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It's time to let you in on a dirty little secret: You may not own the stock you own. That's right, if you invest with a brokerage firm, the shares you bought are almost certainly not held in your name. Technically, they're held in the name of the Wall Street firm you do business with, hence the term "street name."
No, you haven't been robbed. Ultimately, the decision to hold shares on the books under a different name doesn't affect the economic ramifications for you. You¿re listed as the "beneficial owner," even though the firm is the official owner of the shares. But, you are giving up some rights, and investors concerned about good corporate governance might want to get that stock back in their own names.
Here's the problem: If your stock is technically owned by, say, Merrill Lynch, then Merrill Lynch gets to do things with it that might work against your wishes. Take short selling. Investors who want to sell shares short need to first borrow those shares. The lenders are often the big Wall Street firms that are handing out Street-name shares. So, if you feel that a company you own is a victim of aggressive short selling, chances are your own shares are being used to fuel the shorting.
Also, your brokerage firm can cast ballots on some corporate matters affecting a company without getting your input. Technically, this can only happen in votes considered ¿routine¿ by securities regulators. But, there's a big catch: some big events, like board elections, are considered "routine" under law.
The good news is that you can easily fix the Street name problem: Just request that your brokerage firm makes you the listed owner of the shares. If they refuse, find a new firm.
Home / Markets / Industries / Health Care
Tuesday, July 08, 2008
International Stem Cell Corporation Announces Collaboration with Michigan State University to Study Parthenogenetic Stem Cells
Comtex
OCEANSIDE, Calif., Jul 08, 2008 (BUSINESS WIRE) ----International Stem Cell Corporation (OTCBB: ISCO) announced today a new collaboration with leading stem cell researcher Jose Cibelli at Michigan State University as part of ISCO's ongoing strategy to work with scientific leaders across the world to expand the scientific data relating to parthenogenetic stem cells.
Professor Cibelli will study gene expression in several human parthenogenetic stem cell lines and compare the results with fertilized embryonic stem cells. According to Professor Cibelli, "We have observed in mouse and monkey that imprinting in parthenogenetic cells changes as the cells are cultured. This in vitro phenomenon can be advantageous for parthenogenetic cells."
ISCO is the first company in the world to perfect a process for creating human stem cells from unfertilized eggs. These cells are called "parthenogenetic" stem cells and they alleviate two critical problems inherent to the use of embryonic stem cells for cell transplantation, immune rejection and ethical issues associated with the use of fertilized human embryos. Such cells can be "matched" to the immune systems of millions of persons. ISCO's goal is to create a "cell bank" of clinical grade parthenogenetic cells available for immediate use without having to isolate cells from the patient's own body or depend on cells isolated from other living individuals.
"Collaborations with leading researchers such as Dr. Cibelli and Michigan State University generate important knowledge about these unique cells, helping in ISCO's goal of creating a true stem cell bank that could offer on-demand delivery of clinical grade cells matched to a patient's own immune system," said Jeffrey Janus, President of International Stem Cell Corporation.
ISCO's discovery of a way to make parthenogenetic cells that match the immune system of millions of persons was first announced in December, 2007 in a peer reviewed paper authored by ISCO's CSO, Dr. Elena Revazova, MD, PhD, entitled "HLA Homozygous Stem Cell Lines Derived from Human Parthenogenetic Blastocysts," published in the online edition of Cloning and Stem Cells Journal: http://www.liebertonline.com/doi/pdfplus/10.1089/clo.2007.0063. One such line, identified as hpSC-Hhom-4, was found to match the most common immune types found across the United States, opening the door to potential therapeutic application for tens of millions of people of different races, sexes and ages.
ABOUT INTERNATIONAL STEM CELL CORPORATION (ISCO.OB):
International Stem Cell Corporation is a California biotechnology company focused on developing therapeutic and research products. ISCO's technology, Parthenogenesis, results in the creation of pluripotent human stem cell lines from unfertilized human eggs. ISCO scientists have created the first Parthenogenetic homozygous stem cell line (phSC-Hhom-4) that can be a source of therapeutic cells that will not be immune rejected after transplantation into millions of individuals of differing sexes, ages and racial groups. These advancements offer the potential to create the first true "Stem Cell Bank" and address ethical issues by eliminating the need to use or destroy fertilized embryos. ISCO also produces and markets specialized cells and growth media worldwide for therapeutic research through its subsidiary Lifeline Cell Technology. For more information, visit the ISCO website at: www.internationalstemcell.com.
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Forward-Looking Statements
Statements pertaining to future financial and/or operating results, future growth in research, technology, clinical development and potential opportunities for the company and its subsidiary, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact (including, but not limited to statements that contain words such as "will," "believes," "plans," "anticipates," "expects," "estimates,") should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of potential products, uncertainty in the results of clinical trials or regulatory approvals, need and ability to obtain future capital, and maintenance of intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements and as such should be evaluated together with the many uncertainties that affect the company's business, particularly those mentioned in the cautionary statements found in the company's Securities and Exchange Commission filings. The company disclaims any intent or obligation to update these forward-looking statements.
Key Words: Stem Cells, Biotechnology, Parthenogenesis
SOURCE: International Stem Cell Corporation
International Stem Cell Corporation Jeffrey Janus, President jjanus@intlstemcell.com 760-940-6383 or William Adams, Chief Financial Officer wadams@intlstemcell.com 760-940-6383
Copyright Business Wire 2008
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