California Stem Cell, Inc. (CSC) announced today that despite recent financial setbacks at Geron Corp., CSC's own stem cell therapeutic programs remain financially viable and are progressing on schedule. The announcement was prompted by recent news that Geron Corp. is ceasing development of its treatment for spinal cord injury currently in phase 1 clinical trials. The treatment was the first ever stem cell treatment approved by the FDA for testing in humans, and is considered to be a pioneering step for the stem cell field.
In a Washington Post article dated November 14th, Analyst Steve Brozak of WBB Securities told the AP that Geron had been unable to bring in partners and new cash while it was still in very early-stage testing, and that VCs were less and less patient as Geron's development timelines grew longer and longer.
CSC's Hans Keirstead added, 'As the stem cell sector has grown, and treatments for diseases with significantly larger markets are becoming a reality, the financial rationale for Geron's approach has weakened. The market size for spinal cord injury is simply too small, and could not support the cost of development.'
CSC has several cell-based therapeutic programs targeting large and strategic markets. Its motor neuron program is in active IND status, targeting the motor neuron diseases Spinal Muscular Atrophy and Amyotrophic Lateral Sclerosis, or Lou Gehrig's Disease. Its cancer program is in phase 2 trials, targeting malignant melanoma. Combined, the prospective markets for these indications are approximately US$3 billion.
'The contribution of Geron's spinal cord injury program to the stem cell field can not be overstated', said Keirstead, 'As the first such stem cell program approved by the FDA, it established precedent for the field and allowed all others to follow at reduced risk to sponsor companies.'
In the years since Geron began its clinical trial, the stem cell therapy market has grown by approximately 600%. 'Geron brought us here', said Keirstead, 'New, and financially viable treatments will now lead this field to the next stage.'
About California Stem Cell
California Stem Cell Inc. (CSC) is an Irvine, CA based company which has developed proprietary methods to generate human embryonic stem cell (hESC) lines, expand them to clinically and commercially useful numbers, and differentiate them at extremely high purity using fully-defined, proprietary media and GMP processes. CSC is able to supply its human cell populations to companies and institutions worldwide for use in the development of therapies, efficacy screening or the creation of toxicity profiles for candidate drugs, and experimental research tools.
CSC is currently focused on the development of stem cell based therapies for spinal muscular atrophy (SMA), amyotrophic lateral sclerosis (ALS, or Lou Gehrig's Disease), and metastatic cancers.
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Contacts:
California Stem Cell, Inc.
Matt Bayless, +1-949-725-1750 x132
press@californiastemcell.com
