Early in 2004, the high-profile biotech company Geron predicted that clinical trials of its first stem cell therapy would start within a year.

Like clockwork, they've made the same promise at least eight times since.

The heavy digging on this was done by Jesse Reynolds, a stem cell policy specialist at the Center for Genetics and Society. The CGS is a liberal biotech watchdog group whose criticism of stem cell research has caused them to be unfairly lumped with religious conservatives.

Reynolds interprets Geron's saga as an example of how stem cell scientists are bilking the public for research funding that won't ever produce actual therapies.

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