American newspapers have reported a fall in biotech share prices, following President Bush's decision to limit embryo stem cell research to existing cell lines. Despite reassurances from stem cell company executives that the field has a promising future, investors were unable to share the optimism. Geron share prices fell, as did those of companies not working on embryonic stem cells. But Geron's chief financial officer, David Greenwood, said Bush's announcement will speed up, rather than hinder, research in the field.
In the UK, the Amersham group announced that it will delay plans to float 10 percent of its gene sequencing company, Amersham Pharmacia Biotech. The company blames market volatility for the delay. Chief executive William Castell said that the company does not need the cash and a floatation now would not be in the interests of share holders.
Sources and References
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Amersham pledges to keep clear of shaky markets
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Biotechs fall on stem cell news
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