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.
Vericel Corporation develops and commercializes advanced cell therapies and specialty biologics for sports medicine and severe burn care. The company’s product development and regulatory approval processes rely on animal testing to establish safety profiles and determine starting doses for clinical trials, as noted in its corporate filings. This use of animals is integral to its business model in the biopharmaceutical sector.
The company is specifically flagged by Cruelty Free Investing for animal testing in the development of its medical products. While the testing is conducted for regulatory compliance in the healthcare industry, it constitutes commercial exploitation of animals under the fund’s criteria. Vericel’s operations in this area have not been accompanied by a public commitment to alternative testing methods or a phase-out of animal use.
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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.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.