While exciting discoveries pour out of the world’s academic stem cell laboratories, promising a new age of regenerative medicine to repair failing organs, companies trying to commercialise stem cells have endured a torrid couple of years. The capital markets are virtually closed to specialist biotechnology ventures, while big pharmaceutical companies have steered clear of stem cells – partly because the field is politically so controversial.

But the commercial landscape for stem cells is about to undergo a welcome transformation, for two reasons. First, President-elect Barack Obama has indicated that one of his first executive actions will be to remove the stringent restrictions that his predecessor imposed on federal funding of stem cell projects. This should not only release many millions of research dollars but also have a huge psychological impact on the field in the US, the world’s powerhouse of biomedical science. American companies, charities and states will find it easier to engage in stem cell research, once it has the administration’s seal of approval.