Stem cell firms jump on Obama policy plans
By MATTHEW PERRONE
WASHINGTON (AP) ¿ Shares of companies developing stem cell therapies surged Friday evening on word that President Obama on Monday is expected to overturn restrictions that have choked funding for academic stem cell research.
President Obama pledged on the campaign trail to overturn the 2001 policy, which bans government funds for research that involves harvesting new embryonic stem cells. President George W. Bush, who set the policy, said the process is immoral because it destroys human embryos.
Industry executives have awaited an executive order from Obama to restore federal funding for the research. But some speculated the withdrawal of former Sen. Tom Daschle for the position of Secretary of Health and Human Services stalled the administration's plans.A senior administration official said Friday the president will hold an event Monday at the White House to announce the move. The official spoke on condition of anonymity because the policy had not yet been publicly announced Friday. "This is a very strong and powerful signal that we have a very user-friendly administration for stem cell research, and that will be hugely important going forward," said Richard Garr, president and CEO of Neuralstem Inc, a company working to develop a stem cell therapy for Lou Gehrig's disease.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV