Motor function in severe spinal injury patients continues to improve six to nine months after administration of Asterias Biotherapeutics’ stem cell treatment in the Phase I/IIa SCiStar study. The company is figuring out its next steps, including in Japan where the path to market is clearer.

The three most recent biopharma IPOs are trading at or below their offering prices, but the average return for the 22 drug development firms that have gone public so far this year is holding steady at 11% -- thanks to a pair of super performers that have delivered triple-digit returns.

Newark, California-based StemCells, a company developing novel cell-based therapeutics for disorders of the central nervous system, has named Ian Massey president and chief operating officer. In this new role, Dr Massey has direct responsibility for all aspects of the company's R&D, manufacturing, regulatory affairs and quality assurance activities. He will report to StemCells' CEO Martin McGlynn. Most recently, Dr Massey was the COO and president of US operations at Biotie Therapies, a publicly traded Finnish company focused on neurodegenerative and psychiatric disorders.