More evidence of why taxpayers have become the investor-of-last-resort for the embryonic stem cell pipedream.
The Washington Post reports:
The company conducting the first government-approved tests in people of a therapy developed using human embryonic stem cells abruptly announced Monday that it was halting the study, stunning advocates of the highly contentious field.
Geron Corp. of Menlo Park, Calif., said the move, which stops one of the most controversial and closely watched medical experiments in the history of biomedical research, was the result of a business decision to focus exclusively on developing cancer therapies.
“In the current environment of capital scarcity and uncertain economic conditions, we intend to focus our resources on advancing our . . . two novel and promising oncology drug candidates,” John A. Scarlett, Geron’s chief executive officer, said in a statement. “This would not be possible if we continue to fund the stem cell programs at the current levels.”
The company also announced that it was eliminating 66 full-time positions, representing 38 percent of its workforce.
Embryonic stem cell research, touted as holding the cures to every imaginable disease and health condition, is going nowhere fast. Private investors fled long ago, prompting the medical-industrial complex to push for ballot initiatives like in California to make taxpayers pay for embryonic stem cell alchemy. When not beset with outright fraud, taxpayers get outright failure.