added a few shares of this today...
it looks as though a favorable climate for stem cells companies is approaching.
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Stem Cell Stocks Rise as Democrat Wins Signal Support (Update1)
By John Lauerman
Nov. 8 (Bloomberg) -- Advanced Cell Technology Inc., Geron Corp. and other stem cell companies rallied as Democratic wins in the U.S. House of Representatives and Senate raised hope for increased government funding for research.
Geron, based in Menlo Park, California, rose as much as 5 percent, and Alameda, California-based Advanced Cell rose as much as 17 percent. Aastrom Biosciences Inc., based in Ann Arbor, Michigan based rose as much as 11 percent.
President George W. Bush restricted funding for research on human embryonic stem cells in 2001, saying he was against the destruction of human embryos. Missouri voters countered by passing a constitutional amendment yesterday to protect stem- cell research, and Democrats in other states campaigned against the restrictions, pointing to stem cells' promise in treatments for diabetes, Parkinson's disease, and other disorders.
``The key word is `cures,''' said William Caldwell, Advanced Cell's Chief Executive Officer, in an e-mailed statement yesterday. ``That is the exciting potential of this platform technology which heretofore has been a dream for millions of people suffering with life-threatening afflictions.''
Aastrom shares rose 6 cents, or 4 percent, to $1.55 as of 10:44 a.m. in Nasdaq Stock Market composite trading. Geron shares rose 20 cents, or 2.4 percent, to $8.58. Cytori Therapeutics Inc. shares gained 8 cents, or 1.9 percent, to $4.22. Advanced Cell's shares rose 7 cents, or 8.6 percent, to 88 cents in over the counter trading.
Bush's Stance
Bush's stance on stem cells has been controversial since his 2001 announcement of the restrictions. The Republican- controlled Senate voted 63 to 37 July 18 to overturn the Bush policy, which banned federal funding for research on embryonic stem cell lines created before 2001.
Bush used the first veto of his administration to reject the legislation within 24 hours.
In Missouri, voters passed the stem cell amendment by a margin of 51 percent to 49 percent, with 98 percent of precincts counted, according to the Associated Press. The legislation, also called the Missouri Stem Cell Research and Cures Initiative, guarantees that any stem cell treatment and research allowed by the U.S. government could occur in Missouri.
The amendment became an issue in the state's U.S. Senate race between Democrat Claire McCaskill and Republican incumbent Jim Talent. Actor Michael J. Fox, who suffers from Parkinson's Disease, appeared in a television commercial for McCaskill, asking voters to support her because she favors the stem-cell measure. McCaskill won.
To contact the reporter on this story: John Lauerman in Boston at jlauerman@bloomberg.net . |
