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• GRNOPC1, hESC-derived oligodendrocyte progenitor cells, for the treatment of acute spinal cord injury;
   
• GRNCM1, hESC-derived cardiomyocytes, for toxicology drug testing and the treatment of myocardial disease;
   
• GRNIC1, hESC-derived pancreatic islet ß cells for the treatment of diabetes;
   
• GRNCHND1, hESC-derived chondrocytes for the treatment of osteoarthritis;
   
• hESC-derived hepatocytes for ADME drug testing;
   
• hESC-derived dendritic cells for cancer immunotherapy and to prevent immune rejection of the other cell types used in therapeutic applications; and
   
• hESC-derived osteoblasts for the treatment of osteoporosis and non-union bone fractures.

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• continued clinical development of our product candidates, imetelstat, GRNVAC1 and GRNOPC1;
   
• our ability to meaningfully reduce manufacturing costs of current product candidates;
   
• future clinical trial results;
   
• progress of product and preclinical development of our other product candidates, such as GRNCM1, GRNIC1 and GRNCHND1;
   
• cost and timing of regulatory approvals; and
   
• filing, maintenance, prosecution, defense and enforcement of patent claims and other intellectual property rights.

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• succeed in our research and development efforts;
   
• select therapeutic compounds or cell therapies for development;
   
• obtain required regulatory approvals;
   
• manufacture product candidates; and
   
• collaborate successfully with clinical trial sites, academic institutions, physician investigators, clinical research organizations and other third parties.

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• harming our ability to establish critical partnerships and collaborations;
   
• delaying or preventing progress in our research, product development or clinical testing;
   
• preventing commercialization of therapies derived from hESCs; and
   
• as a result of the potential adverse effects above, causing a decrease in the price of our common stock.

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• the accuracy of the assumptions underlying our estimates for our capital needs for the 2010 fiscal year and beyond;
   
• the magnitude and scope of our research and development programs;
   
• the progress we make in our research and development programs, preclinical development and clinical trials;
   
• our ability to establish, enforce and maintain strategic arrangements for research, development, clinical testing, manufacturing and marketing;
   
• the number and type of product candidates that we pursue;
   
• the time and costs involved in obtaining regulatory approvals and clearances; and
   
• the costs involved in preparing, filing, prosecuting, maintaining, defending and enforcing patent claims.

• demonstrating sufficient safety and efficacy to obtain regulatory clearance to commence a clinical trial;
   
• manufacturing sufficient quantities or producing drugs meeting our quality standards of a product candidate;
   
• obtaining approval of an Investigational New Drug (IND) application or proposed trial design from the FDA;
   
• reaching agreement on acceptable terms with our collaborators on all aspects of the clinical trial, including the contract research organizations (CROs) and the trial sites; and
   
• obtaining institutional review board approval to conduct a clinical trial at a prospective site.

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• significantly harm the marketing of any products that we or our collaborators develop;
   
• impose costly procedures upon our activities or the activities of our collaborators;
   
• diminish any competitive advantages that we or our collaborators may attain; or
   
• adversely affect our ability to receive royalties and generate revenues and profits.

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• manufacturing;
   
• advertising and promoting;
   
• selling and marketing;
   
• labeling; and
   
• distribution.

• recall or seizure of products;
   
• injunction against the manufacture, distribution and sales and marketing of products; and
   
• criminal prosecution.

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• causing us to lose patent rights in the relevant jurisdiction(s);
   
• subjecting us to litigation, or otherwise preventing us from commercializing potential products in the relevant jurisdiction(s);
   
• requiring us to obtain licenses to the disputed patents;
   
• forcing us to cease using the disputed technology; or
   
• requiring us to develop or obtain alternative technologies.

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• conduct research and development activities in conjunction with us;
   
• design and conduct advanced clinical trials in the event that we reach clinical trials;
   
• fund research and development activities with us;
   
• manage and license certain patent rights;
   
• pay us fees upon the achievement of milestones; and
   
• market with us any commercial products that result from our collaborations.

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• research and development;
   
• manufacturing;
   
• preclinical and clinical testing;
   
• obtaining regulatory approvals; and
   
• marketing and distribution.

• product efficacy and safety;
   
• the timing and scope of regulatory consents;
   
• availability of resources;
   
• reimbursement coverage;
   
• price; and
   
• patent position, including potentially dominant patent positions of others.

• our establishment and demonstration to the medical community of the clinical efficacy and safety of our product candidates;
   
• our ability to create products that are superior to alternatives currently on the market;
   
• our ability to establish in the medical community the potential advantage of our treatments over alternative treatment methods; and
   
• reimbursement policies of government and third-party payors.

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• increasing existing price rebates in federally funded health care programs;
   
• expanding rebates, or other pharmaceutical company discounts, into new programs;
   
• imposing a new non-deductible excise tax on sales of certain prescription pharmaceutical products by prescription drug manufacturers and importers;
   
• reducing incentives for employer-sponsored health care;
   
• creating an independent commission to propose changes to Medicare with a particular focus on the cost of biopharmaceuticals in Medicare Part D;
   
• providing a government-run public option with biopharmaceutical price-setting capabilities;
   
• allowing the Secretary of Health and Human Services to negotiate drug prices within Medicare Part D directly with pharmaceutical manufacturers;
   
• reducing the number of years of data exclusivity for innovative biological products potentially leading to earlier biosimilar competition;
   
• increasing oversight by the FDA of pharmaceutical research and development processes and commercialization tactics; and
   
• adding a tax credit for qualifying therapeutic discovery projects (QTDP).

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• the demand in the market for our common stock;
   
• the experimental nature of our product candidates;

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• fluctuations in our operating results;
   
• market conditions relating to the biopharmaceutical and pharmaceutical industries;
   
• announcements of technological innovations, new commercial products, or clinical progress or lack thereof by us, our collaborative partners or our competitors;
   
• announcements concerning regulatory developments, developments with respect to proprietary rights and our collaborations;
   
• comments by securities analysts;
   
• general market conditions;
   
• political developments related to hESC research;
   
• public concern with respect to our product candidates; or
   
• the issuance of common stock to partners, vendors or to investors to raise additional capital.

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• prevent stockholders from taking actions by written consent;
   
• divide the Board of Directors into separate classes with terms of office that are structured to prevent all of the directors from being elected in any one year; and
   
• set forth procedures for nominating directors and submitting proposals for consideration at stockholders’ meetings.

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