, and shares of two BioTime subsidiaries engaged in
    the development of therapeutic products from stem cells.”
The letter asked Geron shareholders to
write the firm's board of directors to urge them to approve the
offer.
Geron had no immediate response to the
proposal. Asked for comment, Kevin McCormack, spokesman for the
California stem cell agency, said the deal “had nothing to do with
us.” However, in the past, CIRM has indicated that it could find a
way to transfer the loan to an entity that would continue spinal
injury clinical trial. CIRM President Alan Trounson was also involved
at one point in trying to assist in a deal.
Geron's shares rose 12 cents to $1.54
today while Biotime's shares lost four cents to $3.95.
Here are links to the two news stories
that have appeared so far on the proposed deal: Associated PressMarketwatch.

Source:
http://feedproxy.google.com/~r/blogspot/uqpFc/~3/v1bas6eGZF0/biotime-makes-bid-for-gerons-stem-cell.html

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