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Geron shares fall after Janssen returns imetelstat rights

September 28, 2018 12:01 AM UTC

Janssen Biotech Inc. said it returned exclusive, worldwide development and commercialization rights for imetelstat to Geron Corp. (NASDAQ:GERN). The Johnson & Johnson (NYSE:JNJ) unit said the decision was based on a strategic review of its portfolio. The news sent Geron shares down $3.92 (63%) to $2.31 on Thursday.

Despite multiple setbacks, including a 2014 clinical hold, Geron said it will prioritize moving forward with the planned Phase III portion of the Phase II/III IMerge trial of imetelstat to treat myelodysplastic syndromes (MDS). As of Aug. 31, the company had about $183 million in cash, which it expects to provide enough runway to support the Phase III start. ...

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