This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Lineage Cell Therapeutics develops cell therapies requiring preclinical animal studies as part of FDA regulatory pathways. The company's OpRegen program (retinal pigment epithelium cells for dry age-related macular degeneration, licensed to Genentech/Roche) conducted preclinical engraftment studies in Gottingen mini-pigs to demonstrate subretinal delivery and integration. The OPC1 program (oligodendrocyte progenitor cells for acute spinal cord injury) published preclinical efficacy and safety studies in animal models, including "Preclinical Safety of Human Embryonic Stem Cell-Derived Oligodendrocyte Progenitors Supporting Clinical Trials in Spinal Cord Injury." Both programs advanced to clinical trials on the basis of these animal studies. Lineage initiated a Phase 1/2a clinical study of OPC1 in February 2025.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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