Geron Corp (GERN) and General Electric Co unit GE Healthcare said they agreed to develop and market embryonic stem cell products for use in drug discovery, development and toxicity screening.

The companies said the program will use stem cells derived from human embryonic stem cell lines listed on the National Institutes of Health’s Human Pluripotent Stem Cell Registry, but did not disclose the financial terms of the deal.

The first products developed in the alliance are expected to be available by early 2010, with a pipeline of products to follow, the companies said. Stock Market Newz has more.

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“This will be the first real economic application of stem cells,” said Konstantin Fiedler, general manager of cell technologies at GE Healthcare. “We’ll not be the only one out there but we’re very confident we will be one of the main players. We see a significant market opportunity.”