Equities have edged lower in trading today as market participants remain on the sidelines amid concerns over the debt ceiling issue and uncertainty related to QE3. However, shares of Geron Corporation (NASDAQ: GERN) are continuing their upward march in trading. Shares of the biotechnology company have been having an excellent run over the past couple weeks. Based in Menlo Park, California, Geron is a clinical-stage biopharmaceutical company engaged in the development of a first-in-class telomerase inhibitor, imetelstat, in hematologic myeloid malignancies.
The company uses its proprietary nucleic acid chemistry to develop imetelstat as a short, modified oligonucleotide that is a potent and specific inhibitor of telomerase, which is a key target for anti-cancer therapeutics. Imetelstat is the first ever telomerase inhibitor to advance to clinical development.
Geron is currently conducting a Phase 2 trial to evaluate the activity of imetelstat in patients with essential thrombocythemia (ET) or polycythemia vera, who need cytoreduction and have failed or are intolerant to previous therapy or who refuse standard therapy.
In June this year, Geron had announced that updated clinical trial results from its Phase 2 trial of imetelstat in ET were presented in an oral session at the 18th Congress of the European Hematology Association in Stockholm by principal investigator of the trial Prof. Dr. med. Gabriela M. Baerlocher of the University Hospital and University of Bern, Switzerland.
Prof. Baerlocher noted that imetelstat continues to be well tolerated in the trial and with no patients on treatment losing hematologic response and molecular responses maintained in 86% of the patients, the drug also appears to have good durability of its effects on the disease.
Geron is also conducting an investigator-sponsored trial (IST) to evaluate the safety and efficacy of imetelstat in patients with myelofibrosis (MF) and to determine an appropriate dose and schedule for further evaluation. The trial was initiated by Dr. Ayalew Tefferi at Mayo Clinic in November 2012 based on data from the Phase 2 clinical trial of imetelstat in patients with ET.
Last month, Geron had also reported its second-quarter financial results. For the quarter ended June 30, 2013, GERN reported a net loss of $8.9 million, or $0.07 per share, compared to $18.3 million, or $0.14 per share reported for the same period in the previous year. The company’s net loss for the first six months of 2013 stood at $20.8 million, or $0.16 per share, compared to $37.1 million, or $0.29 per share reported for the same period in the previous year.
At the end of the second quarter of 2013, GERN had $71.6 million in cash and investments on its balance sheet.
GERN shares have been gaining momentum over the past couple of weeks. Since September 9, the stock has gained nearly 97%. In today’s trading, the stock is up 23.49% to $3.05 on above average volume of 4.31 million. The stock struck a 52-week high of $3.07 earlier in the day.
GERN shares have seen a series of higher highs in the last two weeks. The stock’s MACD chart suggests that the upward momentum could continue in the near-term. However, given the progress Geron has made in its clinical trials, the stock is an excellent play in the long-term as well.
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The company uses its proprietary nucleic acid chemistry to develop imetelstat as a short, modified oligonucleotide that is a potent and specific inhibitor of telomerase, which is a key target for anti-cancer therapeutics. Imetelstat is the first ever telomerase inhibitor to advance to clinical development.
Geron is currently conducting a Phase 2 trial to evaluate the activity of imetelstat in patients with essential thrombocythemia (ET) or polycythemia vera, who need cytoreduction and have failed or are intolerant to previous therapy or who refuse standard therapy.
In June this year, Geron had announced that updated clinical trial results from its Phase 2 trial of imetelstat in ET were presented in an oral session at the 18th Congress of the European Hematology Association in Stockholm by principal investigator of the trial Prof. Dr. med. Gabriela M. Baerlocher of the University Hospital and University of Bern, Switzerland.
Prof. Baerlocher noted that imetelstat continues to be well tolerated in the trial and with no patients on treatment losing hematologic response and molecular responses maintained in 86% of the patients, the drug also appears to have good durability of its effects on the disease.
Geron is also conducting an investigator-sponsored trial (IST) to evaluate the safety and efficacy of imetelstat in patients with myelofibrosis (MF) and to determine an appropriate dose and schedule for further evaluation. The trial was initiated by Dr. Ayalew Tefferi at Mayo Clinic in November 2012 based on data from the Phase 2 clinical trial of imetelstat in patients with ET.
Last month, Geron had also reported its second-quarter financial results. For the quarter ended June 30, 2013, GERN reported a net loss of $8.9 million, or $0.07 per share, compared to $18.3 million, or $0.14 per share reported for the same period in the previous year. The company’s net loss for the first six months of 2013 stood at $20.8 million, or $0.16 per share, compared to $37.1 million, or $0.29 per share reported for the same period in the previous year.
At the end of the second quarter of 2013, GERN had $71.6 million in cash and investments on its balance sheet.
GERN shares have been gaining momentum over the past couple of weeks. Since September 9, the stock has gained nearly 97%. In today’s trading, the stock is up 23.49% to $3.05 on above average volume of 4.31 million. The stock struck a 52-week high of $3.07 earlier in the day.
GERN shares have seen a series of higher highs in the last two weeks. The stock’s MACD chart suggests that the upward momentum could continue in the near-term. However, given the progress Geron has made in its clinical trials, the stock is an excellent play in the long-term as well.
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