Geron Corporation (NASDAQ: GERN) announced today that the company received a verbal notice from the FDA that Geron’s Investigational New Drug (IND) submission for GRNOPC1, its cell therapy for spinal cord injury, has been placed on clinical hold. This is an order that the FDA issues to a company to delay a proposed trial or to suspend an ongoing investigation.
As the company has not seen the reasons for the hold in writing via a letter, it is unable to comment specifically. The company said in the release that it has been in communications with the FDA for 4 years leading to its filing.
NASDAQ halted trading of the stock at 14:30:29 pending news, so it is now not trading. Shares did manage to trade down almost 4% to $4.71 before this halt took effect. Geron’s market cap was almost $367 million before the halt, and its 52-week trading range was $3.97 to $9.85.
Jon C. Ogg
May 14, 2008