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Commentary: Biotech Sage
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Prescribing Patience for Stem-Cell Investors
By Nadine Wong
Special to TheStreet.com
8/8/01 5:38 PM ET



Thinking about investing in embryonic stem cells? You'd better think twice, as the issue heats up Capitol Hill. An intense political debate is brewing over whether federal research money should fund scientists who study embryonic stem cells. President Bush is expected to take a position on the issue soon; in the past, he has opposed the use of embryo-derived cells.

Medical researchers and biotech companies are quite enthusiastic about the potential that someday, embryonic stem cells will be able to produce spare body parts and new therapies for hard-to-treat diseases. But many right-to-life advocates -- and even the Pope -- maintain that such medical miracles come with too high a price: destruction of human embryos to isolate the cells.

While political leaders grapple with the struggle between right-to-life advocates and scientists, U.S. and British biotech companies continue to develop the framework to commercialize stem-cell technology. While I'm very interested in this new technology, products derived from it are way out on the horizon. So what does all this mean for investors who are interested in this uncharted territory?

Play With Patience

Investing in pure-play stem-cell companies such as Geron (GERN:Nasdaq - news - commentary) or StemCells (STEM:Nasdaq - news - commentary) is best suited for investors who don't mind parking their cash for a while. However, that's a problem for investors who lack patience or a long-term time frame. Also, this emerging technology is fraught with risks, such as lack of earnings, worries about financing and meeting investors' expectations and hopes. While the science is intriguing, you might not want to carve out a big chunk of your portfolio for stem-cell companies.

Despite the controversy surrounding stem-cell research, the number of public companies interested in this type of research is growing.

  • Immunex (IMNX:Nasdaq - news - commentary) is studying Flt3 ligand (known as Mobist), a stem-cell factor that stimulates production and development of stem and dendritic cells after chemotherapy to treat ovarian and breast cancer.

  • Aastrom Biosciences (ASTM:Nasdaq - news - commentary) is devising methods for out-of-body stem-cell collection and expansion using umbilical-cord blood for treating breast cancer. It will also help pediatric leukemia patients replenish bone marrow stem cells after radiotherapy or chemotherapy.

  • Dendreon's (DNDN:Nasdaq - news - commentary) DACS SC stem-cell enrichment device isolates certain stem cells from blood for transplantation in cancer patients after high-dose chemotherapy or radiation therapy.

  • Thermogenesis (KOOL:Nasdaq - news - commentary) is in the business of preserving stem cells.

  • Advanced Tissue Sciences (ATIS:Nasdaq - news - commentary) has patents covering methods for stem cells to engineer tissues for blood vessels.

    Private companies are playing in this field as well.

  • MorphoGen Pharmaceuticals of San Diego uses adult tissue to isolate and proliferate certain stem cells for tissue-engineering and organ-regeneration purposes.

  • Closely held Advanced Cell Technology of Worcester, Mass., also does research in embryonic stem cells.

    The Field's Future

    Stem-cell research has been limited to the growth of blood stem cells, but additional funding will widen the scope. The ultimate goal is to have stem cells capable of developing into many different types of specialized cells, such as neurons, bone and pancreas or heart tissue. Researchers envision that someday such cells can be delivered directly to diseased human tissue to treat or cure ailments, including Parkinson's disease, Alzheimer's disease, diabetes, strokes, burns and spinal cord injuries, just to name a few.

    The American Red Cross is also attracted to the value of stem cells and is becoming more involved in building a supply of them.

    Investors should keep in mind that progress is slow in this field. Both money are time are needed for stem-cell-based therapies, so don't look for the products on the shelves of your local drugstore anytime soon.


    Nadine Wong is the editor, publisher and co-founder of the BioTech Sage Report and a biotech columnist for worldlyinvestor.com. At the time of publication, Wong was long Immunex, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. While she cannot provide investment advice or recommendations, Wong invites you to send comments on her column to Nadine Wong.

    TheStreet.com and Wong are parties to a joint marketing agreement relating to the BioTech Sage Report, a monthly biotech newsletter written and owned by Wong. Under the agreement, TheStreet.com provides marketing services, including promotion of the BioTech Sage Report on TheStreet.com's Web properties and in her columns that appear on RealMoney.com. In exchange for these services, Wong shares with TheStreet.com a portion of the revenue generated by subscriptions to the BioTech Sage Report resulting from those marketing efforts.

    Send letters to the editor to letters@realmoney.com.
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    Dow Jones S&P 500 NASDAQ 10-Year Note
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