SiliconBeat

Geron, the Menlo Park biopharmaceutical company that in January won approval from U.S. regulators to begin the first human test of embryonic stem cells by treating people who have spinal cord injuries, said today it had entered into an agreement with GE Healthcare, a division of General Electric based in the United Kingdom, giving it an exclusive license to develop and commercialize cellular assy products derived from human embryonic stem cells.

The assays can be used in a variety of applications, including drug discovery and development, drug monitoring, drug toxicology testing and consumer products testing.

Geron will receive up-front payments under the agreement along with milestone payments upon achievement of product sales events along with royalties on future product sales. Payment amounts were redacted from the actual agreement for purposes of confidentiality.