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BioTime is one of those companies whose valuation just leaves me scratching my head. Their business model seems to be based on continuously adding new developmental programs and leaving their other pipeline projects in limbo to be brought out and dusted off whenever convenient. I just went through their last earnings PR and I can't elucidate any concrete progress in clinical trials. It seems like all the highlights relate to agreements, collaborations and publications but there's nothing to suggest any progression towards a marketable drug or device. It looks like they're planning to fall back on ATM's to keep them solvent for now, meaning the market cap will be ballooning as the share count quietly increases. The street seems to have bought their hype regarding Geron's old stem cell pipeline for now, but I'm sure there's a good reason Geron wanted to get rid of it.