Geron Acknowledges Letter to its Stockholders from BioTime
MENLO PARK, Calif., October 19, 2012 -- Geron Corporation (Nasdaq: GERN) today acknowledged the public release by BioTime, Inc. (NYSE: BTX) of a letter to Geron's stockholders regarding Geron's stem cell assets. Geron's Board of Directors has, since the announcement that Geron would be discontinuing its stem cell research and development programs, considered a number of alternatives with respect to such programs. Consistent with its fiduciary duties and responsibilities, and in consultation with its financial and legal advisors, Geron's Board of Directors will diligently review BioTime's proposal and act in a manner that the Board believes is in the best interests of Geron's stockholders.
Stifel Nicolaus Weisel is acting as financial advisor and Weil, Gotshal & Manges LLP is acting as legal counsel to Geron in connection with the divestiture of Geron's stem cell assets.
Geron is a biopharmaceutical company developing first-in-class therapies for cancer. The company has two lead product candidates in clinical development, GRN1005 and imetelstat. GRN1005 is a peptide-drug conjugate that is designed to transport a proven anti-cancer drug, paclitaxel, across the blood-brain barrier by targeting low-density lipoprotein receptor-related proteins (LRPs), specifically LRP-1. GRN1005 is being evaluated in two Phase 2 clinical trials: brain metastases arising from breast cancer and brain metastases arising from non-small cell lung cancer. Imetelstat is a telomerase inhibitor that is being evaluated in three ongoing Phase 2 clinical trials: advanced non-small cell lung cancer, essential thrombocythemia and multiple myeloma. For more information about Geron, visit www.geron.com.
Use of Forward-Looking Statements
Except for the historical information contained herein, this press release contains forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this press release regarding Geron's plans or expectations for or of a divestiture of the company's stem cell assets constitute forward-looking statements. These statements involve risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. These risks and uncertainties, include, without limitation: third parties' reluctance to acquire the stem cell assets, the protection and maintenance of Geron's intellectual property rights, and Geron's intellectual property licensors' refusal to transfer intellectual property rights from Geron to a third party. Additional information and factors that could cause actual results to differ materially from those in the forward-looking statements are contained in Geron's periodic reports filed with the Securities and Exchange Commission, including Exhibit 99.1 to Geron's current report on Form 8-K filed on October 9, 2012. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made, and the facts and assumptions underlying the forward-looking statements may change. Except as required by law, Geron disclaims any obligation to update these forward-looking statements to reflect future information, events or circumstances.
Anna Krassowska, Ph.D.
Investor and Media Relations
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