Stem-Cell Stocks Rise on Frist Support
Friday July 29, 11:43 am ET
Shares of Stem-Cell Research Companies Rise on Sen. Bill Frist's Support of Research
NEW YORK (AP) -- Shares of stem-cell research companies rose Friday, after the U.S. Senate majority leader said he supported expanding federal financing of the controversial medical research.
Sen. Bill Frist, R-Tenn., broke with President Bush by saying the government should remove some of the administration's limitations on embryonic stem cell research.
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Interviewed earlier Friday on ABC's "Good Morning America," Frist said his decision was based on policy, not politics.
"Now is the time to expand the president's policy because it's promising research, but it must be done in a way that is ethically considerate, that respects the dignity of human life," said Frist, who is a medical doctor.
Geron Corp. shares rose 77 cents, or 7.5 percent, to $10.98 in morning trading on the Nasdaq Stock Market.
Stemcells Inc. jumped $1.28, or 24 percent, to $6.51.
Aastrom Biosciences Inc. climbed 34 cents, or 11 percent, to $3.37, and ViaCell Inc. rose 51 cents, or 6.2 percent, to $8.70.
Only Geron is focused on embryonic stem cells. Stemcells and Aastrom research adult stem cells, while Viacell concentrates on cells from umbilical cords.
Embryonic stem cells have the ability to turn into any type of tissue, including nerves and heart cells. That potential has been hailed by patients with chronic ailments who hope research leads to ways to replace cells damaged by various diseases.
Opponents call the research immoral because it requires the destruction of early-stage human embryos, most often obtained from fertility clinics.
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