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International Stem Cell (ISCO) is an early-stage cell therapy company currently in Phase I/IIa clinical trials to treat Parkinson’s disease (PD). In addition, ISCO sells skincare and biomedical supplies to the market, generating $8m in sales and $1.7m in underlying operating profit in 2015. The commercial businesses provide a floor under ISCO’s current valuation, creating an essentially free option on the PD candidate.

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