Click to play videoNew Delhi: Obama seems to be living up to his promise of change, after the landmark decision on Guantanamo bay, he's set to reverse another controversial bush policy.
The US President is expected to lift the ban on stem cell research at an event on Monday and promise US $10 billion of federal money for it.
American scientists, therefore have a reason to smile as the end to an eight-year ban on stem cell research draws near.
While on the campaign trail, President Barack Obama had promised to roll back restrictions on using federal money for such research.
Administrative officials say there will be a stem-cell-research related announcement at an event on Monday.
Embryonic stem cells are master cells that can morph into any cell of the body. They can now be used to combat a variety of life threatening illnesses.
Scientists hope to create replacement tissues to treat a variety of diseases such as new insulin-producing cells for diabetics, cells that could combat Parkinson's disease or Alzheimer’s or even new nerve connections to restore movement after spinal injury.
UK Parliament Science Committee member Phil Willis said, “When you start to use human eggs in their total form, they are the only ones that can get into stem cell banks, you should ensure that you are using them wisely and effectively.”
This study has been opposed by major religious groups, especially the Vatican, as extracting stem cells destroys embryos. Supporters though were concerned that the delay could force stem cell scientists to miss new funds from the stimulus package.
The National Institutes of Health may increase funding for stem-cell research with an extra $10 billion it will get from the economic-stimulus package passed by Congress.
The biotechnology sector is responding positively to this news.
Shares of Geron, Stemcells Inc and Cytori Therapeuticsose rose sharply on Friday.
Obama is expected to lift the ban and let the National Institutes of Health work out the details.
In anticipation, the National Istitute of Health (NIH) has started drafting guidelines that would address the many ethical issues that come with the research.
(For updates you can share with your friends, follow IBNLive on Facebook, Twitter and Google+)
displayed with permission. Use of the CNN name and/or logo on or as part of CNN-IBN does not derogate from the intellectual property rights of Cable News Network in respect of them.