Geron Corporation Presents at Jefferies 2014 Global Healthcare Conference, Jun-04-2014 10:00 AM
May 21 14
Geron Corporation Presents at Jefferies 2014 Global Healthcare Conference, Jun-04-2014 10:00 AM. Venue: Grand Hyatt, New York, New York, United States. Speakers: John A. Scarlett, Chief Executive Officer, President and Director.
Pomerantz LLP Files Class Action Lawsuit Against Geron Corporation and Certain of its Officers
May 9 14
Pomerantz LLP announced the filing of a class action lawsuit against Geron Corporation and certain of its officers. The class action, filed in United States District Court, Northern District of California and docketed under 14-cv-01424, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Geron between June 16, 2013 and March 11, 2014, both dates inclusive. This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, and failed to disclose material adverse facts about the Company's business, operations, prospects and performance. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that persistent low-grade LFT abnormalities had been observed in the Phase 2 study of imetelstat in ET/PV patients; (2) that there was a potential risk of chronic liver injury following long-term exposure to imetelstat; and (3) that, as a result of the foregoing, Defendants' positive statements about the Company and the prospects for imetelstat lacked any reasonable basis and/or were materially false and misleading at all relevant times. On March 12, 2014, Geron disclosed that it had received verbal notice from the U.S. Food and Drug Administration that its Investigational New Drug ("IND") application for imetelstat had been placed on full clinical hold, affecting all ongoing Company sponsored clinical trials. A full clinical hold is an order that the FDA issues to a trial sponsor to suspend an ongoing clinical trial or delay a proposed trial. According to the Company, the FDA indicated that the clinical hold was due to the occurrence of persistent low-grade liver function test abnormalities observed in the Phase 2 study of imetelstat in ET/PV patients and the potential risk of chronic liver injury following long-term exposure to imetelstat. Also, Geron disclosed that the FDA expressed concern about whether these LFT abnormalities were reversible. As a result, Geron informed investors that the clinical hold would affect the remaining eight patients in the Company's Phase 2 study in essential thrombocythemia or polycythemia vera, and the remaining two patients in the company's Phase 2 study in multiple myeloma. Also, the Company indicated that a planned Phase 2 clinical trial in myelofibrosis would likely be delayed due to the clinical hold. On this news, shares of Geron declined $2.71 per share, over 61%, to close at $1.69 per share on March 12, 2014.
Geron Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2014; Provides Interest Income Guidance for 2014
May 2 14
Geron reported unaudited earnings results for the first quarter ended March 31, 2014. For the first quarter of 2014, the company reported operating revenues of $474,000 compared to $765,000 for the comparable 2013 period. Net loss for the first quarter of 2014 was $8.4 million or $0.06 per share, compared to $11.9 million or $0.09 per share, for the comparable 2013 period. Revenues for the first quarter of 2014 and 2013 included royalty and license fee revenues under various agreements. Interest and other income for the first quarter of 2014 was $83,000, compared to $81,000 for the comparable 2013 period. Loss from operations was $8.7 million against $12 million of prior year period.
The company expects interest income to be higher in 2014 than in 2013 due to higher cash and investment balances.