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Biotech / Medical : Geron Corp.
GERN 2.7900.0%Feb 13 9:30 AM EST

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From: Savant10/19/2012 11:30:17 AM
   of 3570
 
Geron Board to Review BioTime's Offer to Buy Stem Cell Assets

Last Update: 10/19/2012 7:57:38 AM

By Melodie Warner

Geron Corp. (GERN) said its board will review BioTime Inc.'s (BTX) offer to buy
its stem cell assets.

The biopharmaceutical company said last November it would discontinue further
development of its stem cell programs and eliminate 38% of its workforce in order
to focus its resources on advancing two cancer drug candidates. At the time, the
company said it was seeking partners with the technical and financial resources
to further develop its stem cell programs.

Biotech company BioTime, in an open letter Thursday, urged Geron's shareholders
to push the company's board to sell its stem cell assets to BioTime.

BioTime proposed a two-part deal that could result in Geron shareholders owning
up to 45% of a new publicly traded company that owns the Geron stem cell assets,
$40 million of BioTime stock, certain BioTime stem cell assets, and shares of
certain BioTime stem cell subsidiaries. Geron shareholders would also receive
BioTime stock-purchase warrants presently valued at roughly $13 million.

Geron on Friday said it has considered a number of alternatives with respect to
its stem cell research and development programs.

Its board will review the BioTime proposal and "act in a manner that the board
believes is in the best interests of Geron's stockholders," the company said.

Shares of Geron and BioTime closed Thursday at $1.52 and $3.97, respectively.
Both stocks were inactive premarket.
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